According to Transparency Market Research (TMR), the presence of a large number of sports food vendors across the world makes the global sports food market is demonstrating a highly fragmented and competitive business landscape. Abbott Laboratories, Dr Pepper Snapple, Red Bull, GlaxoSmithKline, and Nestlé are some of the key players operating in this market. At present, these companies are depending heavily on innovation for the expansion of their businesses. New products with additional nutrients and novel flavors are being introduced by them on a regular basis in a bid to gain an edge over their competitors. These players are projected to shift their focus towards emerging economies due to the presence of untapped market opportunities over the coming years, reports the market study.
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As per the research report, the global market for sports food stood at US$63.7 bn by 2017. Rising at a CAGR of 6.90% over the period of 2017 to 2022, the opportunity in this market is likely to increase to US$88.76 bn by the end of the forecast period. Energy sports food products is the leading product segment in this market with a share of more than 20%. The segment is expected to remain on the top due to a significantly high consumption across the world, states the research report.
“The increasing urbanization has a significant effect on the demand for sports food among consumers across the world,” says a TMR analyst. People are now being aware of the need to maintain their health and fitness, which is prompting them to take up sports as a hobby and give preference to healthy diet. The augmenting number of gymnasiums, health clubs, and fitness centers, is also reflecting positively on the global market in the near future.
The market is also benefiting substantially from innovation and efficient product development by sports food vendors. The mass marketing strategies has made sports food easily available, which is leading to a high awareness level of consumers pertaining to the benefits of sports food. Several other macro-economic factors, such as the augmenting employment and the rising disposable income levels are also projected to influence the global market for sports food indirectly in the near future, states the report.
The study also presents a geographical analysis of the global market for sports food. North America, among all the geographical segments, has occupied the leading position. Progressing at a healthy CAGR of 7.70%, the regional market is projected to continue on the top over the next few years. Asia Pacific, with its ample untapped opportunities, is also expected to witness steady rise in its market for sports food in the near future, notes the research study.