Primarily driven by growing health consciousness among consumers worldwide, the sports nutrition industry is thriving at a rapid pace. A sizeable population is inclining more toward nutritional products, such as sports drinks, foods, and supplements.
In terms of revenues, the global sports nutrition market reached a value of US$ 20.7 Bn in 2012, and is expected to attain a value of US$ 37.7 Bn by the end of 2019. Attributed to burgeoning popularity of nutritional products in developed as well as developing regions, the global sports nutrition market will expand at a strong CAGR of 9.0% over the forecast period, 2013-2019.
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Some of the major players in the sports nutrition market:
- Clif Bar & Company.
The company profiles include attributes such as company overview, financial performance, and recent developments.
Key Market Dynamics
Rising awareness about fitness, health clubs, and healthy diet is estimated to continue a major role in driving the demand for sports nutrition market. People are increasingly shifting to a healthy lifestyle that includes physical fitness maintenance as well as nutritious diet regimen. Athletes and bodybuilders have been the key consumers of the global sports nutrition market over the years.
In addition, an increasing number of youngsters choosing career in sports is also raising substantial demand for sports nutrition products. Since the past decade, there has been an immense upsurge in national and international sports events, which is anticipated to remain a key factor favoring the market growth. Lifestyle and recreational users have recently emerged as lucrative user groups for the sports nutrition market. These groups are predicted to capture significant market shares during the forecast period.
While the maximum revenues of the global sports nutrition market are concentrated in developed regions, markets in developing countries are also expected to gain a strong boost through to 2019, owing to growing population and improving lifestyle. People are increasingly purchasing sports nutrition products as healthy snacks or quick meal replacement as a part of their diet, accounting for growing sales of sports nutrition.
Availability of a large number of nutrition products in the market often result in evolving consumer preferences among different brands and products. This will remain a major challenge to steady growth of the market. Extreme expansion of distribution channels is another factor hampering the market. Negative publicity of some products based on the ban on certain ingredients, is also anticipated to pose a long-term challenge to the growth of the sports nutrition market.
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The global sports nutrition market is segmented on the basis of three key product types, including sports food, sports drinks, and sports supplements. In 2012, sports drinks recorded the largest market share, reaching to a value worth US$ 12.43 Bn. The Y-o-Y growth of the sports drinks segment was around 7.3% in 2012, compared to that in 2011.
The dominance of this segment is expected to continue over the forecast period, owing to burgeoning number of sportspersons, such as athletes, weightlifters, and bodybuilders. While the U.S. continues to create the largest market for sports drinks, other markets, including Germany, Italy, and the U.K. will also develop significantly growing markets in this segment.
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Based on the geographical region, the global sports nutrition market is segmented into four key regions, including North America, Europe, Asia Pacific, and rest of the world. North America, especially the U.S. is expected to continue accounting for the largest market share. Europe also represents a major market for sports nutrition products, led by the U.K. Developing nations in Asia Pacific are anticipated to exhibit remarkable growth over the forecast period. The key attribute for this growth is growing health consciousness, and preference for fitness and nutritious diet.
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Key Market Players
Some of the leading players operating in the global sports nutrition market include PepsiCo, Coca-Cola, Maxinutrition, Glanbia, and Clif Bar & Company.