Introduction
Sports nutrition supplements and sports drinks have become increasingly popular among athletes and fitness enthusiasts in recent years. These products are designed to enhance athletic performance, aid in recovery, and provide essential nutrients for the body. The global market for sports nutrition supplements and sports drinks has been experiencing significant growth, driven by the increasing demand for healthier and more active lifestyles. This article will provide an in-depth analysis of the market growth and trends, as well as the key players and factors driving the industry.
Market Growth and Trends
The global sports nutrition supplements market was valued at $11.64 billion in 2019 and is projected to reach $18.3 billion by 2027, growing at a CAGR of 6.5% during the forecast period. Similarly, the sports drinks market is expected to reach $32.4 billion by 2027, growing at a CAGR of 7.2% . The growth of these markets can be attributed to the increasing awareness about the benefits of sports nutrition supplements and sports drinks, rising health consciousness, and the growing number of fitness enthusiasts and athletes.
The rise in disposable income and the trend of active and healthy lifestyles have also contributed to the growth of the market. In addition, the increasing number of sports events and the sponsorship of athletes by sports nutrition companies have further boosted the demand for these products. The COVID-19 pandemic has also had a positive impact on the market, as people have become more health-conscious and are looking for ways to boost their immunity and maintain their overall well-being.
Industry Analysis
The sports nutrition supplements market can be segmented into protein powders, amino acids, creatine, and others, while the sports drinks market can be segmented into isotonic, hypertonic, and hypotonic drinks. The protein powder segment holds the largest market share in the sports nutrition supplements market, owing to its high demand among athletes and bodybuilders for muscle building and recovery. In the sports drinks market, isotonic drinks dominate the market due to their ability to quickly replenish fluids and electrolytes lost during physical activity.
Geographically, North America holds the largest market share in both the sports nutrition supplements and sports drinks markets, followed by Europe and Asia Pacific. The increasing number of health clubs and gyms, along with the high demand for sports nutrition products in these regions, are the key factors driving the market growth.
Key Players and Strategies
The sports nutrition supplements and sports drinks market is highly competitive, with the presence of both established and emerging players. Some of the key players in the market include Glanbia plc, Abbott Laboratories, The Coca-Cola Company, PepsiCo, and Red Bull GmbH. These companies are focusing on product innovation, strategic partnerships, and mergers and acquisitions to expand their product portfolio and gain a competitive edge in the market.
For instance, in 2020, Glanbia plc acquired Body&Fit, a leading online retailer of sports nutrition products, to strengthen its e-commerce capabilities and expand its presence in the European market.