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Sports Nutrition Market Size Expected to Reach $81 Billion by 2030 as Workout Nutritional Supplements Demand Rises

PALM BEACH, Fla., Feb. 07, 2024 (GLOBE NEWSWIRE) -- FN Media Group News Commentary - The Sports Nutrition Market has seen significant growth across multiple markets. Expanding client base that includes athletes, bodybuilders, and non-athletes who strive to live healthy lifestyles are the key market drivers enhancing the market growth. Over the projected period, the market growth for sports nutrition might be accelerated by increasing lifestyle consumers who use the products to meet daily nutritional needs rather than engaging in other fitness activities or exercise. In fact, a recent report from Market Research Future projected that the Sports Nutrition Market Size, which was prized at USD 45.8 billion in 2022, is projected to grow from USD 49.7 Billion in 2023 to USD 81.5 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 8.60% during the forecast period (2023 -2030). It said that over the projected period (2030), the market growth for sports nutrition might be accelerated by increasing lifestyle consumers who use the products to meet daily nutritional needs rather than engaging in other fitness activities or exercise. It said: “The sports nutrition market segmentation has been bifurcated by end-user into commercial, bodybuilders, recreational users and athletes. The athlete's category held the majority of the market share with respect to the sports nutrition market revenue. The pre- and post-workout nutritional supplements are more in demand among athletes due to studies on their advantages.” Active companies in the markets this week include: Promino Nutritional Sciences Inc. (OTCQB: MUSLF) (CSE: MUSL), BellRing Brands, Inc. (NYSE: BRBR), Coca-Cola Consolidated, Inc. (NASDAQ: COKE), Celsius Holdings, Inc. (NASDAQ: CELH), Monster Beverage Corporation (NASDAQ: MNST).

Market Research Future added: “North American sports nutrition market accounts for the second-largest market share due to growing individual and group engagement in sports activities and an increase in competitive sporting events and leagues. One example is the existence of significant sports leagues in the region, such as the National Football League (NFL), Major League Baseball (MLB), and the National Hockey League (NHL). Another key aspect influencing the adoption of these items in this area is the rise in government initiatives supporting sports-related activities. Additionally, the U.S. sports nutrition market held the largest market share, and the Canadian sports nutrition market was the fastest-growing market in the region. Major market players are spending a lot of money on R&D to increase their product lines, which will help the sports nutrition market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, mergers and acquisitions, contractual agreements, increased investments, and collaboration with other organizations. Competitors in the sports nutrition industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.”

Promino Nutritional Sciences Inc. (OTCQB: MUSLF) (CSE: MUSL) Closes $2.2 Million Capital Raise and Announces Brand Ambassador Agreement with Stanley Cup(TM) Champion Jack Eichel of NHL Vegas Golden Knights - Promino Nutritional Sciences Inc. (the "Company" or "Promino") (FRANKFURT:93X0) is pleased to announce it has closed its previously announced private placement for total gross proceeds of $2,208,075 (the "Offering"). Promino is also proud to announce that NHL superstar Jack Eichel will partner with Promino as a brand ambassador for the Promino™ sports beverage, which the Company expects to launch in 2024.

"I'm all-in with Promino because I think it can become a game-changing product that helps enhance performance and recovery. Promino™ and Rejuvenate Muscle™ are ideal for athletes and they've been a difference-maker for me. In 2021, at age 24, I became the first active NHL player to undergo artificial disk replacement. At that time, my personal training team and doctors introduced me to a number of sports nutrition products that helped speed this recovery. With this experience, I can confidently say Promino's products are the most effective and best-tasting products I've ever used. I am happy to join Promino on its path to success as we help athletes re-think protein," said Eichel.

Vito Sanzone, Promino's Chief Executive Officer, says, "With Jack Eichel, a truly elite performance athlete on the team and committed to our growth, Promino is poised to significantly raise the bar in muscle health." CONTINUED Read this full press release and more news for Promino Nutritional Sciences at:

Other recent developments in the markets of note include: 

BellRing Brands, Inc. (NYSE:BRBR), a holding company operating in the global convenient nutrition category, recently reported results for the first fiscal quarter ended December 31, 2023. Highlights were: First quarter net sales of $430.4 million; Operating profit of $73.0 million, net earnings of $43.9 million and Adjusted EBITDA of $100.5 million; Generated $74.2 million in cash from operations; and Raised fiscal year 2024 net sales outlook to $1.87-$1.95 billion and Adjusted EBITDA* outlook to $375-$400 million.

“Our first quarter performance was strong, coming in ahead of our expectations as we continued to ramp up our shake supply and began to drive demand. Premier Protein drove the outperformance as some customers chose to improve trade inventories as they headed into the ‘New Year, New You’ season that started in our second quarter. Premier Protein shake consumption growth remained robust this quarter, lifted by strong velocities and modest incremental promotional activity.  Dymatize and Premier Protein powder businesses experienced strong consumption growth behind organic momentum and distribution gains,” said Darcy H. Davenport, President and Chief Executive Officer of BellRing. “Our second new greenfield co-manufacturing facility came online and overall shake capacity expansion is on track. Our strong start to 2024 gives us greater confidence in the full year and drives our decision to raise our outlook.”

Coca-Cola Consolidated, Inc. (NASDAQ: COKE) recently announced that its Board of Directors has declared a regular quarterly cash dividend of $0.50 per share and a special cash dividend of $16.00 per share. Both the regular quarterly cash dividend and the special cash dividend are payable on February 9, 2024 to stockholders of record of the Company’s Common Stock and Class B Common Stock as of the close of business on January 26, 2024.

“The Board’s decision to declare this special cash dividend recognizes our strong 2023 operating results as well as the success we’ve achieved in strengthening our balance sheet through debt repayment,” said J. Frank Harrison, III, Chairman and Chief Executive Officer. “This special dividend is a clear indication of our commitment to enhancing long-term stockholder value and returning cash to stockholders. As we finalize our 2024 operating plan and move into next year, we will continue to evaluate capital allocation options that align with our desire to maintain an overall strong capital position.”

Celsius Holdings, Inc. (NASDAQ: CELH), maker of energy drink brand CELSIUS®, recently announced its expansion into new international markets, growing the company's global sales and distribution footprint to provide energy to more consumers in Canada, United Kingdom and Ireland. PepsiCo is serving as the exclusive distributor for CELSIUS in Canada, expanding the area served under the distribution agreement begun in the United States in 2022. Selling in Canada began this month.

CELSIUS has selected Suntory Beverage & Food Great Britain and Ireland as its exclusive sales and distribution partner in the United Kingdom of Great Britain and Northern Ireland, the Channel Islands, the Isle of Man and the Republic of Ireland. Sales of CELSIUS products in these regions will begin this year.

Monster Beverage Corporation (NASDAQ: MNST) recently announced that effective immediately, CANarchy Craft Brewery Collective (“CANarchy”) will operate under the name Monster Brewing Company. CANarchy’s new alcohol products, The Beast Unleashed™ and Nasty Beast™ Hard Tea, now represent the majority of the Company’s alcohol beverage sales. This change will better align the business with Monster Beverage Corporation’s brand equity, particularly as these products are expected to continue to play an increasingly important role in CANarchy’s future activities.

“We entered the alcohol beverage sector with the acquisition of CANarchy in February 2022, providing us with a fully staffed organizational infrastructure, full distribution in place and manufacturing capabilities,” said Hilton Schlosberg, Vice Chairman and Co-Chief Executive Officer of Monster Beverage Corporation. “During the past two years, we integrated CANarchy’s infrastructure to develop, introduce and market new products that are becoming leading brands in the flavored malt beverage space.”

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