Global Sports Nutrition Market 2023-2030

Global Sports Nutrition Market 2023-2030

Global sports nutrition market is projected to grow at a CAGR of 8.8% during the forecast period. The major aspect that drives the growth of the market includes the rising demand for various protein powders, bars, and supplements among athletes and sportspersons for various purposes such as energy supplements, recovery supplements, and performance-enhancing supplements. Another major aspect that drives the growth of the market is the increasing disposable incomes, urbanization along with the rising number of gyms and health and fitness centers endorsing sports and fitness nutrition products also positively influences the growth of the market during the forecast period. Besides, regular, prolonged strenuous exercise may result in an increased dietary requirement for certain specific supplements such as multivitamins and minerals, fish oils, and glucosamine. Sports nutrition has been extensively used as an energy supplement, recovery supplement, and performance-enhancing supplement. Sufficient nutrition keeps the body functioning optimally and repairs the damage done from everyday training. Hence, this is further expected to bolster the growth of the market during the forecast period.

Segmental Outlook

The global sports nutrition market is segmented based on use, product type, and distribution channel. Based on the use, the market is segmented as an energy supplement, recovery supplement, and performance-enhancing supplement. Based on the product type, the market is segmented into sports food, sports drink, and sports supplements. Whereas, based on the distribution channel, the market is segmented into offline channels and online channels.

Online Channels Segment to Hold a Significant Market Share

Amongst the distribution channel segment of global sports nutrition, the online channel segment is projected to hold the most lucrative share in the market. The segmental growth of the market is accredited to the shift of the consumers towards the online distribution channels as they provide many promotional offers and discounts, which attract the consumer. Besides, the closure of retail outlets and a temporary disruption in supply chains has shifted many sales online, with e-commerce accelerating dramatically and an end to the mall's insight. Companies also seek new routes to consumers, although issues with lengthy delivery dates and availability along with a desire to recreate the live experience will drive store footfall longer term.

Regional Outlooks

The global sports nutrition market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific region is projected to hold a significant market share. China, India, Japan, and the Rest of the Asia-Pacific are the major economies primarily contributing to the growth of the sports nutrition market in the region. The regional growth of the market is accredited to the rising awareness amongst the athletes regarding the availability of a wide range of supplements in the region which is benefiting the growth of the market in the region. Also, the key companies are expanding their businesses to untapped regions in emerging economies such as India and China, which further supports the growth of the market. Besides, the support of the government in promoting sports nutrition is also expected to drive the growth of the market in the region. Further, the North American region is also estimated to witness a significant value for the market, attributed to the footprints of the major players in the region.

Global Sports Nutrition Market Growth, by Region 2023-2030

Source: OMR Analysis

Market Players Outlook

The prominent players functioning in the global sports nutrition market include Abbott Laboratories Inc., Glanbia PLC, GlaxoSmithKline Plc, Hormel Foods Corp., Nature's Bounty Co., PepsiCo, Inc., Reckitt Benckiser Group Plc, and The Coca-Cola Co. among others. These key manufacturers are adopting various strategies such as new product launches and approvals, mergers and acquisitions, partnerships and collaborations, and many others to thrive in a competitive environment. For instance, in April 2019, Hormel Foods Corp. sold its CytoSport Protein Business to PepsiCo Inc. for $465 million. The purchasing of this company by PepsiCo Inc. is expected to enable more growth for CytoSport, and its flagship offering, which in turn will increase the market share of Pepsico Inc. in the sports nutrition market.