Sports Drinks Segment Expected to Lead the Global Sports Nutrition Market During 2016 - 20
The global sports nutrition market is expected to grow at a CAGR of 8.4% in terms of value during 2016 - 2022. Among the various types, the sports drinks segment accounted for largest share (61.4%) in the global sports nutrition market in 2015.
The increasing health concerns, such as obesity and awareness of physical appearances among all consumers groups is driving the demand for sports nutrition products. The emergence of new consumer base, such as recreational and lifestyle users are being increasingly targeted by the sports nutrition manufacturers. The manufacturers are developing innovative products to cater to wide consumer requirements, depending upon their tastes and preferences. The increasing accessibility of products through conventional mass-market retail channels, including supermarkets convenience stores, and hypermarkets to emerging new online channels, are supporting easy availability of sports nutrition products. However, the availability of large number of substitute products (both natural and manufactured) and negative perception over disputed ingredients, such as anabolic steroids, stimulants and prohormones, acts as some of the major obstacles faced by the sport nutrition market.
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The demand for sports nutrition product is being widened by high and growing proportion of obese and overweight population, globally. The obesity epidemic continues to spread in the top 10 countries of the Organization for Economic Co-operation and Development (OECD), with around 18% of all adults in the region being overweight, according to OECD’s 2014 report. Over one out of three adults in the U.S., Mexico, and New Zealand, and more than one out of four in Australia, Canada, Chile, and Hungary are obese. In contrast, obesity rate is only between 2% and 4% of adults in the Asian countries. According to the World Health Organization (WHO), more than half of global obese population lives in 10 countries including the U.S., Egypt, Germany, Mexico, Russia, Brazil, Pakistan, Indonesia, China, and India.
The improvement in global literacy rate is leading to change in perception of consumer towards sports nutrition, which has been driving the growth of the global market. The developing economies in Asia-Pacific and Latin America are offering growth opportunities in the global sports nutrition market. The increasing numbers of sports events are propelling the promotional activities for sports nutrition products.
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The key companies operating in global sports nutrition market include Glanbia Plc, PepsiCo. Inc., Abbott laboratories, GNC Holdings, The Coca Cola Company, GlaxoSmithKline, Clif Bar & Company, Universal Nutrition, Creative Edge Nutrition Inc., and Monster Beverage Company.
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Aug 04, 2016