According to a latest report by The Insights Partners, the global sports nutrition market is projected to grow at a CAGR of 8.2% from US$44.97 billion in 2022 to US$72.18 billion in 2028.
Sports nutrition segment relates to products which contain substantial amount of nutrients such as minerals, vitamins, supplements and organic substances that include carbohydrates, proteins and fats. These include whey protein powders, energy and protein bars amongst others.
Sport nutrition is essential as it helps to strengthen the immune system, prevent injuries, improved energy levels, enhanced mental concentration and many other benefits.
According to the report, in 2022, the sports nutrition market can be segmented into sports supplements, sports food, sports drinks and others. Sports supplement has the highest market share (40.98%) in 2022 while sports food experienced the highest growth rate (see Chart 1.0).
Sports supplements are usually in capsule or powder formats to supplement the diet with high concentration of minerals, amino acids, vitamins and proteins. They are used by individuals or active athletes to support weight gain, weight loss or to boost performance and muscle growth. Protein supplements is the market leader in this category with 38.2% share followed by Vitamins (29%) and Minerals (11.3%).
Sports food can be segmented into protein bars (43%), energy bars (36%) and energy gels (20.88%).
Sports drinks, on the other hand, can be segmented into hypotonic (40%), isotonic (32.4%) and hypertonic (27.6%) drinks. They are designed to hydrate and replace electrolytes to give instant energy boost.
Others include meal replacements and weight loss products.
In terms of formulation, the sports nutrition market can be segmented into powder, capsules, tablets and others. The powder segment has the largest share in 2022 with 43% share followed by tablets (25.26%) and capsules (11.62%). Powder- based formulas are the best-selling sports nutrition products as they are versatile and can be made into drinks or mixed with food.
In terms of geography, the Asia Pacific market exhibited the fastest growth at a CAGR of 8.8% and will reach US$15.83 billion by 2028, or roughly 22% of the global market. North America, particularly the US and Canada will continue to remain as leading markets for sports nutrition products (see Chart 2.0).
The growth is mainly attributed to the rise in the number of health clubs and fitness centers, including online fitness classes.
The report has also identified top 18 markets for sports nutrition with US leading the ranking by a wide margin. Asian countries like Japan, China and Australia are ranked in the top 10 position.
One of the major drivers for the sports nutrition market is the rising issue of obesity worldwide or what the report called as ‘globesity’ as this has become a major global public health crisis. Obesity is a condition which has a considerable effect on the musculoskeletal structure, resulting in rapid degeneration of bones, cartilage and ligaments. A study conducted by WHO showed that the incidence of obesity among the global population has tripled during 1975–2020.
The vast prevalence of obesity is associated with unhealthy habits such as regular junk food consumption, sedentary lifestyle, genetic conditions, and mental health issues. For athletes with extra body fat, weight loss could improve sports performance and lower the risk of chronic disease. As such, the increased prevalence of obesity is anticipated to drive the sports nutrition market during the forecast period.
Apart from obesity, there is also an increasing number of people who did recreational sports which indirectly expands the consumer base for sports nutrition products. According to latest statistics from the International Federation of Association Football (FIFA), there are 265 million individuals who play football which equates to 4% of the global population. Similarly, the Federation of International Basketball Associations (FIBA) estimated that at least 450 million people play basketball across the world, either recreationally or through structured competitions. The potential market to tap on is getting bigger every year.
Major players in the sports nutrition market highlighted by this report include Glanbia Plc. PepsiCo Inc, The Coca-Cola Company, Abbott, Yakult Honsha and GNC Holdings amongst others.
