Central China Securities: Sports Nutrition Market is a "Small Base, Fast-Growth" Blue Ocean, Focus on Byhealth Co.,Ltd. (300146.SZ) and Others

Stock News11-14

The sports nutrition market in China is characterized by rapid expansion, diversified consumption scenarios, accelerated product innovation, and deeper channel integration. Overall, the sector exhibits a "small base but fast growth" blue ocean potential. Among A-share listed companies, key players in this space include Kangbite (920429), Byhealth Co.,Ltd. (300146.SZ), and Xiwang Food (000639.SZ). Investors are advised to monitor fundamental developments in these companies.

Sports nutrition, a niche segment within the broader health supplements industry, caters to professional athletes, fitness enthusiasts, and general exercisers by providing targeted nutritional support. According to industry data, the global sports nutrition market is projected to grow from RMB 188.13 billion in 2025 to RMB 306.47 billion by 2032, reflecting a compound annual growth rate (CAGR) of 7.22%. China’s market is outpacing global trends, with sales expected to rise from RMB 9.71 billion in 2024 to RMB 20.93 billion by 2030, an 11.56% CAGR.

The rapid growth is fueled by China’s expanding population of fitness-conscious consumers and improved sports infrastructure. Sports nutrition products are categorized into two main series: by nutrient type (energy boosters, energy controllers, protein supplements) and by sport type (speed/power, endurance, post-exercise recovery).

Competition in the market is segmented into three models: R&D and supply chain-driven, product and marketing innovation-led, and channel and business model-focused. Globally, the sports nutrition sector remains fragmented, with the top five players holding just 25% market share, leaving room for mid-sized and emerging brands. Regional dynamics vary: North America and Europe are dominated by international brands, while Asia-Pacific—especially China—sees fierce competition between local and global players.

Unlike global trends, China’s sports nutrition market is highly concentrated, with the top three players (Xiwang Food, Kangbite, and Byhealth Co.,Ltd.) accounting for 70% of sales as of 2024. Domestic brands have surpassed international ones, whose market share dropped from 40% in 2020 to 30% in 2024.

Distribution channels are split between online (e-commerce platforms, social/content-driven commerce) and offline (specialty stores, pharmacies, supermarkets, gyms). While online channels drive recent growth, offline retail is evolving toward specialization and mass-market accessibility.

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