PORTLAND, Oregon, February 9, 2016 /PRNewswire/ --
According to a new report published by Allied Market Research titled, "World Sports Nutrition Market - Opportunities and Forecasts, 2014 - 2020," the global sports nutrition market would garner revenue of $33.6 billion by 2020, registering a CAGR of 7% during 2015 - 2020. In the current market scenario, North America occupies the largest share of approximately 47%, owing to high obesity ratio and health awareness among people. However, APAC would witness a faster adoption of sports nutrition products owing to increase in income levels and increasing indulgence in sports and fitness activities during the forecast period. Sports food, which accounted for nearly 1/4th of the market in 2014, is expected to witness fastest growth of 11.1% during the forecast period.
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Sports drinks, supplements and food are the key sports nutrition products marketed by companies worldwide. Sports drinks account for the largest share of the overall sales value and would continue to be the leading contributor over the forecast period (2015-2020). Gatorade (a brand of PepsiCo) and Powerade (a brand of Coca-Cola) are the two leading sports drink products. Sports supplement category is witnessing significant growth in demand and would continue to gain popularity due to increase in number of health clubs and fitness centers worldwide. These centers and clubs act as the key distribution centers for sports supplements. However, sports food segment (includes energy and nutritional bars) is expected to witness the fastest CAGR of 11.1% during the forecast period, due to the increasing awareness & adoption and the introduction of innovative and effective products by the leading manufacturers.
Athletes, bodybuilders, recreational users and lifestyle users are the end customers of sports nutrition products. Athletes account for nearly 37% of the global sales of sports nutrition products, trailed by recreational users accounting to nearly 27% of the global sales. In the recent years, market has witnessed emergence of a new user group - the lifestyle users. Lifestyle users utilize sports nutrition products to boost their stamina and enhance physical and mental performance. They mostly use sports nutrition products as a beverage, meal replacement or healthy snack rather than using them for fulfilling sports or exercise related nutrition needs. The segment of Lifestyle users followed by recreational users, would be the two fastest growing segments over the forecast period. The rising number of health clubs and fitness centers and growing health awareness worldwide, are the key factors supplementing the growth of these segments.
Sport nutrition products are distributed through large retail & mass merchandise, small retail, drug & specialty stores, gyms & health clubs and online sales channel. Among these prominent distribution channels, large retail & mass merchandise account for approximately 32% of the overall market share in the current scenario. Mass merchandisers offer sports nutrition products at lower prices, which leads to higher sales. Small retail, which includes convenience stores, grocery stores, dollar stores and other small retail formats, is the second most preferred distribution channel for sports nutrition products. Convenience store is a major distribution channel in small retail format. Retail stores are the primary sales channel for sports drinks, whereas, sports supplements are predominantly sold through fitness centers & health clubs and pharmaceutical stores. Due to development in E-commerce, online sales of sports nutrition products is on a rise.
North America, accounting to nearly 47% of share in 2014, would continue to dominate the market throughout 2015 - 2020. However, developing regions would exhibit phenomenal growth during the forecast period. Asia-Pacific is projected to account for a market share of nearly 24% by 2020. In the Asian countries, urbanization has brought transformation in lifestyle, economy and spending habits. The higher disposable incomes, rising standards of living and greater indulgence in outdoor sports and fitness activities are likely to drive the demand for sports nutrition products in APAC.
KEY FINDINGS OF THE STUDY
- North America is the highest revenue generating market for sports nutrition products due to widespread adoption
- Asia-Pacific is the fastest growing market and the demands in this region are supplemented by rapid urbanization and increasing per-capita income
- Sports nutrition products would find greater adoption among working mothers, on-the-go business people, and outdoor enthusiasts
- The sports nutrition market is witnessing a shift from major markets such as U.S. and Europe towards developing markets
Prominent companies profiled in the report include The Coca-Cola Company, Abbott Nutrition Inc, PepsiCo Inc, Glanbia plc, Reckitt Benckiser Group plc, Yakult Honsha Co., Ltd, Post Holdings, Inc, GNC Holdings, Clif Bar & Company and Otsuka Pharmaceuticals Co., Ltd. In order to expand their customer base, manufacturers follow various growth strategies such as advertising and product launches. PepsiCO has undertaken reformulation of existing food products to reduce their fat, salt, and sugar contents and is also working towards further development of new products to expand its market presence.
Similar reports published by Allied Market Research -
World Sports Apparel Market - https://www.alliedmarketresearch.com/sports-apparel-market
World Sports and Fitness Clothing Market - https://www.alliedmarketresearch.com/sports-fitness-clothing-market
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SOURCE Allied Market Research