Market remains on growth trajectory
The global sports nutrition market was valued at $24,700.4 million in 2014, and it is expected to grow at a CAGR of 8.3%, during the period 2015 – 2020. Based on type, the sports drinks segment holds the largest share, with 58.6% of the total market in 2014; and it is expected to reach $23,222.5million in 2020, at a CAGR of 8.3% for the period 2015-2020. Geographically, the North American sports nutrition market (largest market in 2014) increased by 7.5% CAGR, during 2011-2014 to reach $14,037.0 million in 2014. The U.S. continued to be the leading market for sports nutrition products globally with the market size of $12,161.4million, since 2014.
Geographically, the sports nutrition products market is dominated by the U.S. and European countries, whereas the emerging nations are expected to be major growth drivers of the market. Low awareness in the eastern countries, compared to western markets is the main reason for less market share of eastern countries in the global sports nutrition market. However, in terms of future growth, the Asia-Pacific region is poised to expand at a faster pace, which is led by growing income level and gradual acceptance of health products in daily living. The increase in sports events organized in these countries is increasing the importance of exercise and sports, which is expected to support the growing demand for sports nutritional products.
Negative perceptions about inclusion of questionable ingredients such as steroids and other banned substances, and availability of various health substitutes are some of the challenges, faced by the industry. Additionally, fast changing consumer preferences, especially among new users, and expansion of distribution channels is leading to increased competition in the industry. New products development in order to keep pace with consumer requirements confronts the industry. The new group such as recreational and lifestyle consumers prefer good taste and flavors, apart from health benefits of the products. Certain consumer groups are more inclined towards natural ingredient in sports nutrition food. The meeting requirement of expanded consumer base requires investment in new product development.
Source P&S Market Research