The Insight Partners Latest Research on Report “Sports Nutrition Market Forecast to 2028″ Includes COVID-19 Impact and Global Analysis By Type (Sports Supplements, Sports Food, Sports Drinks, and Others), Formulation (Powder, Tablets, Capsules, and Others), and Distribution Channel (Convenience Stores, Supermarkets and Hypermarkets, Specialty Stores and Others)
“Sports Nutrition Market is expected to reach US$ 72,178.19 million by 2028 from US$ 41,683.48 million in 2021; it is estimated to grow at a CAGR of 8.2% during 2022–2028. The report highlights the key factors driving the sports nutrition market and prominent players with their developments in the market.
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Key Companies Outlook:
Key factors that are driving the growth of this market are the increasing prevalence of obesity and rising consumer base of sports nutrition are expected to drive the market during the forecast period. However, availability of adulterated sports nutrition products hampers the sports nutrition market growth.
The sports nutrition market is majorly comprised of top players involving Glanbia Plc, PepsiCo Inc., The Coca-Cola Company, LOVATE HEALTH SCIENCES, Clif Bar & Company, BULK POWDERS, Abbott, Yakult Honsha Co., Ltd., MUSCLEPHARM CORPORATION, GNC HOLDINGS INC. among others.
The companies listed above are implementing various strategies such as product launches, acquisitions, mergers, and partnerships, which have resulted in the company’s growth and, in turn, have brought about various changes in the worldwide market. Additionally, the companies have adopted several inorganic and organic strategies for accelerating their growth and improving their market position.
Below is the list of the growth strategies done by the players operating in the sports nutrition market:
June-2022: MuscleTech Announces the Addition Of Jessie Godderz, also known as, Mr. PEC-Tacular to Team MuscleTech
May -2022: Laïta Nutrition, a division of the Laïta Dairy Cooperative, launched RTD sports nutrition products. The company offers two high-protein drinks, one made with plant proteins and the other with cow’s milk proteins, and a performance shot made with amino acids
September -2021: Element Nutritional Sciences Inc. launched JAKTRX Pro Amino, a plant-based amino acid formulation that increases muscle protein synthesis by 76%.
May-2020: Danone made its Vega One plant-based protein products commercially available in China, with the Vega One Sport designed for sports enthusiasts. This product contains a mix of proteins derived from different sources, including pumpkin seeds, alfalfa, sunflower, and peas.
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Asia Pacific is expected to register the highest CAGR in the sports nutrition market during the forecast period. China, Japan, and India are among the key contributors to the regional market due to the growing number of health clubs and fitness centers, the proliferation of online fitness classes, and the rising consumer base of sports nutrition among athletes, bodybuilders, and non-athletes aspiring to lead health lifestyles.
North America held the largest share of the sports nutrition market in 2021, and the US was the largest contributor to the regional market in North America. The market growth in North America is attributed to the increasing adoption of sports nutrition products by athletes and the presence of a large number of manufacturers and retailers in the region.
Outbreaks of Covid-19:
COVID-19 pandemic led to a decline in the sales of sports supplements due to the shift in consumers’ shopping habits; they preferred buying essentials over nonessential products. In addition, the temporary shuttering of gyms, fitness centers, health clubs, and sports institutes hampered the sales of sports nutrition products. Further, Fitness centers such as Town Sports International, Flywheel Sports, and 24-Hour Fitness have filed for bankruptcy during the COVID-19 pandemic. However, online sales grew rapidly in 2020 as consumers turned to e-commerce platforms to avoid crowded places and maintain health. The growing demand for sports nutrition products containing functional ingredients and the increasing demand for online sales channels had a positive impact on the market performance.
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