According to Future Market Insights, the sports nutrition market will follow an impressive growth trajectory, expanding at nearly 10% from 2020-2030.
Increasing sporting activities by consumers to remain physically fit has led to a proliferation of fitness centers, health clubs and online fitness classes, thereby opening up the market for sports nutrition products. These organizations market health supplements, energy drinks and nutrition bars to attract memberships and generating revenue pools.
Both the millennials and geriatrics are signing up for these memberships. Rising incidences of chronic conditions such as obesity and joint pain is attracting both segments to follow a regular health and fitness regime, enabling them to remain healthy and active. Online classes have gained massive ground due to COVID-19.
“Increasing health and wellness trends is driving food fortification initiatives, thereby upscaling the market for sports nutrition products,” infers an FMI analyst.
Sports Nutrition Market- Key Trends
- Aggressive digital marketing and strategic sponsorships critical to ensuring success of sports nutrition market players
- Higher demand for clean label formulations are spurring manufacturers to include sustainable raw ingredients in their products
- COVID-19 has induced a temporary stagnation in market expansion, due to stalling production in the wake of nationwide lockdowns. However, online sales are spurring companies to accelerate their production
Sports Nutrition Market- Region-wise Analysis
- North America will capture nearly half of the global sports nutrition market attributed to rise in physical fitness activities
- Europe to supersede North America in terms of B2B operations, particularly in terms of raw ingredients used
- Collectively, Latin America & East Asia will account for nearly 2/5th of the B2B sports nutrition market
- South Asia will perform quite well in the B2C domain, attributed to the presence of a large number of buyers
Sports Nutrition Market- Competitive Landscape
The global sports nutrition market is extremely fragmented, with the presence of innumerable vendors. This renders the market highly competitive in nature. Due to this intense competition, players are concentrating on expanding their product portfolios and maintaining brand image through innovative marketing. Additionally, emphasis on research & development is also relied upon.
Some prominent players within this landscape are: GlaxoSmithKline plc, INC Sports Nutrition, Ajinomoto Co, Inc., Nestle S.A, Keurig Dr. Pepper, Vitalco Health, Red Bull GmbH, Biothrive Sciences and Nutrabolt to name a few.
Players such as Red Bull are leveraging marketing platforms through constant advertising and collaborating with major sporting and musical events to launch new energy products. This has provided a competitive-edge to the beverage giant over all other players.