Report : Asia-Pacific Sports Nutrition Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Sports Supplements, Sports Food, Sports Drinks, and Others), Formulation (Powder, Tablets, Capsules, and Others), and Distribution Channel (Convenience Stores, Supermarkets and Hypermarkets, Specialty Stores, and Others)
At 8.8% CAGR, the APAC Sports Nutrition Market is speculated to be worth US$ 15,825.07 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the APAC sports nutrition market was valued at US$ 9,560.23 million in 2022 and is expected to reach US$ 15,825.07 million by 2028, registering an annual growth rate of 3.3% from 2022 to 2028. Surge in availability of plant-based nutrition products and rise in product visibility are the critical factors attributed to the market expansion.
The recent trend of consuming plant-based and vegan supplements is likely to benefit the sports nutrition market in the coming years. Manufacturers in this market are ramping up their R&D efforts to come up with plant-based nutrition products. Several plant-based products have been introduced in recent years. For instance, in May 2020, Danone made its Vega One plant-based protein products commercially available, with the Vega One Sport designed for sports enthusiasts. This product contains a mix of proteins derived from different sources, including pumpkin seeds, alfalfa, sunflower, and peas. Similarly, in March 2020, Myprotein, sports nutrition brand, launched a precise plant-based protein shake. The Clear Vegan Isolate, which comes in powdered form, is available in two flavors: Coconut & Mango and Pear & Ginger. Thus, with the growing trend of consuming sports nutrition products to address mineral and vitamin deficiencies, the launch of plant-based nutrition products to meet the requirements of vegan populations in different countries is expected to boost the sports nutrition market growth in the coming years.
On the contrary, availability of adulterated sports nutrition products hurdles the growth of APAC sports nutrition market.
- Based on type, the APAC sports nutrition market is segmented into sports supplements, sports food, sports drinks, and others. The sports supplements segment held 41.9% market share in 2022, amassing US$ 4,001.51 million. It is projected to garner US$ 6,705.99 million by 2028 to expand at 9.0% CAGR during 2022–2028. The sports supplements segment is further segmented into protein supplements, vitamins, minerals, and others. Similarly, sports food segment is categorized into protein bars, energy bars, and energy gels. Further, sports drinks segment is categorized into hypotonic, isotonic, and hypertonic.
- Based on formulation, the APAC sports nutrition market is segmented into powder, tablets, capsules, and others. The powder segment held 44.6% market share in 2022, amassing US$ 4,259.74 million. It is projected to garner US$ 7,265.90 million by 2028 to expand at 9.3% CAGR during 2022–2028.
- Based on distribution channel, the APAC sports nutrition market is segmented into convenience stores, supermarkets and hypermarkets, specialty stores, and others. The convenience stores segment held 37.4% market share in 2022, amassing US$ 3,574.91 million. It is projected to garner US$ 6,119.32 million by 2028 to expand at 9.4% CAGR during 2022–2028.
- Based on country, the APAC sports nutrition market has been categorized into China, India, Japan, South Korea, Australia, and rest of APAC. Our regional analysis states that Japan captured 27.9% market share in 2022. It was assessed at US$ 2,670.17 million in 2022 and is likely to hit US$ 4,381.96 million by 2028, exhibiting a CAGR of 8.6% during the forecast period.
Key players dominating the APAC sports nutrition market are Abbott; Clif Bar & Company.; Glanbia Plc; GNC Holdings Inc.; Lovate Health Sciences International Inc.; MusclePharm Corporation; PepsiCo Inc.; The Coca-Cola Company; and Yakult Honsha Co., Ltd. among others.
- In Oct 2021, GNC x GLAXON: GNC Announces Strategic Partnership with GLAXON.
- In Jan 2018, PepsiCo India Holdings Pvt Ltd aims at growing its Nutrition product portfolio revenues 2.5 times that of its core product portfolio revenues by the year-end, fueled by demand from millennials for healthy and nutritious food options.
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