As the category goes beyond sports into ‘active’ lifestyle, whitespace is opening for innovative firms
Resonating with the ‘new normal,’ the sports and active nutrition market has seen steady growth throughout the pandemic, with consumers seeking solutions to fuel their bodies and minds for physical and mental performance. In 2021, the global sports nutrition market was valued at US$40 billion with expected growth to expand at an 8.5% (CAGR) from 2022 to 20301. North America dominated the market, accounting for over 45% of global revenue2, while Europe accounted for a significant share with an expected growth rate of 7.7% (CAGR)3. Additionally, according to Mordor Intelligence, the Asia Pacific market is experiencing growth at a rate of 9.8% (CAGR) from 2016-2026, largely due to the increasing demand for sports drinks.4 Regarding product type, post-workout products accounted for over 35% of revenue in 2021, facilitated by the continuing growth of alternative and plant-based protein solutions.5 Moreover, rising awareness of the benefits of supplementary ingredients, such as glutamine and branched-chain amino acids (BCAAs), also spurred growth. Rick Miller, associate director of specialised nutrition at Mintel, agrees, noting consumer demand for protein has grown, even while other categories, such as sports drinks, have diminished in sales. Partly due to purchasing trends towards naturalness, still water and other beverages have marginalised traditional sports drinks, not least because of wider industry trends towards reducing sugar, which, as Miller says, is “hard to compete with when your main ingredient is sugar.” Additionally, in terms of product formulation, the powder segment holds the largest share of revenue, accounting for over 40% in 2021.
1 Grand View Research, Sports Nutrition Market Size Report, 2022 - https://www.grandviewresearch.com/industry-analysis/sports-nutrition-market 2 Ibid 3 Ibid 4 Mordor Intelligence, Asia-Pacific Sports Nutrition Report 2022-2027 - https://www.mordorintelligence.com/industry-reports/asia-pacific-sports-nutrition-market 5 Grand View Research, Sports Nutrition Market Size Report, 2022 - https://www.grandviewresearch.com/industry-analysis/sports-nutrition-market