The size of the Latin America sports nutrition market is expected to be worth USD 1.60 billion in 2024 and grow at a CAGR of 9.37% from 2024 to 2032 to achieve USD 3.27 billion by 2032. The developing countries of Latin America show great growth potential for these products due to their rapid urbanization.
The Latin America Sports Nutrition market has witnessed strong growth in recent years. Sports nutrition includes products like vitamins, minerals, supplements and organic substances made up of carbohydrates, proteins and others. The main consumers of sports nutrition products were athletes and bodybuilders, but today non-traditional consumer groups are turning to sports nutrition, especially in the young demographic. Sports nutrition comprises sports drinks, sports foods and supplements that are developed and consumed by athletes and bodybuilders to enhance overall health, performance, and muscle growth. Energy bars and drinks, protein bars, and dietary supplements made of creatine, caffeine, linoleic acid, and taurine are some prominent variants of sports nutrition. They are consumed mainly by athletes to replenish their body water level. Lifestyle and recreation users increasingly favor products. The Latin America Sports Nutrition market is accelerating due to the growing health awareness of the population, the development of new products, the rapid increase in urbanization and the growth of numerous points of sale. Lifestyle changes and increased disposable income are majorly touted to fuel this market growth in the coming years.
Due to the increasing number of sedentary jobs and demographic movements from key athletes to recreational athletes and lifestyle users, the importance of an active lifestyle is a key factor expected to lead the market. In addition, the number of gyms will increase, consumer awareness of adopting a healthy lifestyle will increase, and athletes' demand for these products is expected to spur Latin America Sports Nutrition market growth. The main consumers in this Latin America Sports Nutrition market are athletes and bodybuilders. Also, the intake of these products has risen among recreational and lifestyle users because of augmented health awareness and higher disposable income. Therefore, the growth rate of the Latin America sports nutrition market is driven not only by athletes but also by casual athletes and dieters who participate in general health and wellness exercises. Athletes and bodybuilders are among the main consumers of sports nutrition products. However, as the number of recreational and lifestyle users increases, the market is favorable. In addition, the growth of the Latin America sports nutrition industry has been strengthened with an increased awareness of the benefits and active lifestyle of protein-based sports nutrition products. Besides, the incorporation of natural and vegetable ingredients and the introduction of vegan alternatives in the range of products have increased acceptance among the public.
Social media has also had a huge impact on the industry. The number of factors influencing social media and the impact of celebrities on their daily lives, especially the Millennium Generation, is expected to fuel market growth. There is an increasing trend of health clubs in the area that are offering protein bars, nutrition supplements, energy drinks and other sports nutrition-related products. Some health clubs hire nutritionists to help consumers choose these products. In addition, gyms and health clubs are important trends that contribute to the growth of the Latin American sports nutrition market. Most health clubs sell protein supplements, nutrition bars, energy drinks, and similar sports nutrition products. Some health clubs hire nutritionists to help consumers choose these products. Furthermore, Latin America sports supplements have seen increasing popularity and demand as the number of health centers and fitness clubs worldwide increases. These products function as the main distribution channels for these products. As the number of health and fitness centers increased, these centers had a positive impact on market growth, as they participated in guaranteeing sports nutrition and fitness products among each consumer.
The sale of counterfeits at lower costs is a critical factor in limiting the expansion of this market. These products also fail to food safety standards. High levels of smuggling and counterfeiting of goods affect the sales of renowned companies and disrupt the market position. As a result, the prevalence of counterfeits and strict safety standards in the food industry, are touted to impede the expansion of this market.
The Latin America sports nutrition market is expected to experience significant growth in 2020, and the trend is expected to continue throughout the forecast period. Latin America sports nutrition market will continue to grow even after recovering from the COVID-19 epidemic. In times of crisis, most manufacturers focus on R&D activities to develop new products based on customer customization and personalization, suggesting a significant growth prospect in the Latin America market.
Latin America is expected to grow significantly in the next six years as the number of Latin American consumers increase. Brazil has most of the income. In addition to increasing supplement spending, the growth of the middle-class population is a key factor in the growth of the market. Brazil's middle-class population has increased significantly. With increasing health concerns, there is a growing demand for nutritional supplements made from natural ingredients like stevia and other sugar substitutes, and low-calorie foods and sports drinks. Protein/Energy Bar has the fastest growth in the Sports Nutrition category. In addition, the Latin American sports nutrition market is dominated by the extensive launch of sports nutrition products. The Latin American population tends towards health and fitness. His main interest is to identify the ingredients present in the product. This is expected to drive demand for clean label sports nutrition products. Mexico has become the second-largest market in terms of revenue share. The high prevalence of diabetes and cardiovascular diseases and an active tendency to live are the main drivers of the regional market.
Major Key Players in the Latin America Sports Nutrition Market are Abbott Nutrition Inc, Glanbia Plc, Yakult Honsha Co Ltd, Reckitt Benckiser Group plc, Otsuka Pharmaceuticals Co., Ltd, Post Holdings, Inc, The Coca-Cola Company, GNC Holdings, PepsiCo Inc, and Clif Bar & Company
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