Sports Nutrition Products Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020
Albany, NY -- (SBWIRE) -- 01/25/2016 -- As the several misconceptions and lack of awareness about sports nutrition products slowly and steadily fade, the global market for these products is emerging as a highly lucrative segment of the consumer health products industry. A recent market research report published by Transparency Market Research, which pegged the valuation of the global sport nutrition products market at US$30.0 bn in 2013, states that the market will expand at a healthy 8.5% CAGR between 2014 and 2020 and rise to US$52.55 bn by 2020.
Rising awareness among the global consumer about the benefits of these products to general health and fitness and their potential in warding off a number of lifestyle diseases is attracting mainstream consumers towards these products. To capitalize on the rising popularity of these products and the lucrative growth opportunities that the global sport nutrition products market presents, a large number of companies are reformulating their products so as to appeal to less sophisticated retailers and consumers.
The rising interest among producers of venturing into this field is expected to help the global sports nutrition products market in pushing beyond its current barriers of product low options and bleak visibility in developing regions. As the market continues to capture increasingly more consumer attention, the market is establishing itself as an important part of the consumer health industry.
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Rising Demand form Recreational Users Testifies Changing Consumer Dynamics
Body builders and core athletes were previously the most common users of sports nutrition products. Manufacturers of these products have produced and marketed products suiting these consumer groups for the past many years. However now, the market is benefitting from the rising number of casual users of sports nutrition products – the increased interest having been triggered by the rising awareness about the benefits of protein-based sports nutrition products on general health and an active lifestyle.
In addition to the younger consumers in this category, which is so far the largest consumer base, middle-aged and elderly people who are engaged in sports activities or general exercise regimens are also turning towards sports nutrition products for an easy source of protein and other essential nutrients necessary for a healthy body. Sports nutrition product companies, with a view to capitalize the vast growth opportunities in this consumer segment, are launching new products with more convenient and less complex formulae. The easy availability of these new products via popular retailing channels such as grocery stores and supermarkets have significantly improved their popularity and supported the overall growth of sports nutrition products in this consumer segment in the past few years.
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Rise of Lifestyle Consumers in Developing Regions Leads to Lucrative Growth Opportunities
The improving GDPs and rising disposable incomes in developing countries are serving as strong growth propellers for the global sports nutrition products market in the developing parts of the globe. As the number of gyms and fitness centers rise in these regions, the demand for sports nutrition products based on the advice of fitness instructors and coaches is also continuously rising. The emergence of this group of recreational and lifestyle users of sports nutrition products, who are influenced by the highly popular concept of muscle building and celebrity endorsements, is an immense growth opportunity for the global sports nutrition market.