Global Sports Nutrition Market to Surpass US$ 48.87 Billion by 2025
Sport nutrition improve performance of athletes by focusing on type and quantity of nutritional food intake. Sport nutrition products mainly consist of energy supplements, recovery supplements, and performance enhancing supplements. Athletes and bodybuilders are the major end users of sport nutrition products enriched in essential nutrients such as carbohydrates, proteins, vitamins, and minerals. These products are manufactured in convenient forms and compositions and are distributed through numerous channels. The sport nutrition market is expected to project a significant growth rate in the near future. Some of the key factors such as favorable growth in sport activities across regions and rise in strategic marketing activities undertaken by the leading manufacturers to build a larger consumer base is expected to fuel growth of the market. Moreover, increasing demand for functional food supplements and increasing fitness awareness among people fuelled by government healthcare campaigns are some of the factors expected to propel growth of global sport nutrition market over the forecast period.
Stringent regulations imposed on ingredients used in sport nutrition products is a key challenge for manufacturers to launch their products in a competitive market. The Food and Drug Administration (FDA) is taking significant steps to restrict the entry of products in the market, which contains banned ingredients such as anabolic steroids, prohormones, and stimulants.
Among product type, the sport drinks segment accounted for the largest market share in 2016 and is expected to retain its dominance over the forecast period. Consumption of such drinks have gained rapid acceptance among the consumers over the past few years. This is due to the reason that sports drinks are increasingly marketed as a healthier alternative to soda. The manufacturers also promote the mental and physical benefits associated with the consumption of sports drinks. Electrolytes and carbohydrates are highly beneficial for population engaged in physical activities such as football training and marathon training among others. Sports drinks reduce fatigue and replace electrolytes that are lost in sweat during the sport activities. However, excess consumption of sports drinks can result in tooth decay, as it contains citric acid which aids in the erosion of tooth enamel. Moreover, the presence of carbohydrates can result in excessive calorie intake, which results in increasing incidences of obesity among adolescents. Health conscious consumers are looking for alternatives of the sport drinks, which in turn, is expected to hamper growth of the market.
North America held a dominant position in the global sports nutrition market, accounting for a share of more than 30% in 2016 and is expected to retain its dominance over the forecast period. The sports nutrition market in North America was valued at US$ 9.53 billion in 2016, projecting a CAGR of 4.39% during the forecast period from 2017 to 2025. U.S. is accounted as the major contributor to the growth of the North America sports nutrition market. According to the National Collegiate Athletic Association (NCAA), in U.S., over 460,000 student athletes compete in more than 2 sports activities every year.
Asia Pacific is expected to be the fastest growing region, witnessing the highest CAGR of 8.21% during the forecast period. Countries such as China, Japan, South Korea, Malaysia, and India, are the major contributors to the growth of the market. Owing to the strengthening economic condition of the emerging economies in the region such as India and China among others, international manufacturers operating in the sports nutrition market and its subsequent industries are looking to penetrate this region for better expansion opportunities. For instance, in 2017, Roquette, a global leader in innovative plant-based ingredients, opened new offices and an innovation center in Singapore, thereby, increasing its focus on the nutritional and health challenges in the region.
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According to a study by Coherent Market Insights, the global sports nutrition market was valued at US$ 27.85 billion in 2016 and is expected to witness a CAGR of 6.64%, in terms of revenue, during the forecast period from 2017 to 2025, to reach US$ 48.87 billion by 2025.
Among product type, sport drinks segment held highest revenue share of 45% in the global sports nutrition market in 2016 and is projected to maintain its dominance over the forecast period.
Major Players in the Global Sports Nutrition Market –
The major players operating in the global sports nutrition market include GlaxoSmith & Kline Plc, Maximum Human Performance LLC, Glanbia Nutritionals, Optimum Nutrition (ON), Bio-Engineered Supplements and Nutrition, Inc. (BSN), Abbott Nutrition, PepsiCo, Hormel Food Corporation, and GNC Holdings Inc.
Key players are strategically investing in the sports nutrition market to enhance their product sales through business strategies. For instance, in 2016, Maximum Human Performance (MHP) has introduced an all-new pro athlete team to showcase its revitalized flagship brand to young athletes across the globe, which is launched along with MHP’s fully transparent new formulations.
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