Major growth challenges for the sports nutrition market include threat of substitutes and negative publicity about the inclusion of banned/forbidden ingredients. Furthermore, changing consumer preferences and expansion of distribution channels are other growth inhibitors for the sports nutrition market.
New York, NY -- (SBWIRE) -- 11/19/2014 -- The global sports nutrition market was valued at $20.7 billion in 2012 and is expected to grow at a CAGR of 9.0% from 2013 to 2019. The market will reach an estimated value of $37.7 billion in 2019.
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Introduction to Sports Nutrition Market
Earlier, athletes and bodybuilders were the only consumers to buy sports nutrition products in the market. However, with concerns regarding healthy growth has increased among varying populations in recent years, the market has witnessed new user groups as emerging drivers. The emergence of lifestyle and recreational users – as new consumer base has increased the total share of this market.
Today, growing health awareness and shift in consumer groups are prominent growth drivers for the global sports nutrition market. Moreover, consumers are increasingly spending high amounts of income on purchasing health and all health related products in various developing countries. Due to such trends, the market is further expected to escalate the global demand for sports nutritional products in different regions of the world.
Sports nutrition manufacturers are formulating and manufacturing products focusing on taste and health aspects. Worldwide, lifestyle users consume these products as quick meal replacement, refreshment, or a healthy snack.
Market Analysis Covered by Geography
The market for sports nutrition is experiencing a shifting trend from its major markets, such as North America towards other developing markets including Asia-Pacific and European regions. The growth in these regions is intense due to the rising income, ever-growing population, and rise in living standards of consumers for sports nutritional products.
Also, due to high population factor and fast-pace economic growth seen across countries such as India and China, these regions exhibit huge opportunities for this market in the future.
The developed regions, such as the U.S. and various countries in Europe have been the leading market shareholders for years. However, surge in organizing high-profile sports events under national and international conditions, as well as increased global participation to attend such events not only boosts the growth of this market, but also provides an effective launch pad for different sports nutritional products.
The sports nutrition market is well established in major markets like the U.K., Germany, Italy, Japan, China and Australia.
Sports Nutrition Products Market
The sports nutrition market is bifurcated into three major segments:
Of all the segments, the sports drink was the largest sector in the global market. It increased to $12,435.4 million in 2012 with a CAGR of 7.3% over 2011. According to the statistics, the U.S. ranks as the world’s largest consumer base for sports drinks’ products.
In addition, the sports food segment was worth $1.2 billion in 2007, with further estimations to reach $1.5 billion in 2008. The segment will increase to $2.5 billion in 2013, with a CAGR of 10.0%, and similar growth is expected to remain throughout the forecast period.
Lastly, the sports supplements segment was worth $1.1 billion in 2007 and will reach an estimated value of $1.9 billion in 2008. By 2013, this segment will reach $2.3 billion with a CAGR of 4.0% until 2019.
Some of the other products under this category also include powders, tablets, nutrition bars and drinks designed and produced to enhance physical activity. Some other products include melatonin, probiotics, glucosamine, fish oils and shark cartilage, amino acids, docasahexanenoic acid (DHA), coenzyme Q10 (Co-Q10), and homeopathic remedies.
The sports nutrition market that was once focused on athletes, now engages consumers from all walks of life. It has emerged as a market from being a niche segment of specific sports products to a mass-market supplying market. Some of the major companies operating in this market are PepsiCo, Coca-Cola, Maxinutrition, Glanbia, and Clif Bar & Company.