PUBLISHER: Grand View Research | PRODUCT CODE: 1404669
PUBLISHER: Grand View Research | PRODUCT CODE: 1404669
The global sports nutrition market size is expected to reach USD 75 billion by 2030, registering a CAGR of 7.5% from 2024 to 2030, according to a new report by Grand View Research, Inc. Due to the increasing health & fitness awareness, rising number of fitness & health apps, and growing interest in sports, it is expected to propel the market growth of sports nutrition over the forecast period. According to July 2021 statistics, by the International Health Racquet and Sportsclub Association (IHRSA), there were 32,270 health clubs in the U.S. Before the COVID-19 pandemic in 2019, nearly 64 million individuals in the U.S. were members of one or more of the 41,370 health clubs. Moreover, in 2019, a total of 73.6 million Americans were engaged in health club activities. Similarly, according to an article published by Australian Grants in 2021, the fitness industry holds a significant position in the nation, which includes fitness centers, gyms, sports facilities, and health clubs as its primary components. The Aus tralian Government has invested around USD 1.3 billion in funding for sports and fitness initiatives, which includes contributions and grants from state governments and territories. Thus, these factors are anticipated to drive the growth of the market over the forecast period.
The increasing demand for vegan products among consumers has further propelled the growth of sports nutrition. For instance, according to the news article, published in September 2022, vegan products are increasingly being consumed by gym users before, during, and after the exercise sessions. Moreover, in August 2023, Herbalife launched Herbalife V, a line of plant-based supplements in response to the growing demand for plant-based products, including dietary supplements. These products have received certifications such as USDA Organic, non-GMO verification, kosher certification, and plant-based and vegan certification by FoodChain ID. Similarly, in October 2023, Gelita, a German-based company, launched Easyseal, a pharmaceutical-grade gelatin designed for dependable softgel seams, along with a new collagen peptide called Peptendure. Thus, the launch of plant-based supplements due to rising demand is also anticipated to contribute to the growth of the market.
The global increase in obesity rates has led to a significant rise in the occurrence of chronic diseases across the world. This can be attributed to the increasing adoption of inactive lifestyles and the higher consumption of unhealthy diets, which are the primary driving factors contributing to the rise in obesity rates. According to an American Medical Society report, published in July 2023, approximately 42% of Americans are obese in the nation. Thus, the upsurge in obesity rates has raised concerns and increased awareness among people regarding healthy lifestyles and nutritious diets, thereby propelling the market for sports supplements. However, the sports nutrition industry is subjected to various regulatory analyses, mainly in terms of labeling, health claims, and product safety. Changes in regulations or compliance issues pose a threat to companies in the market. Thus, expected to inhibit the growth of the market over the forecast period.