Although value growth in sports nutrition is set to be positive in 2020, growth will be much lower than the high levels recorded in 2019, with consumer spending on sports nutrition impacted by the outbreak of COVID-19. With consumers avoiding gyms, this stifled sales, as consumers adapted their workouts and no longer needed sports nutrition products.
Sports nutrition products are increasingly beginning to compete with weight management and wellbeing products, as the lines between the two areas become more blurred. This is increasingly the case with nutrition supplement drinks, as many players in this area are expanding their offerings to target those with active lifestyles, or those who need a nutrition intake after a heavy work out.
Orion Corp is set to lead sports nutrition in 2020, with Herbalife continuing to lose share. Start-up companies such as Ignis and e-commerce players such as Progainer and Kun6man are attracting consumers with 2-day shipping and reasonable prices, with Ignis seeing a particularly strong performance throughout 2020.
COVID-19 is set to lead to stifled growth for 2020, as consumers avoid the gym and adapt their workout routines , with less on-the-go products sold as a result of social distancing and home seclusion. However, in 2021, value growth is still set to remain positive at 10%; however, it is not set to match the high levels of growth seen prior to the outbreak of the virus.
Protein/energy bars is set to record the highest growth across the forecast period. Although the increasing number of people involved in sports is expected to contribute to growth, products will be developed to cater to a wider array of needs and preferences, especially since the outbreak of COVID-19 heightened general consumers interest in protein.
E-commerce has a solid share in the sports nutrition landscape, however, despite the outbreak of COVID-19 in 2020, share in the channel is not set to increase, with direct selling seeing an increase in growth instead. Therefore, although growth in e-commerce is predicted to continue growing across the forecast period, as competition rises, players are seeking new and different ways of selling their sports nutrition products.
Understand the latest market trends and future growth opportunities for the Sports Nutrition industry in South Korea with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
If you're in the Sports Nutrition industry in South Korea, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
This report originates from Passport, our Sports Nutrition research and analysis database.