The sports nutrition market is estimated to be valued at USD 51.65 billion in 2024, growing at a CAGR of 8.8% over the forecast period (2024-2031). Furthermore, growing popularity and participation in sports and fitness activities across the globe is also contributing to the market growth.
Market Dynamics:
The growth of the global sports nutrition market is driven by increasing gym memberships and growing health consciousness among individuals. The number of health club memberships has increased significantly over the past few years. For instance, according to the International Health, Racquet and Sports club Association (IHRSA), the total number of health club memberships across the globe grew from 183 million in 2015 to 194 million in 2019. Additionally, growing awareness about the importance of fitness and maintenance of a healthy lifestyle has also propelled the demand for nutritional supplements. Sports nutrition products help in muscle building and aid faster recovery from intensive workouts. The availability of these products through multiple distribution channels including specialty stores, supermarkets, and online retail is further augmenting the market growth. While increasing preference for a healthy lifestyle and expansion of distribution channels will boost demand, high costs and lack of standardized regulations can hinder the market growth.
Market Drivers
- Increased Participation in Sports and Fitness Activities: One of the key drivers for the growth of the sports nutrition market is the rising participation in sports and fitness activities globally. More people are embracing healthier lifestyles and taking up sports as a hobby or just to stay fit. This has led to increased demand for sports supplements and nutrition products that help improve performance and speed up recovery. Sports drinks, protein powders, protein bars, etc. have become common dietary supplements consumed by recreational and professional athletes alike.
- Growing Awareness about Fitness and Nutrition: Another major market driver is the enhanced awareness among consumers about the importance of proper nutrition and physical fitness. Led by various health campaigns and popularization of fitness influencers on social media, people have become more conscious about what they eat and how it impacts their performance. Sports nutrition products are marketed as scientifically formulated to provide the right balance of proteins, carbs, vitamins and minerals for improved muscle development, strength, and endurance. The realization that nutrition plays a key role in maximizing training outcomes has boosted the sales of related supplements.
Market Restraints
- Cost Factor Associated with Sports Nutrition Products: One challenge faced by players in the sports nutrition industry is the cost sensitivity of consumers. Many supplements require consuming several servings a day to gain all the advertised benefits, which leads to high monthly spending. This deters people with budget constraints, making affordability a restraint. While major brands offer slightly cheaper mass-market products, they are still not within reach of all potential customers. This cost factor prevents faster growth rates across demographics.
- Availability of Alternate Nutrition Sources : Other cheaper alternative sources of protein and other nutrients like eggs, milk, nuts, yogurts, etc. provide competition to packaged sports nutrition products. For recreational athletes and casual gym-goers, such inexpensive kitchen staples seem like viable substitutes for expensive branded supplements. Even for serious athletes, traditional whole foods are sometimes preferred for meeting nutritional needs. This availability of substitutes reduces complete reliance on sports-specific packaged products alone, thereby acting as a restraint.
Market Opportunities
- Growing E-commerce Penetration: One major opportunity for brands is the rising penetration of online shopping and e-commerce platforms globally. More consumers are making nutrition, health, and wellness purchases via digital marketplaces. This offers a chance to tap into a huge internet-using population with tailored sports nutrition product lines and targeted online campaigns. E-commerce also solves the issue of limited ground-level retail availability in certain areas. Sports supplement companies can leverage the online medium to significantly expand their customer outreach.
- Customized Products for Niche Segments: Another key opportunity lies in developing customized, specialized products formulated for the requirements of niche consumer segments within the broad sports nutrition industry. For example, supplements tailored for CrossFit athletes or ultra-runners. There is scope to cater to unique nutrient needs of different sportspersons by offering customized and personalized options. This allows capturing demands that mass-market offerings may not fulfill, helping companies corner emerging categories and drive higher margins.
Link: https://www.coherentmarketinsights.com/market-insight/sports-nutrition-market-1018
Key Developments
- In May 2023, Continente launched a new sports nutrition brand
- In July, 2023, Myprotein launched three new products in India
- Sirio Europe's announcement of launching two new collagen-based gummies designed for sports nutrition at the Vitafoods Europe trade show in April 2023 represents a significant development in the realm of dietary supplements tailored for athletes and fitness enthusiasts. Collagen, known for its role in supporting joint health, muscle recovery, and overall connective tissue function, is a valuable ingredient in sports nutrition products.
- Olly's introduction of two new products, the Post-Game Recovery Gummy Rings and Pre-Game Energize Gummy Rings, in February 2023 demonstrates the brand's commitment to meeting the specific needs of the fitness community
Key Players
Maxinutrition, Glanbia, PepsiCo, GNC Holdings, Clif Bar & Company, The Coca-Cola Company, Universal Nutrition, Atlantic Multipower UK Limited, GlaxoSmithKline PLC, Olimp Laboratories, Ultimate Nutrition Inc, PowerBar Europe GmbH, Iovate Health Sciences, Quest Nutrition, PepsiCo, Cliff Bar, The Coca-Cola Company, MusclePharm, The Bountiful Company, and Post Holdings
