Sports nutrition products such as sports drink, sports supplements and protein powders are designed to facilitate the athletes and bodybuilders to replenish the energy lost during heavy workout sessions and maintain optimal hydration, muscle recovery and protein synthesis. Sports nutrition products prevent muscle breakdown, promote muscle gain, weight loss and increase endurance during sports activities or fitness regime.
The global sports nutrition market is estimated to be valued at US$ 46.83 billion in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The growing awareness among recreational athletes and fitness enthusiasts regarding the importance of proper nutrition and hydration during workouts and rest days presents a lucrative opportunity for sports nutrition products. Supplementing the diet with sports drinks helps in replenishing water and electrolytes lost through sweat during exercise whereas protein powders consumed post-workout aid in muscle synthesis to gain strength and size or lose weight according to objectives. The increasing concerns over physical fitness and adopting healthy lifestyles have prompted many casual gym-goers and recreational athletes to opt for specialized sports nutrition products to achieve their fitness goals in optimal time. This is expected to propel the demand for sports nutrition products thereby contributing to the market growth over the forecast period.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate. The requirements for R&D investment, brand recognition and distribution networks act as barriers.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of substitute products. Buyers can easily switch to other brands based on price and quality.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many raw material suppliers. However, suppliers of patented drug formulations possess some bargaining power.
Threat of new substitutes: The threat of new substitutes is high due to continuous innovation and presence of many generic drugs.
Competitive rivalry: The competitive rivalry is intense due to the presence of many global and local players.
SWOT Analysis
Strengths: Strong R&D capability, vast product portfolio, global brand recognition and robust distribution network.
Weaknesses: High marketing spend, price control policies, stringent regulatory environment and patent cliff risks.
Opportunities: Growth in emerging markets, increasing healthcare spending, new product launches and favorable industry trends.
Threats: Price erosion, generic competition, currency fluctuations and economic slowdowns.
Key Takeaways
The Global Sports Nutrition Market Growth is expected to witness high over the forecast period with increasing health awareness. The global Sports Nutrition Market is estimated to be valued at US$ 46.83 Bn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030.
North America currently dominates the market owing to high inclination towards fitness and presence of key players. Asia Pacific sports nutrition market will grow at the fastest rate during the forecast period. China, India and Japan hold lucrative opportunities with rapidly growing middle class, increasing per capita income and higher awareness about fitness and nutrition. Moreover, hot and humid climate also propels demand for sports drinks and nutrition supplements. North America currently dominates the global market driven by rising obesity rates and awareness about health and wellness. However, Asia Pacific is emerging as a high growth market with double digit CAGRs expected over the next few years..
Key players operating in the sports nutrition market are Novartis, Pfizer, Roche, Sanofi, Merck & Co., AstraZeneca, GlaxoSmithKline, Johnson & Johnson, Gilead Sciences, and others. Novartis and Roche have a strong portfolio of patented drugs while Pfizer, Sanofi, AstraZeneca have a breadth of generic and specialty products. Emerging players are focusing on specialty areas like orphan drugs to gain market share.
Key players operating in the sports nutrition market are focusing on expanding into high growth emerging Asian and Latin American regions through partnerships and mergers. Innovation and development of specialized products catering to regional consumer needs will be a key differentiator. Companies are investing in R&D to launch novel products fortified with protein, vitamins, minerals and other ingredients to gain market share.
Explore more information on this topic, Please visit -
https://www.ukwebwire.com/sports-nutrition-market-growth-and-demand-analysis/
Explore more trending article related this topic -
