Apr 08, 2020 (Profound via COMTEX) -- The report provides rational insights along with historical and forecast data to aid in better understanding of the Global Sports Nutrition Market. The report provides a comprehensive analysis of key factors that are expected to drive the growth of the Sports Nutrition market. This study also provides a detailed overview of the opportunities along with the current trends observed in the target market.
The global sports nutrition market size was valued at USD 15.6 billion in 2019 and is projected to register a CAGR of 8.9% over the forecast period. Increase in demand for various types of protein bars, dietary supplements, and energy drinks among athletes and bodybuilders is one of the major factors driving the market growth. Rising disposable income, rapid urbanization, and increase in the number of gyms and health and fitness centers endorsing sports and fitness nutrition products also positively influence the market growth.
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According to International Health Racquet and Sportsclub Association, it was estimated that in 2016, U.S. is home to nearly 38,477 health clubs. In addition, the health club membership in U.S. increased from 50.2 million in 2012 to 60.9 million in 2017, signifying a rise in awareness regarding physical fitness among the U.S. population, thus driving the demand for fitness and sports nutrition products.
Growing importance of leading an active life is positively impacting the adoption of sports nutrition products. The participation rate of consumers in fitness sports or fitness activities is growing at a rapid pace. According to a study conducted by lsquo;Physical Activity Council’ in 2018, nearly 64% of the U.S. population aged 6 and above is engaged in activities such as high intensity training, running, and jogging. Consumers are also becoming increasingly aware about the importance of consuming sufficient nutrients, thereby driving the demand for sports nutrition products. Moreover, shifting demographic base in the market from core athletes who regularly consume sports nutrition products to lifestyle users and recreational users focusing on adopting a healthier lifestyle, is expected to create market growth opportunities globally.
Moreover, easy accessibility of nutritional supplements plays a vital role in market growth. Emergence of e-commerce led to an increase in sales of these products, particularly in emerging economies, including India, China, and Brazil. According to data published by Ministry of Food Processing Industries, Government of India, in 2017, online retail has grown significantly in India, at a CAGR of 50%-55% from 2009 to 2013. In addition, several players in the market are launching their business over e-platforms to increase their market share. For instance, in 2016, Zota Healthcare launched Nutravedic, an ecommerce portal.
Increase in awareness of the importance of nutrition among young athletes also drives market growth. Athletes focus on fulfilling their nutritional needs along with proper physical activity for enhancing fitness. Athletes, coaches, trainers, and fitness enthusiasts emphasize on meeting nutritional needs, as nutrition influences training and recovery and hence enhances performance. In February 2013, the Gatorade Sports Science Institute, along with other researchers, discussed the effects of nutrition on athletic training and performance, which, in turn, helped raise awareness of sports nutrition among consumers.
Moreover, players in the health supplements market are continuously innovating and launching new products in the market to meet specific requirements and taste preferences of consumers across different age groups. In addition, companies leverage the growing trend of consuming plant-based or vegan products, and have launched several products in this category. For instance, in 2019, InnovoPro Ltd., an Israeli startup, launched vegan chickpea protein powder. In November 2017, Apregrave;s launched a plant-based protein beverage to support whole-body replenishment.
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The report covers major players operating in the market along with the key strategies implemented to achieve a competitive edge against a majority of the vendors which provides a competitive outlook of the industry. The competitive landscape further includes details about different players and their position on a global and a local level is also explained in detail in this compiled study. These insights were prepared through mapping business strategies and products that offer high revenue generation capacities. Key players of the global Sports Nutrition market are included as given below:
Glanbia Plc.; Hormel Foods Corporation; Stokely-Van Comp, Inc.; and MusclePharm are some of the key players in the market, owing to their diverse product offerings, partnerships, agreements, and ongoing new product launches in the U.S. market. Some of these market players have recently launched new products in order to expand their portfolio of sports nutrition products. For instance, in 2017, CytoSport, Inc., a subsidiary of Hormel Food Corporation, launched Muscle Milk protein bars as an extension to its existing sports nutrition segment.
Key manufacturers focus on launching new products and product innovations, which further drives market growth. For instance, in October 2018, SternLife announced the launch of a new range of sports bars, energy bars, and paleo bars. Moreover, companies are increasingly focusing on product innovations in terms of new flavors for sports nutrition products.
The global Sports Nutrition market has been segmented as below:
Product Outlook (Revenue, USDMillion, 2016 - 2027)
Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)
Global Sports Nutrition Market by Region
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Estimates Sports Nutrition development trends with SWOT analysis