The global sports nutrition market was valued at $24,700.4 million in 2014, and it is expected to grow at a CAGR of 8.3% during the period 2015 – 2020. The factors driving the growth of global sports nutrition market include growing number fitness centers and health clubs, increasing health consciousness among people and increasing urbanization. Based on type, the sports drinks segment accounted for largest share in the total market in 2014; however, the sports food segment is expected to witness the fastest growth of CAGR 9.7% during the period 2015 – 2020.
Geographically, the North American sports nutrition market has been the largest market in 2014. The U.S. continued to be the leading market for sports nutrition products globally. The sports nutrition products market is dominated by the U.S. and European countries; whereas, the emerging nations are expected to be major growth drivers of the market. Low awareness in the eastern countries compared to western markets, is the main reason for lesser market share of eastern countries in the global sports nutrition market. However, in terms of future growth, the Asia-Pacific is poised to expand at a faster pace (CAGR 12.1%), which is led by growing income level and gradual acceptance of health products in daily living. The increase in sports events organized in these countries is increasing the importance of exercise and sports, which is expected to support the growing demand for sports nutritional products.
The increasing health concerns, such as obesity and awareness of physical appearances, among all consumers groups is driving the demand of the global sports nutrition products. The emergence of new consumer base, such as recreational and lifestyle users, are being increasingly targeted by the sports nutrition manufacturers. The manufacturers are developing innovative products to cater wider consumer requirements, depending on their tastes and preferences. The increasing accessibility of products through conventional mass-market retail channels, including supermarkets convenience stores and hypermarkets, to emerging new online channels, are supporting easy availability of sports nutrition products.
However, negative perceptions about inclusion of questionable ingredients such as steroids and other banned substances, and availability of various health substitutes are some of the challenges faced by the industry. Additionally, fast changing consumer preferences, especially among new users, and expansion of distribution channels is leading to increased competition in the industry. New products development in order to keep pace with consumer requirements confronts the industry. The new group, such as recreational and lifestyle consumers, prefer good taste and flavors, apart from health benefits of the products. Certain consumer groups are more inclined towards natural ingredient in sports nutrition food. To meet the requirements of expanded consumer base, manufacturers require investment in new product development.
The key companies operating in the global sports nutrition market include PepsiCo Inc., Glanbia Plc., GNC Holdings, The Coca-Cola Company, MaxiNutrition (GSK), Universal Nutrition, Clif Bar & Company.
News Courtesy: P&S Market Research