Sports Nutrition Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The sports nutrition market was valued at USD 19.96 billion in 2020, and it is projected to witness a CAGR of 12.22% during the forecast period, 2021 - 2026.
The outbreak disrupted the sporting schedule and affected some of 2020's largest events, which, in turn, also hampered the sales of sports nutrition products through such events on a large scale. Some of the major international sporting events delayed due to the outbreak include the Tokyo Olympics and Paralympics and the UEFA Football event. As such events increased the consumption of sports nutrition products and offered a venue for promotions of manufacturers, the delay is expected to impact the market growth in the short term adversely.
Thus, countries around the world have been implementing measures to slow down the spread of the pandemic, from national quarantines to the closure of public places, such as gyms. This included a complete closure of sports clubs and fitness centers, majorly impacting sports nutrition product sales adversely. However, with international health organizations, such as WHO, encouraging consumers to strengthen their immune systems to prevent COVID-19, there is expected to be more popularity for immunity-boosting sports nutrition products. One such product is Gifted Nutrition's Iso Whey, which helps strengthen the immune system and speed up system recovery in the post-workout phase.
Major consumers in this market are athletes and bodybuilders; however, the consumption of sports nutrition products has increased among recreational and lifestyle users too, owing to the increased health awareness and rising disposable income levels of consumers. Thus, the growth rate of the sports nutrition market is attributed to not just sportspersons but also to casual athletes and dieters who are joining the general health and wellness movement. Indulgence buying and product knowledge are the key factors driving the growth rate.
By type, the sports supplement segment occupied a major share due to the increased regularized usage of sports nutrition products by sportspersons in the form of supplements. The growing preference for personalized nutrition is one of the key market trends, which may further stimulate the market growth.
Sports nutrition products have increasingly gained popularity, mainly among athletes and individuals involved in vigorous physical activities. The growing emphasis on staying healthy and in shape and rising participation in sports, health clubs, sports clubs, and gyms are some of the key drivers contributing to the growth of the sports nutrition industry.
In recent years, health clubs and fitness centers have witnessed consistent growth due to an increase in health concerns and changes in lifestyle. The rise in health awareness and the need for adequate nutritional content in food have also fostered the demand for sports nutrition products.
A surge in the middle-aged and geriatric populations engaged in sports activities has further fueled the sports nutrition market's growth.
The hectic lifestyles of consumers in the Asia-Pacific region, particularly in countries like India and China, are paving the way for sports nutrition food as a convenient food choice to satiate hunger and provide nutrition after sports or exercise. Additionally, these products can be consumed anywhere without preparation, which saves time.
Consumers in China want to attain healthy living. The rising snacking trend among the health-conscious consumers of the country drives the demand for sports food, especially energy and protein bars.
Fitness enthusiasts in the region are also driving the market with their varied demands, such as muscle development, stamina enhancement, and body-fat reduction, among others, thus enabling players to enter the sports nutrition market.For instance, in December 2017, an Indian company, Paras Dairy, launched a range of sports nutrition products under its Proquest Nutrition brand to cater to a wider range of consumer demand. The products also contain live probiotics to enhance immunity and for protein utilization.
The sports nutrition market is highly competitive, with the presence of various international and domestic players. The giants of the global market are progressively relying on product innovation as the most adopted strategy. Extensive investments in R&D have been witnessed in the past years, which led to the introduction of numerous new products in the market. Moreover, the players are also extensively focusing on providing consumers innovative offerings while including functional benefits. The major players in the sports nutrition market are Glanbia PLC, PepsiCo Inc., MusclePharm Corporation, The Coca-Cola Company, Clif Bar & Company, Multipower, etc.