by The global sports nutrition market encompasses various sports and energy supplements that are consumed to enhance physical performance and maintain fitness. Energy bars, sports drinks, sports supplements for proteins, vitamins and minerals are some commonly used sports nutrition products. With increasing health awareness and active participation in sports and recreational activities, demand for specialized nutritional supplements is growing. Protein bars and protein powders tailored for muscle gain or weight management are widely popular among gym-goers and athletes. Sports drinks offer hydration and carbohydrates to maintain energy levels during or after high intensity workouts.
The global sports nutrition Market is estimated to be valued at US$ 46.83 billion in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The rising health awareness as highlighted in the heading is a key driver responsible for flourishing sports nutrition market. Growing participation in sports and recreational activities has boosted consumption of specialized supplements. According to a survey, over 50% of worldwide population does not get sufficient physical activity. Sports nutrition products help address this issue by supporting rigorous workouts and training regimens. The other driver for the market is increasing number of health-savvy millennials and generation Z who remain focused on fitness. They are the primary consumers of protein drinks, bars and other supplements. The proliferation of gyms, yoga studios and cross fit centers has further contributed to healthy eating habits and demand for sports nutrition products.
Segment Analysis
The sports nutrition market can be segmented into sports supplements, sports food, and sports drinks. Among these, the sports supplements sub-segment currently dominates the market with more than 30% share, owing to the increasing number of gym-goers and health-conscious individuals. Sports supplements offer nutritional benefits like proteins, vitamins, minerals for muscle gain, recovery, and endurance, which are highly demanded among athletes and fitness enthusiasts.
PEST Analysis
Political: The governments of various countries are promoting fitness and sports activities by organizing national and international sporting events. This is positively impacting the demand for sports nutrition products.
Economic: With rising incomes, more people are opting for healthy lifestyles and involved in fitness activities. This is fueling the sales of sports nutrition products in the global market.
Social: In the recent times, health and fitness have become an important part of lifestyle. Social media is influencing people to stay fit and adopt sports nutrition products for better results.
Technological: Manufacturers are investing in R&D to develop innovative formulations of sports nutrition products with customized blends of proteins, vitamins, and minerals to suit different fitness goals. New delivery forms like gummies, shakes are also gaining popularity.
Key Takeaways
The Global Sports Nutrition Market Growth is expected to witness high over the forecast period of 2023 to 2030, backed by increasing health consciousness and rising participation in sports and fitness activities worldwide. The global sports nutrition Market is estimated to be valued at US$ 46.83 billion in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030.
Regional analysis: North America currently dominates the global market due to strong base of gym-goers and sports enthusiasts in countries like the US. However, Asia Pacific is anticipated to showcase fastest growth in the upcoming years on back of growing youth population, improving living standards and rising health awareness in the region.
Key players: Key players operating in the sports nutrition market are Novartis, Pfizer, Roche, Sanofi, Merch &Co., AstraZeneca, GlaxoSmithKline, Johnson & Johnson, Gilead Sciences, and others. Key players are engaged in product innovation and new launches to cater to diversified demand of customers. They are also adopting strategies like mergers, acquisitions and partnerships for geographical expansion.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
