Since obesity has been becoming a bigger health challenge for nations across Europe, it is promising to see that around 26% of the shoppers have been eating more healthily because they want to achieve weight loss. Overall, health and weight control have been a trend in Europe.
Subsequently, sports nutrition has become mainstream over the past decade. Sports nutrition products, such as beverages, food, and supplements, were originally developed solely for athletes and bodybuilders, to support performance and muscle building. However, sports nutrition products have been slowly and increasingly used by sports enthusiasts and the average shopper to meet the nutritional needs amidst busy lifestyles. European consumers are gaining awareness regarding the essential needs of nutrition and proactive steps towards higher well-being. This rising awareness is expected to boost the demand for dietary supplements and food and beverages under the sports nutrition category.
Increasing busy lifestyle has been leading to the growing consumption of packaged nutritional foods, such as protein bars and drinks. Moreover, rising obesity concerns accompanied by an increased preference for protein-rich products to maintain health has been a key factor in building up the product demand. The European sports nutrition market is projected to grow at a CAGR (compound annual growth rate) of 8% during the five-year period ending in 2024. Animal protein supplement accounted for a market share of 67.9% in terms of revenue in 2019.
The value of the dietary supplements market is expected to increase to 220 million euros in Norway, 207 million euros in Finland, 199 million euros in Sweden, and 99 million euros in Denmark, according to Statista. Sports Nutrition Supplements market worldwide is projected to grow by 3.2 billion euros driven by a compounded growth of 6.6%. These numbers will be supported by an even bigger demand due to the lockdowns across European countries starting from March 2020. Not being able to go out as much and go to the gym, people started working out at home and paying even more attention to their healthy eating and fitness supplements.
Online stores are well-positioned as an alternative to offline shops with more options to buy healthy products, offering an opportunity to improve penetration and spending for online retailers. BrandHouse has also started to ride this trend and recently included the first batch of fitness supplementary products on its webshops across Scandinavian countries. And demand from customers was seen straight away. This only means the portfolio in this product category will be enriched in the coming weeks and months.