NEW YORK, Feb. 23, 2021 /PRNewswire/ — The global sports nutrition market size is expected to reach USD 33.03 billion by 2028 according to a new study conducted by Polaris Market Research the market is anticipated to register a CAGR of 9.3% From 2021 – 2028. Rapid urbanization worldwide, increasing sedentary lifestyles, and rising prevalence of lifestyle-related diseases resulted in people seeking an active lifestyle, which in turn, driving demand for the market. An increase in demand for protein bars, dietary supplements, and energy drinks among sportspersons and the younger population is projected to accelerate demand for the industry. A rise in the number of health and fitness centers coupled with ample availability of sports nutrition products owing to expanding retail channels is expected to boost the market growth.
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Key Trends and Developments in Sports Nutrition Market
- The sports drinks segment has dominated the sports nutrition market and is projected to continue its dominance over the forecast period, on account of the rise in participation of sportspersons in sports events. The increasing count of new product launches in the sports drinks category also contributing to the surge in demand for these products.
- The E-commerce segment is anticipated to witness the fastest growth rate during the forecast period. Imposed travel restrictions amid the COVID-19 pandemic have resulted in an increasing trend for online shopping, contributed to the segment’s growth. Players are devising strategies such as discounts on online purchases of products fuels the popularity of this channel.
- Ready, one of the leading sports nutrition company announced their plan to join the US sports drinks market. The company is dedicatedly assisting athletes to achieve their goals by providing organic cutting-edge nutrition products. Through this move, the company aims to gain momentum in the competitive and highly demanding US market.
For instance, in December 2020, MYOS Corporation, a U.S.-based advanced nutrition company entered into an exclusive agreement with Science Biotech to distribute its Fortetropin product in Australian and New Zealand markets. The product is a nutritional product developed to accelerate muscle mass gains, recovery from injury, and improves mobility. According to the company’s claim, Australia is the high-performing market for fitness products, as it is recognized as a sports-loving nation.
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The growing trend for the consumption of sports nutrition products to treat vitamin and mineral deficiencies is a key factor augmenting the market growth in the North American region. The rise in sports events conducted in the region providing an excellent platform for manufacturers to increase the sale of their sports nutrition products and at the same time allowing them to spread awareness about their products and brands. An increase in the number of sportspersons and bodybuilders in Europe fostering demand for sports supplements thereby influences the regional market growth. The market in the Asia Pacific is expected to take a big leap in terms of product sales, owing to the rise in the number of leading players present in the region and continuous product launches by these players to attract consumers.
Key manufacturers of sports nutrition are focusing on R&D activities, product innovations, and launching new products. Moreover, leading companies are increasingly focusing on advancements in terms of new flavors for products. Some of the major players operating in the sports nutrition market include Hormel Foods Corporation, Max Nutrition, Glanbia Plc., Stokely Van Comp, Inc., Optimum Nutrition, MusclePharm, and SternLife.
- Supply-side: Sports Nutrition Products Manufacturers & Suppliers
- Demand Side: Sports Persons, Athletes, Bodybuilders, Younger Population
- Regulatory Side: Food and Drug Administration (FDA), Food Safety and Standards Authority of India (FSSAI)
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Polaris Market Research has segmented the sports nutrition market report on the basis of product, distribution channel, and region:
Sports Nutrition, Product Outlook (Revenue – USD Million, 2016 – 2028)
- Sports Drink
- Sports Supplements
- Sports Foods
Sports Nutrition, Distribution Channel Outlook (Revenue – USD Million, 2016 – 2028)
Sports Nutrition, Regional Outlook (Revenue – USD Million, 2016 – 2028)
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Spain, Netherlands, Austria)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
List of Key Players of Sports Nutrition Market
- Glanbia Plc
- Hormel Foods Corporation
- Stokely-Van Comp, Inc.
- Clif Bar & Company
- Optimum Nutrition
- Max Nutrition
*Note: Additional companies can be included on request
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SOURCE Polaris Market Research