The global sports nutrition market is estimated to be valued at USD 42.9 billion in 2022 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
The sports nutrition market offers a wide range of products such as protein powders, energy bars, and dietary supplements that support athletic performance and aid in muscle recovery. These products are designed to provide essential nutrients, vitamins, and minerals that are required by athletes and fitness enthusiasts to enhance their performance and achieve their fitness goals. The increasing awareness about the importance of proper nutrition and the growing fitness trend among individuals has led to a surge in demand for sports nutrition products.
B) Market Key Trends:
One key trend driving the growth of the sports nutrition market is the rising demand for plant-based and natural products. Consumers are increasingly looking for clean label products that are free from artificial ingredients and additives. Plant-based protein powders, vegan energy bars, and organic dietary supplements are gaining popularity among health-conscious individuals. For example, Quest Nutrition offers a wide range of plant-based protein bars that are gluten-free, soy-free, and dairy-free, catering to the needs of consumers with specific dietary requirements.
C) PEST Analysis:
- Political: Governments across the world are implementing regulations and guidelines for the marketing and labeling of Sports Nutrition Market products to ensure consumer safety and prevent misleading claims.
- Economic: The growing disposable income of individuals in emerging economies is driving the demand for sports nutrition products as people prioritize their health and wellness.
- Social: The increasing focus on personal fitness and the rise of social media influencers promoting a healthy lifestyle has led to a surge in demand for sports nutrition products.
- Technological: Advancements in technology have led to innovations in sports nutrition, such as the development of personalized nutrition plans and wearable devices that track an individual’s athletic performance.
D) Key Takeaways:
- The global sports nutrition market is expected to witness high growth, exhibiting a CAGR of 7.4% over the forecast period, due to increasing awareness about the importance of proper nutrition among athletes and fitness enthusiasts.
- North America is the fastest-growing and dominating region in the sports nutrition market, driven by the presence of major players such as Iovate Health Sciences, Abbott, and Quest Nutrition.
- Key players operating in the global sports nutrition market include PepsiCo, Cliff Bar, The Coca-Cola Company, MusclePharm, The Bountiful Company, Post Holdings, BA Sports Nutrition, Cardiff Sports Nutrition, Jacked Factory, and Orgain.
In conclusion, the global sports nutrition market is experiencing significant growth due to the increasing demand for nutritional supplements among athletes and fitness enthusiasts. The rising trend of plant-based and natural products, along with advancements in technology, is expected to drive the market further. With North America leading the market growth and the presence of major players, the sports nutrition market is set to witness substantial expansion in the coming years.
