Global Sports Nutrition Market Size, Share, Development, Growth and Demand Forecast to 2022 - Industry Insights by Type, by Distribution Channel
Sep 13, 2016, 07:25 ET
LONDON, Sept. 13, 2016 /PRNewswire/ -- The global sports nutrition market (size of $27,821.8 million in 2015) is expected to grow at 8.4% CAGR during the forecast period. The global sports nutrition market has been witnessing exceptional shift, in the recent years. The market is steadily turning from traditional products into specific products for mainstream customers. Available as powders, tablets, bars, ready-to-drink (RTD) beverages and gels, the sports nutrition products are aimed at enhancing physical endurance, boosting muscle growth and body mass, or increase recovery after exercise. Traditionally, proteins have been the most popular ingredients in sports nutrition products, but other non-protein ingredients, such as amino acids, creatine, Beta-creatine and alanine are also gaining acceptance now-a-days. The less negative impact of herbal sports supplement products are augmenting their market growth.
Sports nutrition products that were earlier intended for athletes and body builders are increasingly attracting the non-athlete consumer group, especially the younger demographic profile. The market is gaining further grounds, which is mainly led by increase in health-consciousness among population, increasing urbanization, new product development and growth in number of sales outlets, fitness centers, gyms and health clubs. Traditional users can be core-performance or regular users, similarly new users could be occasional or lifestyle users.
The developed countries, mainly the U.S. and countries in Europe, still remain major markets for sports nutrition products, whereas the emerging nations are expected to be major growth drivers for the market. The low awareness in the eastern countries, compared to western markets is the main reason for less market share of eastern countries, in the global sports nutrition market. Also, low disposable income and use of products only by athletes and bodybuilders earlier, restricted the use of sport nutrition products in the eastern countries. Currently, the developing countries across the world represent major growth potential for sports nutrition products, which is led by increasing disposable income, rapid urbanization, and higher percentage of young population. Companies are using different mediums, such as seminars and events, to spread awareness about their products. The Australian Sports Nutrition (ASN) announced the launch a 10-week 'Body Transformation Challenge' at Toowoomba, Queensland in February 2015, to help residents achieve their health and fitness goals. ASN's program is aimed at increasing awareness about fitness, in the community.
The number of health clubs and fitness centers has witnessed a gradual increase in recent years, across the globe. The increase is attributed to growing health awareness and changing demographic factors in some countries with increased proportion of young population. The growth of such establishments is expected to provide further opportunities to the producers of sports nutrition products. Some producers are focused to reinvent the sports nutrition category by embedding health, wellness and overall fitness in the products, and are targeting new user segment.
The sports nutrition market has faced hurdles while winning consumer trust, due to negative perception over disputed ingredients, such as anabolic steroids, stimulants, and prohormones. Some products containing caffeine and the synthetic stimulant dimethylamylamine (DMAA), an ingredient of geranium oil has been banned by the World Anti-Doping Agency. The abuse of the powder causes risk of heart ailment, sleep deprivation, and other hazardous conditions. However, an industry-wide initiative to gain trust through transparency in production and labeling, and third-party verification programs is expected to overcome this growth impediment.
The key companies operating in global sports nutrition market include Glanbia Plc, PepsiCo. Inc., Abbott laboratories, GNC Holdings, The Coca Cola Company, GlaxoSmithKline, Clif Bar & Company, Universal Nutrition, Creative Edge Nutrition Inc., and Monster Beverage Company.
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