The global Sports Nutrition Market size is expected to reach USD 34.5 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 10.9% from 2021 to 2028. PepsiCo., Abbott, Clif Bar & Company, Science in Sport are some of the key players in the industry. Growing awareness of fitness and active living among consumers is a major factor contributing to the growth of the segment. For instance, according to the Global Wellness Institute, the fitness and mind-body sector was valued at USD 542.0 billion in 2015 and reached USD 595.4 billion in 2017.
In
addition, a rise in the number of gym-goers consuming supplements is driving
the market. According to a study conducted in 2020, approximately half of the
gym-goers consume supplements. Moreover, the importance of healthy eating and
nutrition is growing among athletes. Many athletes are consuming nutritional
products to enhance performance, muscle recovery, and endurance. This, in turn,
is driving the market, globally.
Although
the spread of COVID-19 has negatively impacted the market, immunity-boosting
sports nutrition products are gaining traction globally. Many manufacturers are
introducing nutritional products supporting the immunity system. For instance,
in October 2020, Health XP launched Shield Whey, a whey protein powder with
immunity-boosting vitamins such as vitamin C, vitamin K, and vitamin E.
Moreover, personalized formulations for targeted nutrition goals such as
plant-based workout mixes are also gaining popularity.
An
increasing number of initiatives undertaken by the key stakeholders in the
market is increasing the adoption of nutritional products. For instance, in May
2020, RBar Energy launched almond protein bars containing isoleucine, leucine,
and valine to increase lean muscle mass. In December 2019, Herbalife Nutrition
opened a new training facility in Chengdu, China. The training facility will
allow the company to educate and train distributors and customers about its
products and applications in China. Moreover, the players are adopting
innovative strategies for promoting and increasing the adoption of these
products. For instance, in March 2021, UK Pro League announced Veloforte as its
official partner for performance nutrition products. Veloforte was to supply
energy bars and other products to all players in the tour.
Related Press
Release@ Sports Nutrition Market Report
Sports Nutrition Market Report Highlights
- The sports
supplements segment emerged as leading the type segment in 2020 and
accounted for the largest revenue share of 82.2% in the market
- The brick
and mortar segment accounted for the largest revenue share in 2020,
whereas the e-commerce segment is projected to expand at the fastest CAGR
during the forecast period
- North
America accounted for the largest revenue share of 59.2% in 2020, whereas
Europe is projected to expand at the fastest CAGR during the forecast
period
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