Global Performance Nutrition Market Analysis Report 2023: A $69.37 Billion Market in 2028 - Increasing Demand for Immunity-Enhancing Products
DUBLIN, June 12, 2023 /PRNewswire/ -- The "Global Performance Nutrition Market: Analysis By Product, By Consumer group, By Application, By End User, By Distribution Channel, By Region Size and Trends with Impact of COVID-19 and Forecast up to 2028" report has been added to ResearchAndMarkets.com's offering.
The global performance nutrition market was valued at US$41.71 billion in 2022 and is expected to grow to US$69.37 billion in 2028. The market is expected to grow at a CAGR of 8.98% over the projected period of 2023-2028.
Consumer interest in performance nutrition products is increasing due to a greater emphasis on health and wellness. Performance nutrition (or sports nutrition) is the utilization of dietary supplements to influence and enhance physical fitness and sports performance. The main objective of performance nutrition is to improve the skills, power, strength, speed, and endurance of athletes.
The performance nutrition market is growing rapidly as it is shaped by the expectations of new consumers. The market is becoming more segmented in terms of product offering.
The global performance nutrition market is expected to continue its robust growth trajectory in the coming years, due to the rising awareness of the importance of fitness and physical performance, the high prevalence of obesity and chronic illnesses, the growing interest of millennials in exercise, and rapid urbanization.
Market Dynamics:
Growth Drivers:
One of the key drivers of the market's expansion is the rising popularity of sports. Sports enthusiasts and athletes need specific nutrients like proteins, vitamins, and carbohydrate to fuel their bodies and enhance their performance, and performance nutrition products provides these nutrients to the sportsperson.
This is one of the main reasons why the market for performance nutrition is growing. As a result, it is anticipated that the market for performance nutrition would expand as more people participate in sports. Other significant growth factors of the market include growing number of fitness centers & health clubs, rising cases of obesity, increasing demand for immunity-enhancing products, and growing availability of a variety of performance nutrition.
Challenges:
However, some challenges are impeding the growth of the market such as the high cost of nutritional products, and the availability of counterfeit supplements. The high cost of nutritional products is one of the biggest problems the market is now facing. Since nutritional products are so expensive, many consumers, especially those with lower income level, choose not to buy performance nutrition products because they are out of their price range.
Trends: The market is projected to grow at a fast pace during the forecast period, due to growing health and wellness awareness, growing demand from recreational sports enthusiasts, rise in social media marketing, personalized performance nutrition, and clean sports nutrition products.
A significant trend in the expansion of the performance nutrition market is the increase in social media marketing. Applications such as Instagram, Facebook and Twitter are a great platform for reaching potential health-conscious fans. As a result, the market for performance nutrition would grow as social media marketing for such products increased. Impact Analysis of COVID-19 and Way Forward:
The COVID-19 pandemic has opened up the substantial potential for performance nutrition market. The epidemic increased people's desire to live a healthy lifestyle. But there were certain headwinds for the market such as, decreased sales at the beginning of COVID-19, shutting down of gyms and health clubs, the suspension of sports events, and reduced income. However, the market bounced back in the second half of 2020 because of the growing trend of home fitness and as more supplies came online.
Despite all these detrimental effects, the pandemic has raised interest in the market for performance nutrition. Government agencies have advised citizens to eat healthy and nutritious diet to combat the disease. This has increased the demand for sports nutrition products.
Also, people becoming more concerned regarding their health, rapidly increasing trend for online fitness and body maintenance programs due to internet penetration which would accelerate the growth of the market in the post-COVID era. Despite the short-term problems, the pandemic has had a positive impact on the performance nutrition market.
Competitive Landscape:
The global performance nutrition market is highly fragmented, with many major market players operating worldwide. The share gainers in the performance nutrition category have been smaller start-up/niche brands resulting in further category fragmentation and highlights the market's low barriers to entry.
Companies are focusing on implementing aggressive strategies to reach a broad customer base. New product launches, collaboration, the growth of distribution networks, R&D expenditure, and mergers & acquisitions are some of the main strategies adopted by market players to broaden their reach and increase their market share.
For example, in January 2022, Hydroxycut a sports nutrition brand under the parent company, Lovate Health Sciences International, Inc. launched "Cut", an energy drink that would help consumers to reduce their body fat percentage.
Market Dynamics
Growth Drivers
- Growing Number of Fitness Centers & Health Clubs
- Rising Cases of Obesity
- Rising Popularity of Sports
- Increasing Demand for Immunity-Enhancing Products
- Growing Availability of a Variety of Performance Nutrition
Challenges
- High Cost of Nutritional Products
- Availability of Counterfeit Supplements
Market Trends
- Rise in Social Media Marketing
- Growing Health and Wellness Awareness
- Growing Demand from Recreational Sports Enthusiasts
- Clean Sports Nutrition Products
- Personalized Performance Nutrition
The key players in the global performance nutrition market are:
- Mondelez International, Inc.
- Glanbia Plc.
- Kellogg Company
- Abbott Laboratories
- The Simply Good Foods Company
- THG Plc.
- PepsiCo, Inc.
- Meiji Holdings Co., Ltd.
- MusclePharm Corporation
- Nutrabolt
- GNC Holdings, Inc.
- Worldwide Nutrition
For more information about this report visit https://www.researchandmarkets.com/r/ks8p8x
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