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Executive InsightsNovember 2024The active nutrition market is rapidlyoutpacing other segments of thenutritional supplement industry,driven by the rising consumer focuson strength training, innovativeflavors, and a boom in GLP-1 usagefor weight loss.These factors are converging to create a powerful waveof growth, making active nutrition products increasinglypopular among both fitness enthusiasts and generalconsumers seeking health benefits. With strong growthahead and an influx of new customers, the activenutrition market is at a critical inflection point, offeringa unique opportunity for investors to acquire high-potential, differentiated brands.The reasons behind this growth are clear. Here’s whyactive nutrition is an investment worth considering:Active nutrition (e.g., protein powder,pre-workout, creatine) is a large andfast-growing segment of the nutritionalsupplements market.Several enduring factors are poweringits continued growth, which is outpacingthat of other nutritional supplements.To access the active nutrition market,potential investors have numerous viableacquisition targets from which to choose.010302 2Greater consumer focus on strength training is leadingto the need for active nutrition products that span theworkout life cycle. This, combined with brands’ effortsto innovate on flavors and formulations — and a massivesurge in the use of glucagon-like peptide 1 (GLP-1)receptor agonists for weight loss — has stimulatedconsumer interest in and usage of active nutritionproducts and supplements. The result is a forecast forstrong growth in the active nutrition segment throughat least the next three years, and with it, an urgentopportunity for investors in consumer brands.As consumers continue theirquest for improved physicalhealth, one segment of thenutritional supplements markethas been picking up speed andpulled ahead of the pack:active nutrition. In the U.S., the active nutrition market — which encompasses a diversearray of products such as pre-workout blends, creatine, and proteinpowders — accounted for some 15% of the broader dietary supplementmarket, or nearly $10 billion1, according to the Nutrition Business Journal.Consumer interest in active nutrition products, proxied by interest in proteinsupplements, has shown consistent growth since 2021 (see Figure 1).1Nutraceuticalsworld.com, “Dietary Supplement Market Grows Again After Post-COVID Normalization.” https://www.nutraceuticalsworld.com/issues/2024-04/view_online-exclusives/dietary-supplement-market-grows-again-after-post-covid-normalization/FIGURE 1Google search traffic trends for protein andprotein types (January 2021—June 2024)Interest score*(out of 100)Active nutrition has pulledahead of the pack604080100200202120222023 2024 3In the U.S., theactive nutritionmarket accountedfor 15% or$10 billionofthe broader dietarysupplement market3*Last 52-week rolling average; each search term’sinterest score is indexed based on the highestweekly interest level observed over the time periodspecific to that search termSource: Google search trends; L.E.K.research and analysisProtein powderProteinProtein supplementsGluten-free proteinClean protein The four factorspowering activenutritionThe active nutrition segment is fast-growingand continues to demonstrate healthy growthpost-COVID-19, rising 8.5% in 20232, whileother nutritional supplements logged moremodest gains due to a combination of post-COVID-19 normalization and record-highinflation. Herbs and botanicals, for example,rose 3.8%; minerals were up 2.3%; andvitamins gained just 0.5%. 401Consumer interest in strength training continuesto increase, as consumers see the short- and long-term benefits of incorporating it into their workoutroutines, and strength training naturally lends itselfto the consumption of active nutrition products. LifeTime Fitness’ annual health and wellness surveys showbuilding muscle as the top fitness goal4for members,ahead of all other health and wellness goals andgrowing in popularity from 2023 to 2024 (see Figure 2).The Nutrition Business Journal is forecastingcontinued high-single-digit growth3in activenutrition through 2027. Supporting this continuedgrowth are four notable factors:2Ibid.3Newhope.com, “5 supplement trends driving a ‘really strong’ industry.” https://www.newhope.com/vitamins-and-supplements/5-supplementtrends-driv-ing-a-really-strong-industry4News.lifetime.life, “Fitness Survey: Building Muscle Tops Weight Loss as PrimaryFocus for 2023.” https://news.lifetime.life/2022-12-28-Fitness-Survey-Building-Muscle-Tops-Weight-Loss-as-Primary-Focus-for-2023FIGURE 2Top fitness goals — Life Time Fitness 2023 and 2024 annual healthand wellness surveysRespondents indicate building muscle as their topfitness goal% of totalrespondentsSource: Life Time Fitness survey; L.E.K. research and analysis32%2023202436% Executive InsightsNovember 2024FIGURE 3Active nutrition consumerproduct usage by occasion(N=426)*02Within active nutrition, products such as pre-workoutand