July 19, 2024
Sports Nutrition Market

Incorporating Artificial Intelligence to boost the growth of Sports Nutrition Market

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 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 involves products that are designed to enhance athletic performance andbody composition. These include sports/energy drinks, sports supplements such as proteins, vitamins and minerals. Sports nutrition products provide functional benefits such as hydration, muscle building and endurance. The growing popularity of fitness among people has fueled the demand for sports nutrition products as they help in maintaining a healthy lifestyle. Various types of products available in the market based on consumer needs include sports/energy drinks, sports supplements which includes proteins, vitamins and minerals that help improve endurance, strengthen muscles and boost energy levels.

Market key trends:

One of the key trends gaining traction in the sports nutrition market is the growing adoption of artificial intelligence. Manufacturers are incorporating AI capabilities in their products to track fitness goals, monitor nutrition intake and offer customized recommendations. For example, AI-powered sports drinks/supplements can analyze an individual’s activity levels, calorie needs and provide personalized combinations of nutrients. This helps meet the exact nutritional requirements and maximize performance. Another trend is the rise of plant-based sports nutrition products. Macro factors like health concerns and rise of vegan/vegetarian demographics are fueling demand for vegetarian supplements made from plant proteins. They are just as effective as animal-based supplements for muscle growth and recovery.
Porter’s Analysis

Threat of new entrants: The threat of new entrants is low to moderate as the sports nutrition market is well-established with key companies having strong brand presence. However, startups can introduce specialized products targeting niche segments.

Bargaining power of buyers: The bargaining power of buyers is moderate to high as there are many substitute products available in the market. Buyers can easily switch to alternatives based on price and quality.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw material sources are fragmented. However, key players have established long term contracts with suppliers to ensure steady supply.

Threat of new substitutes: The threat of new substitutes is moderate to high as energy drinks, health drinks are increasingly becoming alternatives to sports nutrition products.

Competitive rivalry: The competitive rivalry is high among key players to increase their market share. Players compete on the basis of product innovation, brand, and marketing campaigns.

Key Takeaways

The global Sports Nutrition Market Share is expected to witness high growth, exhibiting CAGR of 8.2% over the forecast period 2023 to 2030, due to increasing health and fitness consciousness among consumers. The global market size for 2023 is estimated at US$ 46.83 Bn.

Regional analysis: North America dominates the global sports nutrition market currently. However, Asia Pacific region is expected to witness the fastest growth over the forecast period supported by rising middle class, increasing youth population and changing lifestyles in the region.

Key players: Key players operating in the sports nutrition market are Maxinutrition, Glanbia, PepsiCo, GNC Holdings, Clif Bar & Company, The Coca-Cola Company, and Universal Nutrition. Players are focused on new product launches and endorsements to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it