New York, USA, Sept. 13, 2022 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global sports nutrition and supplements market is envisioned to generate a revenue of $35,350.0 million by 2026, growing at a CAGR of 12.9% over the analysis period from 2019 to 2026. The comprehensive report provides a brief overview of the current scenario of the market, including other aspects such as dynamics of the market, growth and restraining factors, challenges, and opportunities during the forecast period. The report also offers the market figures, which makes it easier and more beneficial for the new participants to understand the real-time scenario of the market.
Factors Impacting the CAGR Figures Pre and Post the COVID-19 Pandemic
According to the report, the market is predicted to grow at a CAGR of 12.9%during the forecast period, while it was anticipated to grow at a CAGR of 8.6% in the pre-pandemic scenario from 2019-2026. The rapid growth in the consumption of nutritional products among athletes due to the increasing awareness about the importance of supplements to maintain fitness is expected to foster the growth of the market during the forecast period. In addition, the rising love for fitness of the body among the urban population along with the increasing number of fitness centers is expected to propel the growth of the sports nutrition and supplements market over the estimated timeframe.
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Factors Impacting the Market Size Pre and Post the COVID-19 Pandemic
According to the report, the real-time market size has substantially increased compared to the pre-pandemic apprehensions. The real-time market size reached a revenue of $ 17,497.9 million in 2020, while its estimations were $ 16,445.4 million in the pre-pandemic scenario. The growing knowledge about health benefits through the consumption of supplements is expected to amplify the growth of the sports nutrition and supplements market during the forecast timeframe. Moreover, according to WHO, nutritional deficiencies such as that vitamins, protein, and micronutrients might decrease immunity and increase the susceptibility to infections which is the factor expected to increase the demand for nutritional products to maintain the fitness of the human body and boost the immunity system.
Post-Pandemic Insight
The increasing emphasis on R&D activities by the leading manufacturers to develop novel products based on customer personalization & customization is expected to upsurge the growth of the sports nutrition and supplements market post-pandemic period. Moreover, the rapidly increasing trend for online fitness and body maintenance programs due to the rising penetration of the internet is predicted to fuel the growth of the market over the analysis period.
Key Players of the Market
The major players of the sports nutrition and supplements market include
- Hormel Foods Corporation
- Glanbia plc
- Clif Bar & Company
- PepsiCo Inc.
- Yakult Honsha Co., Ltd
- General Nutrition Centers, Inc.
- MUSCLEPHARM
- Otsuka Holdings Co.
- Reckitt Benckiser Group plc
POST HOLDINGS, INC.
These market players are concentrating on developing strategies such as new product launches, research, and development, following trending market ideas, building product portfolios, mergers & acquisitions, collaborations, and business expansions.
For instance, in September 2021, GenTech Holdings, Inc., a United States-based company that is creating a national chain of Hemp Centric coffee shop retail spaces announced its acquisition of American Metabolix, a manufacturing company that supplies nutritional supplement ingredients to both businesses and consumers. With this acquisition, GenTech aimed to expand its product portfolio by making multiple synergies with American Metabolix to improve the profit potential of functional food products through marketing, distribution, packaging, shipping, and sourcing.
Further, the report also summarizes many important aspects including the financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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