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Sports Supplement Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global sports supplement products market was valued at USD 8.5 billion in 2021 and is anticipated to expand at a CAGR of 8.6% from 2022 to 2030. The rise in the number of health-conscious consumers, the increasing focus on fitness, and the increasing adoption of vegan lifestyle are some of the major factors driving the growth of the market. Additionally, the growing popularity of fitness and strength training as a result of the emergence of health, wellness, and fitness clubs is expected to drive the market in the coming years.
The growing demand for protein-based supplements is expected to be a major driver of the market. Protein supplements are gaining popularity among the health-conscious population, as it helps in building muscle and maintaining a healthy lifestyle. Consuming protein has numerous health benefits, including reducing inflammation and improving immunity. Additionally, consumers are increasingly seeking plant-based protein products due to their added health benefits and being free from animal-based proteins.
The rising popularity of sports nutrition products among professional athletes has also resulted in increased market growth. Professional athletes and bodybuilders have been using sports nutrition products to enhance their performance. Furthermore, the increasing number of sports leagues and tournaments is expected to drive the demand for sports nutrition products.
The increasing demand for vegan products has resulted in the emergence of new products in the market. Companies are launching vegan supplements to meet the growing demand for vegan products. For instance, in December 2021, GNC Holdings launched a new line of vegan products, including protein powders, pre-workout formulas, and post-workout supplements. Additionally, the increasing number of product launches by key players is expected to drive the growth of the market.
Furthermore, the rising number of e-commerce platforms and the growing trend of online shopping are expected to drive the market in the coming years. Increasing customer preferences for convenience and discounts are the primary reasons for the growth of e-commerce. Additionally, the increasing number of promotional activities such as discounts, offers, and loyalty programs are expected to further drive the growth of the market.
Product Insights
The protein supplements segment led the market and accounted for a share of around 39.5% in 2022. Increasing demand for sports supplements among athletes and bodybuilders, along with rising awareness regarding the health benefits of protein-rich diets, have been driving the segment. According to a report published by the American College of Sports Medicine, in 2017, more than half of the sports nutrition market is represented by protein supplements. Furthermore, macro-level factors such as rising disposable income among consumers and mushrooming growth of distribution channels are bolstering the demand for protein supplements worldwide.
The amino acid supplements segment is anticipated to expand at the fastest CAGR of 8.2% over the forecast period. Increasing demand for sports supplements to improve physical performance, along with rising awareness regarding the health benefits of amino acids, are some of the key factors driving the segment. According to a survey conducted by the National Institute of Health, in 2018, more than 70% of athletes and bodybuilders consume sports supplements. In addition, the increasing number of health-conscious individuals, coupled with rising trends for health and fitness, is another factor driving the growth of the market.
Distribution Channel Insights
The supermarkets and hypermarkets segment captured the major share of over 37.3% in 2022. The growth of the segment is mainly driven by the rising consumer inclination towards supermarkets & hypermarkets as a primary source to purchase sports supplements products. These establishments also provide a reasonable selection of products and assist customers in making rapid purchasing decisions for the required supplement.
The online segment is anticipated to expand at the highest CAGR of 11.3% over the forecast period. E-commerce development in the sports supplement industry has been rapid, with companies launching online websites and shopping apps to increase their brand visibility among consumers. For instance, in December 2022, GNC launched GNC.com dedicated to sports supplements. The website will offer brands across categories like protein supplements, pre-workout supplements, post-workout supplements, and energy supplements. In addition, it will also offer the best brands and products for athletes and fitness enthusiasts along with expert advice and opinions on choosing the best supplements.
Type Insights
The sports nutrition segment accounted for the largest revenue share of 69.1% in the year 2022. This is mainly attributed to the increase in the demand for sports nutrition products as they offer a wide range of health benefits such as improved muscle recovery and increased energy levels. Growing awareness about the importance of physical fitness and the rising trend of gymming and bodybuilding among people in the age group of 20-35 years are driving the demand for sports nutrition products. Additionally, the growing popularity of e-commerce platforms among the consumers is providing a wide range of products at affordable prices, thus driving the segment growth.
The sports food segment is anticipated to expand at the highest CAGR of 8.8% over the forecast period. This is mainly attributed to the increasing demand for convenient and ready-to-eat food products for athletes. Sports food products provide essential macro and micronutrients to the body and help in muscle recovery after a workout. Additionally, the rising trend of plant-based diets among athletes is driving the segment growth. Furthermore, the increasing number of sports events and tournaments across the globe is also driving the sports food market.
Regional Insights
Europe is expected to witness the fastest growth in the coming years, owing to the rising demand for sports nutrition products in countries such as the U.K., Germany, and France. The increasing number of health-conscious consumers in the region is anticipated to drive the growth of the market. Moreover, the presence of key players, such as Glanbia, Nestlé, and PepsiCo, is further expected to increase product visibility and consumer preference. For instance, in April 2021, Glanbia launched its “Fuel Your Ambition” campaign, which was initiated to inspire and empower athletes to reach their goals.
Asia Pacific is anticipated to be the second-largest market, owing to the increasing disposable income and rising health consciousness among consumers in countries like China, India, and Japan. Moreover, the abundance of sports nutrition products in the region is expected to propel the growth of the market. For instance, in December 2021, Nestlé launched its “Performance Nutrition” range in India.
Financial Projections
In this part of the sports supplement products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your sports supplement products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a sports supplement products business comes from online sales, retail and wholesale distribution, and direct customer sales. Here you will find a list with a description of each of them and other possible sources of profit such as fundraising, the sale of merchandise, and any other related services.
Projecting Expenses
In this section, all the regular expenses related to keeping the sports supplement products business running will be described. The list of operating expenses includes product development, advertising, inventory purchases, web hosting, salaries and wages, insurance policies, taxes, utility bills and others.
Key companies & market share insights
Some of the key companies operating in the sports supplement products market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, GNC launched its new range of plant-based sports supplements, including protein powders, pre-workout drinks, and energy bars.
– In September 2022, Optimum Nutrition launched its new range of sports supplements including whey protein, amino acids, and creatine.
– In October 2022, MuscleTech launched its new range of sports nutrition products including protein powders, pre-workout supplements, and energy bars.
Some of the prominent players in the sports supplement products market include:
– GNC
– Optimum Nutrition
– MuscleTech
– Universal Nutrition
– BSN
– MusclePharm
– Cellucor
– Nutrabolt
– MuscleMeds
– Nutrex Research
Global Sports Supplement Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global sports supplement products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Protein Powders
– Amino Acids
– Pre-Workout Supplements
– Vitamins & Minerals
– Fat Burners
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Health & Specialty Stores
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Mass
– Premium
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is the Potential of Product Innovation?
[A]: Product innovation is a key factor that has been driving the global sports supplement products market. Companies are investing in research and development to create products that are aimed at optimizing performance and health. Examples of product innovation include protein supplements, energy drinks, and nutrition bars.
Additionally, manufacturers are also introducing new flavors to attract consumers. Companies are also focusing on providing personalized products that are tailored to a user’s individual needs.
[Q]: Who are the Key Players in the Sports Supplement Products Market?
[A]: The key players in the global sports supplement products market include GNC Holdings Inc., Glanbia plc, The Coca-Cola Company, and Nestle S.A.
[Q]: Which Region Offers the Largest Opportunity for Sales of Sports Supplement Products?
[A]: North America is expected to be the largest regional market for sports supplement products, owing to the growing demand for sports nutrition products among athletes and bodybuilders in the region.
[Q]: What are the factors driving the sports supplement products market?
[A]: The increasing adoption of sports as an activity to stay fit and healthy, as well as the increasing awareness about the benefits of sports supplement products are the key factors driving the market. Additionally, the growing popularity of fitness, health, and lifestyle trends is also expected to drive the market.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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