Within 8 years, the proportion of people adhering to healthier diets in the U.K. had risen by 10%. With 70% consumers in 2004 increasing to 80% in 2012, it is clear that the nutrition market is playing a critical part in everyday life. In another instance, the FOPH in Switzerland said that in 2011, almost 71% people said they gave a greater emphasis to their health and the food they eat. Nearly 75% of the Swiss have stated that they are taking a greater interest in knowing the composition of the food before they buy it. What this means is that the global sports nutrition market is no longer restricted to athletes and bodybuilders; an increasing number of consumers are now becoming savvy to it.
Sports Foods Dominate the Global Sports Nutrition Market
According to Persistence Market Research (PMR) the global sports nutrition market is currently expanding at a CAGR of 9.0% within the timeframe of 2013 to 2019. The market is set to reach a net worth of US$37.7 billion by the end of 2019, having been worth US$20.7 billion in 2012.
The three major segments of the global sports nutrition market are:
Sports foods: Of the three segments, the sports foods segment has been the largest segment in 2012, when its total revenue was US$12,435.4 million. This segment has jumped 7.3% from its 2011 revenue to achieve this figure.
Sports supplements: the sports supplements segment has been growing at a rapid rate, but doesn’t come without its own issues. One of its greater restraints on it is the banning of certain supplements by sports authorities.
Sports drinks: The U.S. has been the largest consumer in the world for sports drinks. The segment doesn’t include energy drinks, which are not considered to be a part of the global sports nutrition market.
Growing Health-conscious Mentality Drives Global Sports Nutrition Market
Analysts at PMR believe there are two major reasons for the growth of the global sports nutrition market. One of them is the increasing number of sporting activities and events around the world. This has spurred a larger contingency of national and regional athletes to compete and therefore avail products in the global sports nutrition market. From a commoner’s point of view, the market will require two major factors to grow: increase in disposable income and awareness among people about the market’s products and their benefits. Two nations that are doing just that are India and China. Their rapid pace of urbanization along with increasing number of families and individuals with disposable incomes is creating a growth spree for the global sports nutrition market.
Banned Products Affect Sports Nutrition Market
All three segments have to face the negative publicity that involves banned ingredients. Other market restraints are the steady growth of substitute markets and shifting consumer trends. Distribution channels for alternative markets are expanding and are creating quite a few obstacles for the global sports nutrition market.
In Conclusion, PMR analysts feel that the forecast for the global sports nutrition market, with all its positives and negatives in tow, continues to be a rather optimistic one. With an increasing number of consumers in many countries such as the U.K., Germany, Italy, China, and India, along with consistent marketing done by key players such as Maxnutrition and Glanbia, we can say that the market is well on the right track towards growth.