Sports Supplements Market on Course to Reach US$ US$ 24,698 Mn by 2033 - Persistence Market Research

According to Persistence Market Research, the global sports supplements market is projected to experience substantial growth, with revenue increasing from US$ 13,321 Mn in 2024 to US$ 24,698 Mn by 2033. The market is set to register a CAGR of 7.1% during the forecast period (2024-2033), driven by rising fitness consciousness and increasing demand for high-protein dietary supplements.

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Market Insights

• The global sports supplements market size in 2023 was recorded at US$ 11,583 Mn, witnessing a growth rate of 5.4% from 2018 to 2023.
• The demand for electrolyte replenishment products has significantly contributed to market expansion.
• The value share of the top four countries in 2023 was 40.1%.

Key Market Drivers

• Rising Demand for Nutrition Among Athletes and Fitness Enthusiasts: Sports supplements, including protein, vitamins, amino acids, and carbohydrates, are essential for athletes and fitness-conscious individuals.
• Growing Geriatric Population Suffering from Digestive Insufficiencies: Senior citizens face difficulty in absorbing essential nutrients, leading to an increased demand for dietary supplements.
• Shift Towards Vegan and Plant-Based Supplements: Veganism and flexitarian diets are gaining traction, particularly in North America, Europe, and emerging Asian markets.
• Consumer Awareness Regarding Preventive Health: Increasing health consciousness and demand for high-protein diets are driving the adoption of sports supplements.
• Expanding Online Retail Presence: E-commerce platforms have become a preferred choice for consumers due to convenience, competitive pricing, and product authenticity.

Business Opportunities in the Market

• Expansion in Emerging Markets: Rapid urbanization and rising disposable incomes in South Asia, East Asia, and the Pacific region present growth opportunities.
• Innovative Product Offerings: Companies are investing in R&D to introduce new flavors, natural ingredients, and enhanced formulations.
• Strategic Collaborations and Sponsorships: Leading brands are collaborating with sports professionals and athletes to promote their products.
• Adoption of Sustainable and Organic Products: The growing demand for organic supplements is creating a new revenue stream in the market.

Regional Market Analysis

• United Kingdom: The UK sports supplements market was valued at US$ 351.0 Mn in 2023, projected to grow at a CAGR of 6.7% due to the rising adoption of protein supplements among professional athletes.
• China and India: China's sports supplements market is expected to reach US$ 1,738 Mn by 2033, while India is anticipated to grow to US$ 2,251 Mn, driven by the increasing participation in sports activities and a strong inclination towards health-conscious lifestyles.
• East Asia & South Asia and Pacific: These regions hold immense growth potential, with rising demand for protein-based supplements fueling market expansion.
Competitive Landscape Major players in the global sports supplements market are focusing on expanding production capabilities, investing in technological advancements, and strengthening their distribution networks to cater to the increasing demand.

Key Industry Developments:

• October 2022: Optimum Nutrition, a Glanbia Nutritionals brand, launched Gold Standard 100%, a premium plant-based protein supplement.
• 2021: MuscleBlaze introduced new protein supplements such as Fuel One Way and MB pre-workout 200, catering to diverse fitness needs.
• October 2022: Iovate Health Sciences International Inc. launched two pre-workout products, EUPHORiQT and BURN iQ, formulated with Enfinity for better energy enhancement.
• 2022: MuscleBlaze developed MB ProCheck, a home protein test kit for whey protein verification.
• January 2022: Noumi Nutritionals introduced Amino Max, a multifunctional sports supplement designed for hydration and endurance.
• Enervit SpA: Actively promoting its products through sponsorships of sports events and targeted marketing campaigns.

Key Players in the Market:

• BPI Sports
• Bright Lifecare Pvt. Ltd.
• Enervit SpA
• Glanbia PLC
• GNC Holdings, Inc.
• Herbalife Nutrition
• Iovate Health Sciences International Inc.
• Mondelēz International, Inc.
• Muscle Pharm
• Noumi Nutritionals Pty Ltd
• Now Foods
• Post Holdings Inc.
• Scitec Nutrition
• Twinlab Consolidated Holdings Inc.
• Amway

Market Segmentation

1. By Nature:
o Organic
o Conventional (Dominating with an 81.6% market share, projected to grow at a CAGR of 7.0%)
2. By Type:
o Protein-based (Expected to reach US$ 804 Mn in 2024, growing at a CAGR of 9.3%)
o Branched Chain Amino Acid
o Alanine & Carnitine
o Carnitine
o Vitamins & Minerals
o Omega 3, 6, and 9
o Energy & Electrolyte
3. By Sales Channel:
o Hypermarkets/Supermarkets
o Convenience Stores
o Specialty Stores
o Health Clubs/Gyms
o Pharmaceutical & Drug Stores
o Online Retail/E-commerce (Fastest-growing distribution channel)
4. By Region:
o North America
o Latin America
o Europe
o South Asia & Pacific
o East Asia
o Middle East & Africa

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This release was published on openPR.