The sports nutrition market is estimated to be valued at US$ 46.83 Bn in 2023 and is expected to exhibit a CAGR of 8.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The sports nutrition market comprises products that are consumed to fulfill the nutritional requirements of athletes and sports enthusiasts. Sports nutrition products provide hydration along with carbohydrates, proteins, vitamins, minerals and other nutrients. These products help enhance endurance, energy levels and build muscle mass of athletes and gym-goers. With rising health consciousness, there is increasing demand for sports nutrition supplements and functional food and beverages for workout and performance enhancement.
Market key trends:
Sports nutrition products are witnessing high demand owing to rising trend of healthy living and fitness. Consumers are increasingly opting for healthy food and beverages options and gyms/workout routines to stay fit. According to WHO, more than 1.9 billion adults were overweight in 2016, out of which over 650 million were obese. This has led to increased focus on health and fitness. The trend is encouraging people to opt for nutritional supplements and tailor-made healthy diets that are specifically designed for athletes and gym-goers. Furthermore, growing number of health clubs and fitness centers are supporting the demand for products that provide enhanced nutrition and facilitate faster recovery from workouts.
Porter's Analysis
Threat of new entrants: The sports nutrition market has moderate threat of new entrants due to high capital requirement for R&D and manufacturing. However, new small brands can enter through e-commerce channels.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and price sensitivity. However, brand loyalty increases switching costs.
Bargaining power of suppliers: Suppliers have low bargaining power as raw materials like proteins and vitamins are commoditized and available from multiple sources.
Threat of new substitutes: Threat from new substitutes is high as energy drinks and health drinks provide similar benefits and flavors.
Competitive rivalry: Intense competition exists among existing brands.
SWOT Analysis
Strength: Wide product portfolio and innovations in flavors and formulas. Strong brand recognition and loyalty among fitness enthusiasts.
Weakness: High advertising and promotion spends needed to increase market share. Vulnerability to fitness trends and changing consumer preferences.
Opportunity: Growing health and wellness trend drives demand. Expanding into new regional markets like Asia Pacific and Latin America.
Threats: Stringent regulations around claims and ingredients. Rising input costs and price wars among competitors.
Key Takeaways
The global Sports Nutrition Market Share is expected to witness high growth, exhibiting CAGR of 8.2% over the forecast period, due to increasing health awareness among consumers. The Asia Pacific region is expected to grow the fastest during the forecast period due to rapid urbanization, rising disposable incomes and growing penetration of gyms and fitness centers.
Regional analysis: North America currently dominates the global market and is expected to retain its dominance during the forecast period. However, Asia Pacific is expected to grow at faster pace owing to increasing health consciousness among consumers and improving lifestyle in countries like China, India and Japan.
Key players operating in the sports nutrition market are Maxinutrition, Glanbia, PepsiCo, GNC Holdings, Clif Bar & Company, The Coca-Cola Company, and Universal Nutrition. Major players are focused on product innovations, expansion in emerging markets and acquisitions to strengthen their global presence.
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