The sales of sports nutrition products are expected to surge at a CAGR of around 7.9% and top a valuation of US$ 33.8 billion by 2031, states a new study by FactMR.
The study says the US accounted for more than 85% of the North American market in 2021, and China accounted for more than 43% of the East Asian market share in the same year.
Consumers are gripping their subsists on personal choices, making optimistic and vigorous choices based on the knowledge they now have about themselves, thanks to technological advancements.
The quantified self-movement empowers us to create a distinct lifestyle, space, and opportunity to thrive rather than simply survive. Beverages are increasingly being manufactured as something to be designed for each unique individual, reflecting the broader global shift toward tailored goods and services because each individual is unique not only at the level of personality but also at the level of measurable biophysical difference.
More healthy and nutritional beverages derived from natural sources are included in optimistic selections. Natural beverages (plant or animal-based) are more beneficial to consumers than other beverages, such as carbonated drinks and others. Natural and fresh beverages are derived from food-based sources, and, as a result, the body absorbs more nutrients than beverages containing artificial ingredients. Natural beverages have numerous health benefits, including combating obesity, natural cures, a healthy lifestyle, and weight control.
On the other hand, carbonated drinks are made from artificial chemicals and vitamins that can harm one’s health. As a result of increased public awareness about the health benefits of natural beverages, consumers are gravitating toward natural, non-modified functional ingredient products, which is also shaping the sports nutrition landscape in a big way.
Key takeaways from the market study
- The US is estimated to have accounted for more than 85% of the North American market in 2021 due to the growing number of health clubs and fitness centers and the emergence of online fitness classes.
- China is estimated to have more than 43% of the East Asian market share in 2021, supported by increased demand for ready-to-drink nutritional beverages.
- The UK is a significant country in the European market with a share of 20% in 2021, mainly due to increased demand for weight management sports nutrition products.
- Animal-derived ingredients account for over 50% of the market share in 2021 due to their high nutritional properties.
“The sports nutrition market is evolving significantly due to new consumer expectations. The market is becoming more segmented and growing in terms of product offerings. This is why agri-food and nutrition brands already aimed at mass-market consumers want to join them in this new territory with a more suitable product offering, typically protein-enriched alternatives,” says a lead analyst at Fact MR.
Flavor dynamism in sports nutrition products propelling market growth
The need for fresh and distinctive flavors is skyrocketing in the sports nutrition market. Customers are more inclined to choose a product with a unique and enhanced flavor when purchasing it. The flavor of the supplement is the most important factor in a consumer’s decision.
Manufacturers of sports nutrition products are concentrating on creating products with innovative, unique, and popular flavor ingredients, as well as providing a diverse choice of flavored supplements. The flavor is quickly becoming one of the most important characteristics of sports nutrition products.
Competitive landscape
Top producers of sports nutrition products are focusing on online retail stores. The digitalization of private label brands and the rise of global retail chains in emerging markets are driving demand for sports nutrition.
The global sports nutrition industry showcases a very promising growth trajectory owing to growing interest shown by multiple food and beverage companies such as Nestlé, Coca-Cola, Keurig Dr Pepper, and Ajinomoto. Over the past decade, these companies have heavily invested and partnered with several sports nutrition product manufacturers, making them tier-1 companies in the market.
In January 2020, Keurig Dr Pepper acquired Limitless Sparkling Water, a calorie and sugar-free drink containing 35 milligrams of caffeine in various fruit flavors.
