(MENAFN- GlobeNewsWire - Nasdaq) Sports Nutrition market Share was valued at US$ 24.01 billion in 2023 and is expected to reach US$ 46.41 billion by 2031; it is estimated to register a CAGR of 8.6% from 2023 to 2031.
US & Canada, Oct. 10, 2024 (GLOBE NEWSWIRE) -- According to The Insight“ Sports Nutrition Market Global Analysis – by Product Type, Distribution Channel, and Geography" offers a comprehensive overview of the sports nutrition industry. It provides insights into factors driving market growth, revenue projections, market share analysis, and the identification of key players along with their major developments.
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Sports Nutrition Market: Competitive Landscape and Key Developments
Glanbia plc; NOW Foods; Garden of Life; PepsiCo Inc.; Quest Nutrition LLC; Abbott Laboratories; Amway Corp; GNC Holdings, LLC; Worldwide Sport Nutritional Supplements, Inc.; and Herbalife Nutrition Ltd. are among the prominent players profiled in the sports nutrition market report. These market players focus on providing high-quality products to fulfill customer demand. They are also adopting strategies such as new product launches, capacity expansions, partnerships, and collaborations to maintain a competitive edge in the market. For instance, in December 2023, DYMATIZE ENTERPRISES, LLC, a sports nutrition company, announced the expansion of its high-performance ISO100 protein powder product line by partnering with DD IP Holder LLC. With this collaboration, the company launched a new range of protein powders with the flavor and taste of Glazed Donuts from DD IP Holder LLC.
North America held the largest market share in 2023. There is an increased health awareness among consumers in the US market due to the high prevalence of chronic diseases and diabetes in the country. For instance, according to the US Department of Commerce, as of November 2023, over 37 million Americans were diagnosed with gestational Type 1 or Type 2 diabetes. Such health concerns give rise to several fitness trends such as home gym and wearable technology. The practice of home gyms started post-pandemic, which forced consumers to start workouts from the comfort of their own homes. In addition, wearable technology, such as smartwatches that track daily steps and workouts, influences consumers toward a healthy lifestyle. The inclination of consumers toward a healthy and fit lifestyle drives the demand for sports nutrition products in the country. To meet this growing demand, several key market players in the country are focusing on expanding their footprints by unveiling new products in the sports nutrition market. For instance, in October 2023, PB2 Foods, Inc. entered the protein bar segment after the launch of PB2 Performance Plant-Based Protein Bars in almond and peanut butter flavors.
The incidence of health issues such as obesity and diabetes among young adults has increased significantly in the country. This has led to an increased engagement in physical fitness among consumers. According to the Health & Fitness Association, over four million Mexicans have memberships in health clubs. This has led to the increased consumption of sports nutrition products in the country. These factors drive the market growth in North America.
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The increasing number of vegan consumers worldwide boosts the demand for sports nutrition products with vegan, organic, and plant-based ingredients. The growing awareness among people about plant-based sports nutrition products being more nutritious than traditional products is expected to propel the demand for plant-based sports nutrition products over the forecast period. These products contain collagen, minerals, low-fat content, higher antioxidants, and higher amounts of carbohydrates that help improve the overall performance of athletes. Carbohydrates act as a primary fuel utilized during intense workouts, making it a significant ingredient in sports nutrition products.
To keep up with the growing trend of organic and vegan diets, several companies are engaged in launching and expanding their plant-based sports nutrition products in the market. For instance, in December 2023, Aminolabs announced the launch of Vital Pro XP, a plant-based protein powder, to cater to its vegan consumer base of athletes and fitness enthusiasts. Additionally, in August 2023, PB2 Foods, Inc expanded its protein bar product line by launching PB2 performance plant-based protein bars made with non-GMO ingredients and kosher in two different flavors: chocolate almond and chocolate peanut butter. The increase in preference for products with vegan and organic claims and the rise in developments by market players to cater to the growing demand for vegan and organic sports nutrition products are expected to boost the sports nutrition market during the forecast period.
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Based on product type, the market is segmented into supplements, bars, RTD beverages, and others. The bars segment is expected to grow at the fastest CAGR during the forecast period. The consumption of the protein bar is not just limited to bodybuilders and athletes; it also extends to consumers with active lifestyles wanting to replace their meals with a healthy alternative in the form of a quick snack. In February 2024, Optimum Nutrition announced the launch of two new flavors in its protein bar range-Salted Caramel Whipped and Chocolate Caramel and Peanut protein bars-to cater to different consumer preferences worldwide. The increase in product launches propels the market growth for the bars segment.
In terms of distribution channel, the market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The specialty stores segment held the largest share in 2023. These stores are widely preferred distribution channels for sports nutrition products, especially sports supplements, due to the availability of an extensive range of brands, attractive deals, discounts, and high-end customer service. The skilled staff in these stores has a better understanding of the specific health and nutrition requirements of the athletes. Recommendations and guidance from pharmacists about sports nutrition products create awareness about the brand and the benefits of its products. Thus, several key players in the sports nutrition market targeting the wellness of athletes opt for specialty stores as the distribution channel. All these factors are significantly bolstering the sports nutrition market growth for the specialty stores segment.
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The sports nutrition market is highly segmented based on product type, distribution channel, and geography, catering to diverse consumer preferences and regional demands.
In terms of product type, the market is divided into supplements, bars, ready-to-drink (RTD) beverages, and other products. Supplements include items like protein powders and amino acids, tailored to meet the nutritional needs of fitness enthusiasts and athletes. Bars are designed to provide a quick source of energy and protein, often consumed during or after workouts. RTD beverages, such as pre-mixed protein drinks and electrolyte beverages, are convenient for on-the-go consumption. The 'Others' category encompasses products like sports gels, powders, and other specialized nutritional items.
Geographically, the sports nutrition market spans several key regions, each with its own dynamics. North America includes the US, Canada, and Mexico, where the market is heavily influenced by health-conscious consumers and a strong fitness culture, especially in the US. In Europe, countries like Germany, France, the UK, Italy, Spain, and the rest of the continent show a growing focus on healthy living and fitness, driving demand for sports nutrition. In the Asia Pacific region, countries such as China, India, Japan, Australia, South Korea, and other parts of the area are experiencing rapid market growth due to rising health awareness, fitness trends, and increasing disposable incomes. The Middle East and Africa include key markets such as South Africa, Saudi Arabia, and the UAE, where there is growing interest in fitness and wellness. Finally, in South and Central America, countries like Brazil and Argentina are seeing an expansion in the sports nutrition market due to increasing health awareness and a growing middle class.
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