Increasing Health Consciousness of Sports Nutrition Market
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, as highlighted in a new report published by Coherent Market Insights.
Swot Analysis
Strength: The sports nutrition market has seen steady growth over the years. demand for dietary supplements and functional foods among athletes and sports enthusiasts is increasing. Sports nutrition products help enhance athletic performance and speed up recovery time after physical exertion. The availability of a wide range of products catering to specific nutrition requirements further aids market expansion.
Weakness: However, lack of awareness regarding appropriate consumption of these supplements can negatively impact health. Some low-quality products may also contain banned or unsafe ingredients. Excessive usage beyond the recommended levels provides no extra benefit and can even harm the body. This hampers overall demand.
Opportunity: Rising health consciousness and increasing participation in recreational sports open up opportunities for industry players. Expanding e-commerce channels help reach newer customers in rural regions. Novel product launches involving customized formulations as per fitness goals will boost sales prospects over the next few years.
Threats: Strict regulations pertaining to ingredients, manufacturing practices and labeling can restrict business growth. Adverse publicity over some formulations may hurt brand reputation. Economic slowdowns impact discretionary spending on these supplements. Intense competition from local and private label manufacturers poses pricing pressures.
Key Takeaways
The Global Sports Nutrition Market Size is expected to witness high growth over the forecast period of 2023-2030. Factors contributing to market expansion include the growing popularity of recreational sports combined with rising health awareness. Sports nutrition products help improve athletic efficiency while accelerating recovery, further augmenting demand. 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.
Regional analysis reveals that North America currently holds the largest market share attributed to heightened awareness and higher adoption of protein-rich diets. However, Asia Pacific is emerging as the fastest-growing regional market given the rising middle-class population, improving living standards, and increasing participation in sporting activities.
Key players operating in the sports nutrition market are Novartis, Pfizer, Roche, Sanofi, Merck &Co., AstraZeneca, GlaxoSmithKline, Johnson & Johnson, Gilead Sciences, and others. These companies are focusing on new product launches with customized blends backed by rigorous clinical research. They also pursue strategic collaborations to strengthen global distribution networks.
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