The global sports nutrition products market features a fairly competitive landscape, finds Transparency Market Research (TMR). Prominent players operating in the market include Glanbia plc., Yakult Honsha Co., Ltd., Reckitt Benckiser Group plc., Monster Beverage Corporation, GNC Holdings, Abbott Nutrition Inc., PepsiCo, Inc., and Nestle S.A. Leading companies in the market are diversifying their product portfolio by developing innovative products and distinctive brands. These players are increasingly focusing on various emerging markets to consolidate their presence and gain a competitive edge over others, observes TMR.
In the coming years, the competition in the sports nutrition products market is likely to intensify further. This is attributed to the entry of a large number of players focused on carving a niche space and actively developing products that can meet numerous consumer trends in the area of sport nutrition. The rising demand for products featuring a variety of nutritional benefits is offering lucrative avenues for several market players.
The sports nutrition products market is projected to rise at a CAGR of 8.0% from 2014 to 2020. Expanding at this pace, the market is expected to reach a valuation of US$52.5 bn by the end of the forecast period. In terms of volume, the global market is projected to reach 14.7 bn kg by the end of 2020.
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Regionally, the market for sports nutrition products is led by North America. This regional market is predicted to maintain its lead throughout the forecast period, and is expected to be primarily driven by the vastly rising demand for sports nutrition products among youth populations. Based on product type, the segment of sports food is projected to rise at an impressive CAGR of 9.60% during 2014 and 2020, fueled by the growing demand for health fitness and sports nutrition products among body building enthusiasts and athletes.
Several Nutritional and Functional Benefits to Boost Uptake among Sportspersons
The rising participation of youth in sports and the growing awareness about health and fitness among general populations are the key factors propelling the demand for sport nutrition products. The rising concern of fitness and health among bodybuilders, especially in developed regions, and the spiraling demand for better workout supplements among general populations are the crucial factors expected to boost the sports nutrition products market. The advent of fitness supplements containing formulations that combine flavors and nutritional benefits is anticipated to catalyze the market. In addition, the growing efficacy of sport nutrition products to enhance strength, endurance, and performance among athletes and bodybuilders world over has bolstered the uptake.
The increasing disposable incomes of people in several developing nations and the accelerated pace of urbanization in emerging economies are the key trends expected to catalyze the market over the forecast period. The rising health awareness among athletes and bodybuilders is a crucial trend expected to boost the sports nutrition products market. The inclusion of sports nutrition products in the training regime of athletes is also expected to bolster the uptake.
Easy Availability of Counterfeit Products May be Glaring Constraint
However, the growing availability of counterfeit products and the growing consumer skepticism about the purported health benefits are the key factors likely to impede the growth of the market to an extent. Nevertheless, the cost-effectiveness of sports nutritional foods and drinks and the marked efficacy in boosting the performance in short times has bolstered the uptake among athletes. In addition, the growing inclination of top players on advertising and promotional activities is expected to boost the market over the forecast period.