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Sports Nutrition Market-Global Industry Analysis, Size, Share, Growth, Trends and Forecast,-2024
The various sports nutrition products that were previously intended only for athletes and those who are into body building are hugely enticing the non-athlete consumer group, specifically the younger generation. The market is further gaining greater foothold owing to the rising health-awareness among population, novel product development, increasing urbanization, and increasing number of gyms, sales outlets, fitness centers, and health clubs. The traditional users can either be regular users or core-performance, while new users could either be lifestyle or occasional users.
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Market Classification and Overview:
Developed regions, namely the U.S. and some European countries, continue to be the major market for sports nutrition products. The emerging countries are expected to experience exponential growth over the future years. Low awareness of sports nutrition products in Eastern countries as compared to the Westernized world tends to be the major reason for low market share of eastern countries in the sports nutrition market. Moreover, the low disposable income and restricted use of these products only by bodybuilders and athletes constricts the use of sport nutrition products in these countries.
Presently, the developing markets across the globe represent huge expansion potential for sports nutrition products, which is further aided by the rising disposable income, high urbanization rate, and higher percentage of younger generation. The organizations are using varied mediums like events and seminars in order to spread awareness about their products. On February 2015, the Australian Sports Nutrition (ASN) initiated a 10-week 'Body Transformation Challenge' at Toowoomba, Queensland to enable residents to achieve their health related goals. The aim of this program was to spread awareness about fitness in the community.
There has been an increase in the number of health clubs and fitness centers in recent years across the world. Factors such as increasing health awareness and transitioning demographic factors with high proportion of young population have fuelled the number of these health and fitness centers. The increasing number of such establishments is expected to give immense growth opportunities to the manufacturers of sports nutrition products. Some of the producers are highly focused on reinventing sports nutrition category by embedding wellness, health, and overall fitness in the products, and are aiming to gain new consumer segment.
The sports nutrition market has witnessed a number of restraints while winning consumer trust, owing to negative perception over disputed ingredients such as stimulants, anabolic steroids, and prohormones. Some of these products contain the synthetic stimulant dimethylamylamine (DMAA) and caffeine that has been banned by World Anti-Doping Agency. The misuse of powder increases the risk of sleep deprivation, heart ailment, and other dangerous health conditions. However, an initiative to attain trust through transparency in both production and labeling is expected to overthrow this growth impediment. Some of the major companies operating in global sports nutrition market include PepsiCo. Inc., Glanbia Plc, GNC Holdings, Abbott laboratories, GlaxoSmithKline, The Coca Cola Company, Clif Bar & Company, Creative Edge Nutrition Inc., Universal Nutrition, and Monster Beverage Company.
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Market by Geography
o Rest of Europe
o Rest of Asia-Pacific
o Rest of Latin America
Middle East and Africa (MEA)
o South Africa
o Saudi Arabia
o Rest of MEA
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