Global Sports Food Market: Snapshot
With the escalating number of health clubs and fitness centers across the world, the global market for sports food is witnessing a substantial rise in its valuation. The increasing popularity of various sports and games among young people is also reflecting positively on this market. In addition to this, the rising awareness among people about health and fitness and nutritional benefits of sports food is likely to propel this market tremendously over the next few years.
According to Transparency Market Research (TMR), the opportunity in the worldwide market for sports food is anticipated to reach US$63.70 bn by 2017. The market is expected the further expand at a CAGR of 6.90% between 2017 and 2022 and attain a value of US$88.76 bn by the end of 2022.
Strong Demand for Protein-based and Energy Sports Food
The global market for sports food is broadly evaluated on the basis of the type of the product, distribution channel, and the gender. In terms of the type of product, the market is categorized into protein-based sports food, energy sports food, pre-workout sports food, rehydration sports food, meal replacement sports food, and miscellaneous sports food. The demand for protein-based sports food and energy sports food is relatively higher than their other counterparts.
By distribution channel, the worldwide market for sports food is classified into supermarkets and hypermarkets, convenience stores, drug stores, and online stores. The traditional distribution channels, i.e. supermarkets and hypermarkets, convenience stores, and drug stores have a better consumer base. However, with the increasing penetration of Internet and the rising number of smartphone users, online channels are also expected to pave their path in the near future. On the basis of the gender of consumers, the market is divided into males and females. Currently the males segment has been leading the global market and the trend is anticipated to remain so over the next few years.
Strong Growth Rate of Ensure North America’s Dominance
Geographically, the worldwide sports food market reports its reach across North America, Europe, Latin America, Asia Pacific excluding Japan (APEJ), the Middle East and Africa (MEA), and Japan. The current market leader, North America is anticipated to retain its dominance over the forecast period, expanding at a CAGR of 7.70% during the period from 2017 to 2022. The opportunity in the North America market for sports food is likely to reach US$25.35 bn by the end of 2017 and will touch US$36.73 bn by 2022. The increasing number of sports enthusiasts is the key factor behind the remarkable rise of this regional market.
Europe, which has captured the second position in the global market for sports food, is expected to maintain it over the forthcoming years with a rising pool of sports food vendors in this region. Among other regional markets, the Middle East and Africa is projected to offer promising opportunities for growth over the period of the forecast due to the increasing interest of people in fitness activities. The increasing disposable income of people, enabling them to spend on expensive products, is likely to propel the APEJ and the Japan market for sports food in the years to come.
At the forefront of the global sports food market is GlaxoSmithKline Plc, Dr Pepper Snapple Group Inc., General Mills, Red Bull GmbH, GNC Holdings Inc., Monster Beverage Corp., Abbott Laboratories, The Coca-Cola Co., Nestlé S.A., and Glanbia Plc.
Global Sports Food Market: Overview
Sports, fitness, and health have become the watchwords of a large part of the population and people are immensely driven towards engaging themselves in strenuous activates. This has also been the pretext for various health and sports clubs to surface on the global landscape. The Global sports food market is benefiting from this inclination of the masses by offering positive hopes for various stakeholders in the market. As people prefer a diet which complements their physical activity, the sports food industry has gained traction from all arenas, thus, bolstering the entire market. There is an increased impetus on maintaining healthy body standards which has also been a major plsu point for the global market of sports food. It is anticipated that the market would continue to soear greater heights through the launch pad of evolving lifestyles.
The market for sports food is segmented by geography, distribution channel, type of product, and gender. The sub-categorization of each segment gives a deep-seated view of the market dynamics.
This review covers comprehensive aspects associated with the market for sports food. The various projections have been made in conjugation with the trends that currently exist in the market and the various propensities that expected to transcend in future. The various insights mentioned in the report succinctly cater to the market and can be employed for research and analysis.
Global Sports Food Market: Trends and Prospects
Health and fitness has been promoted over recent years via an array of campaigns, entertainment channels, and health enthusiast. This has led to an awakening amongst the masses to stay fit and healthy to maintain their physiological wellbeing. Urbanization has also channeled people towards the fitness and self-care by positioning various products and campaigns to show that a healthier lifestyle is the way forward. This has fueled the demand for sports food, which people now consider as an essential intake to complement their health needs. A rise in the number of gymnasiums and health clubs which promote the usage of sports foods is also a riveting factor that is cruising the market towards fruition.
Although people have become welcoming of sports food as part of their diet, there are threats to the growth of the market. In a lot of regions, consumers complain of the unavailability of sports food or the food type they want. Moreover, sports food is bundled at high prices which restricts its consumption to the higher-income group, thus, leaving a major part of the population uncaptured. These factors pose a threat to the propulsion of the market. Nevertheless, the impact of fitness on the minds of the people is stupendous, which is expected to outdo the hindrances.
Global Sports Food Market: Regional Outlook
The geographical outlay of the market manifests that North America is the leading market amongst all other regional markets including Europe, Latin America, Middle East and Africa, Asia Pacific Excluding Japan (APEJ), and Japan. The market in North America is anticipated to reach US$36.73 bn by 2022 registering a CAGR of 7.70% from 2017-2022. Europe is expected to follow North America offering a resplendent market for sports food. The Middle East and African region along with Asia Pacific would see great growth opportunities owing to an affinity towards fitness and a rising disposable income, respectively.
Global Sports Food Market: Competitive Landscape
The global market for sports food is characterized stiff competition attributed to the multiplying number of vendors for the industry. There are a number of players who are engaging in core research and development to induce innovation in their product portfolio and introduce new products with greater health benefits, better flavor, and increased nutritional value. The current market players with reckon and renown in the market include GlaxoSmithKline Plc, Abbott Laboratories, Nestlé S.A.,The Coca-Cola Co., Red Bull GmbH, GNC Holdings Inc., Dr Pepper Snapple Group Inc., Monster Beverage Corp., General Mills, and Glanbia Plc.
Market Segmentation: By Product Type
- Energy Sports Food
- Protein-Based Sports Food
- Rehydration Sports Food
- Pre-Workout Sports Food
- Meal Replacement Sports Food
Market Segmentation: By Distribution Channel
- Drug Stores
- Supermarkets and Hypermarkets
- Online Stores
- Convenience Stores