When the workout craze swept in, the sports supplement market boomed as well. As a player in this market, how do you stay competitive in this market full of opportunities? As a supplement manufacturer, we have researched the latest market research reports to put together this matter update on the sports supplements market for 2024 for you. We have also taken a deep look into the segmented categorization of the market to give you a picture of which products are winning the hearts and minds of the consumers. If you are a sports supplement brand owner who looking to stand out in the sports supplements market in 2024, this is a guide you cannot afford to miss!
Grand View Research is a market research and consulting firm based in India and USA. Their databases are used by leading academic institutions and Fortune 500 companies worldwide to understand the global and regional business environment. According to the Grand View Research report, the global sports nutrition market size was USD 45.24 billion in 2023. And, it is expected to grow at a CAGR of 7.5% from 2024 to 2030. Besides, in 2023 the powder market segment has held the largest market share.
The demand for bodybuilding supplements is growing exponentially as young consumers are increasingly inclined to make workouts a central aspect of their lives. And the key drivers that are creating this growth are:
● Consumers' increased awareness of appropriate nutritional intake
● Increasing demand for dietary supplements and energy drinks among bodybuilders
● Increase in disposable income of people
● Increasing number of fitness centers and gyms
In conclusion, there is a growing demand for sports supplements among consumers these days, which creates promising opportunities for the supplements market.
Sports supplements are made up of a variety of dietary supplements, including pre-workout supplements, post-workout supplements, and protein supplements, among others. In the next, We will focus on the development situation of the market for these first three types of supplements.
For better workout activities, people prepare themselves for workouts in various ways, which is driving the demand for pre-workout supplements. Mordor Intelligence, an Indian market research company, provides accurate data and actionable insights for 20 industries. Their research on the market for pre-workout supplements found that the pre-workout supplements market size is expected to grow from USD 19.14 billion in 2023 to USD 24.17 billion by 20281. And, powder pre-workout supplements are more popular than other forms. This is because they are easy to take and provide a more concentrated dose of active ingredients.
And they also found that the most popular ingredients are Beta-alanine, caffeine, and creatine2. This is because they work well to give consumers the energy they need during a workout. These supplements have also been categorized by the International Society of Sports Nutrition as being demonstrably safe with strong evidence to support their efficacy. And are highly sought after by athletes and bodybuilders. However, we also found that consumers have different needs for supplements. This is because different people have different fitness goals, such as building muscle, losing fat, and increasing endurance. And each goal may require different ingredients, so consumers want to be able to choose pre-workout supplements based on their fitness goals. As a supplement brand owner, isn't this your opportunity? You can offer customizable supplement products that meet the diverse needs of consumers while standing out nicely from the pack.
With the increasing interest in fitness and a healthy lifestyle, supplements that enhance muscle strength and promote recovery are becoming more popular. According to a survey by the U.S. market research company Market.US on the sports nutrition market, the post-workout supplements segment has dominated the global sports nutrition market in 20223. And, popular products in the market include whey protein, casein protein, BCAA, and creatine. With the rise in the number of fitness centers worldwide, consumers have easier access to post-exercise products such as energy bars, ready-to-drink beverages, powders, and capsules, providing strong support for the growth of the post-workout supplements segment. At the same time, high-profile endorsements from athletes, celebrities, and fitness influencers lend credibility to sports nutrition products and can substantially influence consumer buying habits.
According to a report from the U.S. data research company Precedence Research, the global protein supplements market reached $21.67 billion in 2022. And expected compound annual growth rate (CAGR) of 8.7% from 2023 to 20324. The rapid changes in lifestyle and the increasing popularity of whey protein as a nutritional supplement for athletes are key drivers for the growth of the protein supplement market. And, the growing popularity of protein supplements among millennials is also a key factor driving demand.
1. In terms of source:
The animal protein supplements market holds the largest share by 2022 owing to the rising popularity of animal protein among sportsmen and recreational exercisers5. And, animal protein contains high protein concentration and rich amino acid profile, it is preferred by supplement brand owners for the next few years.
Meanwhile, plant protein supplements also will be the most rapidly growing market segment. According to a May 2021 United Soybean Board research survey, 40% of young adults actively seek to incorporate plant-based protein into their diets, while only 25% of consumers seek animal protein intake. Of these, soy is the most popular plant protein ingredient among consumers. You can pay special attention to soy protein supplements, which could be a promising development in the market.
2. In terms of form:
We can see intuitively that the protein powder segment has been holding the largest share as far as income is concerned6.
|Ready to Drink
Powder protein supplements are favored by sportsmen and exercisers due to their ease of consumption, more stable ingredients, and longer shelf life. Also, plant-based protein powders are gaining popularity as more and more consumers are opting for vegan or vegetarian diets.
If you're interested in starting or growing your sports supplement brand, I offer the following 4 tips based on these latest industry trends:
● Focus on Post-Workout Recovery Supplements
According to studies, post-workout recovery supplements are essential for getting the full benefits of your workout7. And this type of supplement has been one of the popular supplements in the last three years8. So, you should think about adding highly effective post-workout recovery supplements to your product line, like whey protein powders, branched-chain amino acid powders, and so on. During supplement sales and promotion, you can stress the product's recovery properties, such as promoting muscle repair, reducing fatigue, and boosting energy levels.
● Focus on transparency in supplement product labeling
As people now have more disposable income, they are more health conscious. Consumers are also becoming more conscious about clean labeling and the environmental friendliness of their products. In this time, your supplement product should make sure that its ingredients are clearly visible. If you use eco-friendly packaging materials, it will be easier to attract consumers. This is because it not only matches the preferences of modern consumers, but it also helps you build a good reputation for your brand.
● Expansion of Pre-Workout Supplements Product Line
Given the ongoing demand for pre-workout supplements, you can expand your product line to cater to this market. Consider launching supplements that can be tailored to individual health conditions, workout goals, and taste preferences to provide more precise support through personalized formulas. When promoting your products, emphasize the benefits of cognitive enhancement, control, and strength gains to attract more consumers who are focused on pre-workout preparation.
● Introducing Ready-to-Drink (RTD) Supplements
While powdered sports supplements are the most common and popular form on the market, ready-to-drink beverages have also been a great option in recent years. Now that people's lifestyles are becoming increasingly hectic, they are also looking for greater convenience with these products. Ready-to-drink supplements are pre-prepared; they don't need to be mixed like powders and aren't as difficult to swallow as capsules. You can introduce a ready-to-drink form of the original powdered sports supplement. This type of product is perfect for today's fast-paced and modern lifestyle and will appeal to a wider range of consumers. For example, Total War pre-workout ready-to-drink was a big success once it was launched.