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 16% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
SWOT Analysis
Strength: Sports nutrition products contain essential nutrients that help improve athletic performance and support muscle recovery. Such products are available in various forms like capsules, powders, bars, and drinks making consumption convenient. An increasing number of health-conscious individuals and gym goers are regularly using sports supplements.
Weakness: Some sports supplements may contain banned ingredients like steroids that can cause serious health issues with prolonged usage. There is a lack of proper regulations regarding ingredients and quality standards in many developing regions. Customers may not be fully aware about appropriate dosages and best methods of usage.
Opportunity: Rising participation in sports and fitness activities globally is spurring the demand. New product launches catering to specific athlete segments like women with customized formulations present an opportunity. Growth of e-commerce is helping companies expand their reach online and target a wider customer base.
Threats: Strict regulatory environment in developed markets increases compliance costs. Competition is intense from local manufactures offering lower cost alternatives. Economic slowdowns can impact discretionary spending on specialty health products. Customers may switch brands often exploring different types based on changing needs.
Key Takeaways
The Global Sports Nutrition Market Growth is expected to witness high over the forecast period supported by increasing health awareness worldwide and flourishing sports industry. The Asia Pacific region currently dominates the market and is anticipated to maintain its lead position during the projected timeframe. Countries like China, India, and Japan are witnessing a surge in demand for performance and recovery supplements from serious athletes as well as recreational gym goers and fitness enthusiasts.
Regional analysis
The Asia Pacific region has emerged as the fastest growing as well as the largest market for sports nutrition products accounting for over 35% of the global share in 2023. China, Japan, India, South Korea, and other Southeast Asian countries have significantly rising numbers of health club members and participation in sports. This has boosted the consumption of sports supplements intended to build muscle mass and boost energy levels. Availability through multiple sales channels and rising disposable incomes are further supporting market expansion in the region.
Key players
Key players operating in the sports nutrition market are SES-Imagotag, Pricer AB, Displaydata, Opticon Sensors Europe B.V, Samsung Electro-Mechanics, NZ Electronic Shelf Labelling, M2Communication, Diebold Nixdorf, Altierre, Teraoka Seiko, Advantech US, E Ink, Toshiba Global Commerce Solutions, SESimagotag, E-Ink, Wuxi Wei Feng Technology, and Cicor. These include major global brands as well as local manufactures catering to regional consumer demand and taste preferences. Innovation and product differentiation through customized offerings remain important factors shaping the competitive landscape.
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