The global sports nutrition market is expected to grow at a CAGR of 9.1% between 2020 and 2030, a new study by Future Market Insights has found, as consumers seek out healthier lifestyles in a post COVID-19 world.
The sports nutrition market will be worth around $64.09 billion by the end of the decade, up from $26.71 billion in 2020, according to the study.
Growing demand for clean label and plant-based products is expected to aid growth in the marketplace, with consumers seeking out products with added-value benefits.
Higher demand for better nutrition has spurred the process of enriching everyday food with essential proteins, vitamins, and minerals, and Future Market Insights expects this 'food fortification' approach to continue to gain traction.
North America currently holds a 'dominant' share in the global sports nutrition market, with Europe also holding a sizeable share, however South Asia is expected to deliver the most promising business opportunities as the decade progresses, Future Market Insights said.
As well as in traditional retail and the drugstore channel, e-commerce is expected to gain in importance for the sports nutrition market, with leading brands embracing D2C as a means of communicating directly to shoppers.
'Rising health consciousness among consumers and increasing spending on fitness and wellbeing will create lucrative prospects for the market,' Future Market Insights said in its report. 'The awareness regarding the importance of a healthy diet as well as achieving a certain level of physical fitness will fuel demand for sports nutrition among consumers.'
Notably, the report also suggests that one of the driving factors will likely drive the sector is the growing numbers of consumers that commute to and from work by bicycle – something that is already very prevalent in the East, and is gaining pace in Western markets.
Commenting on the trends, a lead analyst on the report said, “The demand for sports nutrition is expected to remain comparatively low than the previous year as a result of the COVID-19 outbreak. However, sales of energy and protein bars and nutrition capsules is likely to remain the least affected owing to excess inventory, availability in essential stores, and attractive discounts on online stores.
"Eventually, revival of the world economy would also result in increase of per capita income and adoption of healthier lifestyles, which in turn will give impetus to the market over the forecast period."
Leading players in the sports nutrition market include Nestlé, Red Bull, Ajinomoto Co., Inc., Keurig Dr. Pepper, Inc., Nutrabolt, GlaxoSmithKline, Optimum Nutrition, Inc., Vitaco Health, and Uelzena Group.
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