by The global sports nutrition market has witnessed significant growth over the past few years owing to the rising awareness regarding health, fitness, and the importance of proper nutritional intake. Sports nutrition products provide additional nutritional support to athletes and gym-goers through branded supplements. These include isotonic drinks, protein powders, energy bars, and other supplements that offer protein, carbohydrates, vitamins & minerals and other ingredients. They are aimed at enhancing exercise performance, aiding in recovery after workout and assisting in weight management efforts. With their ability to replenish nutrients lost through sweat and provide an energy boost needed for rigorous training schedules, sports nutrition products have gained immense popularity globally.
The global Sports Nutrition Market is estimated to be valued at US$ 46.83 Bn in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
One of the key trends in the sports nutrition market is the rising demand for protein supplements. Whey protein remains the preferred protein source for health-conscious customers due to its higher biological value and richer amino acid profile as compared to other protein sources. With increasing focus on building lean muscle mass and post-workout recovery, the demand for high-quality protein supplements is expected to continue growing over the forecast period. Furthermore, plant-based protein sources are also gaining widespread acceptance to meet the needs of vegan and vegetarian sportspeople. Product innovation and focus on clean label ingredients will remain important for sports nutrition brands to establish greater credibility and customer loyalty in the increasingly competitive market.
Porter’s Analysis
Threat of new entrants: The sports nutrition market requires large investments in R&D, production facilities, and marketing to create brand awareness. This poses significant barriers for new companies.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitute products in the market. However, customers tend to rely on popular brands for products tailored to their specific nutritional needs.
Bargaining power of suppliers: A few major companies dominate raw material supplies for sports nutrition products, giving them stronger bargaining power over buyers. However, private label products serve as alternatives.
Threat of new substitutes: Alternatives include vitamin and dietary supplements. However, personalized nutrition focused on athletes’ specific needs and goals provides sports nutrition products an advantage over generic substitutes.
Competitive rivalry: The global market is highly competitive due to the presence of numerous international and regional brands. Companies compete based on product innovation, brand positioning, and marketing strategies.
Key Takeaways
The Global Sports Nutrition Market Size is expected to witness high growth over the forecast period. North America is the largest regional market for sports nutrition due to rising health consciousness and active lifestyles in countries like the US and Canada.
Regional analysis: Europe dominates the global sports nutrition market with the highest market share due to rising participation in health and fitness activities across countries like Germany, UK, France and Italy. The Asia Pacific region is expected to show fastest growth in the sports nutrition market on account of growing middle class incomes and increasing penetration of international protein brands in China, India and other developing nations.
Key players: Key players operating in the sports nutrition market are SES-Imagotag, Pricer AB, Displaydata, Opticon Sensors Europe B.V, Samsung Electro-Mechanics, NZ Electronic Shelf Labelling, M2Communication, and Diebold Nixdorf. They are focusing on developing innovative products formulations tailored for specific sports and releasing affordable products to target a wider consumer base in both developed and emerging geographies.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
