Sports Nutrition Products Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014–2020
Albany, NY -- (SBWIRE) -- 06/19/2015 -- According to a new market report published by Transparency Market Research "Sports Nutrition Products Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020," the market was valued at USD 29.74 billion in 2013, which is expected to reach USD 52.55 billion by 2020, growing at a CAGR of 8.5% from 2014 to 2020. In terms of volume, the global sports nutrition products market was valued at 8.58 kg billion in 2013 and is expected 14.67 kg billion by 2020, growing at a CAGR of 8.0% from 2014 to 2020.
Sports nutrition is a specialized market within the overall nutrition industry. A number of products fall under the sports nutrition market; these include: protein bars and shakes, energy bars and drunks, and dietary supplements. A number of nutritious and energy-boosting ingredients go into the manufacture of sports nutrition products. Typically, such products comprise ingredients such as caffine, linoleic acid, creatine, and taurine.
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Sports Drinks Hold Largest Market Share but Sports Food Looks Promising
Within the global sports nutrition market, sports drinks occupied the largest market share in 2014. However, there is another segment that presents several growth opportunities- sports food. The segment of sports food is currently growing at a very healthy pace and there is much scope for innovation and new product development within this segment. Globally, the sports food segment will benefit from heightened health awareness levels and a change in lifestyle.
To put this trend into numbers, the sports drinks product segment was estimated at 8.21 billion liters as of 2013. And, the sports food segment will emerge as the fastest growing segment with a 9.6% CAGR from 2014 to 2020.
Sports Nutrition Market Rides High on the Obesity-Alleviation Wave
The occurrence of obesity worldwide has doubled since 1980, according to the World Health Organization (WHO). This has spurred many countries into action so as to control the obesity epidemic before it spirals into an unaffordable cost to their healthcare systems. In view of this drastic change that's brewing in virtually every major nation, the pressure is on consumers to lead an active, balanced and healthy lifestyle. The most convenient way to do this is via engaging in sports and other types of physical activity. As the number of people indulging in sports goes up, the global sports nutrition market needs to cater to the specific nutritional demand of consumers of different age groups.
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Thus, besides professional athletes and sports persons, a rising number of recreational users are also pushing up the demand in the sports nutrition market. Thus, the drivers of the global sports nutrition market can be pinned down to the following: Increased health awareness, a rapid pace of urbanization, ability of consumers to purchase sports nutrition products thanks to growing disposable income, and intelligent market campaigns by sports nutrition companies.
Sports Nutrition Market Needs to Deal With Counterfeit Products that Dent Consumer Confidence
While there is little doubt that over the next few years, the global sports nutrition market will witness a healthy growth in demand, there are still a few challenges that will curtail this rise to some extent. The presence of counterfeit products in the sports nutrition market is one such concern. Moreover, in several parts of the world, the sports nutrition products market remains unregulated and this poses a serious health risk to consumers. The time is right for companies to strengthen their commitment to weeding out such counterfeit products and strengthen consumer confidence.
Sports nutrition products are increasingly purchased by consumers online; hence, it is vital that companies in this market spruce up their supply chain and logistical networks so that they do not miss out on key consumer pools. The best way, as many companies have already found, is to penetrate developing countries where health awareness is steadily growing and consumers are in a position to spend more on sports nutrition products. Vast untapped potential exists in countries such as Brazil, Argentina, India, Japan and China.
As of 2014, North America was a leader in the global sports nutrition market and this region will hold on to its top position through 2020 at least. The next largest market for sports nutrition is Europe, a region that could well be outpaced by aggressive growth in the Asia Pacific region.
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