The global sports nutrition market size is expected to reach USD 81.8 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.4% from 2023 to 2030. The rising adoption of fitness activities and diet food is expected to contribute to the market growth.
Sports Nutrition Market Report Highlights
· In 2022, by product, the sports supplements segment held the largest share due to the growing awareness about health and fitness among the adults
· In 2022, the post-workout application segment dominated the market owing to the various benefits offered by these products such as increased muscle strength and recovery
· In 2022, the powder formulation segment held the largest share due to the ease of consumption and longer shelf life of products
· In 2022, the adult consumer group segment held the largest share owing to the increased number of adults taking up fitness and exercise activities
· In 2022, the fitness enthusiasts end-user segment dominated the market due to the growing trend of fitness among the consumers
· The brick-and-mortar sales channel segment held the largest share in 2022 due to the customer preference to buy products through these stores
· In 2022, North America held the largest share of over 45.0% due to the availability of advanced healthcare facilities and high healthcare expenditure
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The consumption of sports nutrition products by a large population pool is expected to drive the market. Moreover, the increasing number of health clubs and fitness centers is anticipated to positively contribute to the growth. For instance, Brazil had 29,125 fitness and health clubs operational in 2020, while Mexico had 12,817 health clubs. Furthermore, there has been a noticeable increase in the demand for fitness as consumers seek to exercise and reap the benefits of an active lifestyle.
The rising number of individuals suffering from obesity and increased awareness about health-related issues are expected to boost the demand for supplements during the forecast period. For instance, in North America, the incidence of obesity is growing at an alarming rate. According to the CDC, the prevalence of obesity in the U.S. was 41.9% from 2017 to 2020. Further, an increase in awareness about the role of nutritional supplementation in managing health and leading an active life is fueling the market growth. The increasing popularity of herbal and organic products is also a significant factor driving the market.
Increased use of social media platforms for the promotion of nutritional products by manufacturers and the partnerships undertaken by them with fitness influencers, bloggers, and nutrition influencers are expected to boost awareness about the products, thereby positively impacting the growth of the market during the forecast period. For instance, MyProtein hired celebrity nutritionist Arunav Bhattacharyya as a brand influencer to promote its brand in India.
Various initiatives such as the launch of new products and product innovations are being undertaken by manufacturers, which is driving the market. For instance, in February 2021, Clif Bar & Company launched snacking bars to expand its Luna bars product portfolio. These snack bars comprise prebiotics to support digestive health and act as healthy snacking alternatives or meal replacements. Moreover, the adoption of online platforms has increased considerably due to the COVID-19 pandemic. According to a survey conducted by United Nations Conference on Trade and Development and Netcomm Suisse eCommerce Association, online purchase of pharmaceutical and health products has increased by 9.0%. This, in turn, is driving the nutritional supplements market.
Competitive Analysis By Major Brands
Mergers & acquisitions, collaborations, and flavor differentiation are among the key strategies adopted by leading companies for gaining a competitive edge in the market. Some prominent players in the global sports nutrition market include: Iovate Health Sciences; Abbott; Quest Nutrition; PepsiCo; Cliff Bar; The Coca-Cola Company; MusclePharm.
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Grand View Research, Inc. has segmented the global sports nutrition market on the basis of product type, application, formulation, consumer group, end-user, sales channel, and region.
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