The global sports nutrition market size is poised to grow by USD 8.74 billion during 2020-2024, progressing at a CAGR of almost 8% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global Sports Nutrition Market 2020-2024 (Graphic: Business Wire)
The sports nutrition market is driven by the expansion of distribution channels. The increase in demand for sports nutrition products has expanded their distribution channels. These products are one of the largest and fastest-growing categories in both retail and online channels. Products are distributed through numerous retail channels, such as large retail and mass merchandisers, supermarkets, hypermarkets, small retail stores, drug and specialty stores, fitness institutions, and various online retailers. Marketing strategies of various retail stores, which are stressing toward pushing quality ingredients and certifications including ELISA testing, gluten-free, or third-party banned substance testing certificates, are fueling the sales of sports supplements in the global market. The online distribution channels of the global sports nutrition market are expected to grow at a rapid pace, and the market will grow swiftly during the forecast period.
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The major sports nutrition market growth came from the non-protein sports nutrition segment in 2019, and is expected to register the highest growth during the forecast period.
North America was the largest sports nutrition market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to factors such as the growing demand for sports nutrition products, inclination toward healthy eating and RTD, the growing number of health clubs, and the rising demand for meal-replacement powders.
The global sports nutrition market is fragmented. Abbott Laboratories, Clif Bar & Co., Glanbia Plc, Klean Athlete, Momentous, MusclePharm Corp., NOW Health Group Inc., PepsiCo Inc., Pro Action srl, and Weider Global Nutrition. are some of the major market participants. To help clients improve their market position, this sports nutrition market forecast report provides a detailed analysis of the market leaders.
As the business impact of COVID-19 spreads, the global sports nutrition market 2020-2024 is expected to have positive growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
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Increasing use of innovative ingredients will be a Key Market Trend
The increasing use of innovative ingredients is identified as