Sports nutrition demand market is expected to grow on account of growing awareness of benefits of consuming supplements and increasing focus on a healthy lifestyle. Consumers are focusing more on weight management and nutritional value. This trend has contributed to the rising demand for sports nutrition in the past few years. Changing consumer behavior, addition of new ingredients and availability of variety of packaging formats are some of the primary factors propelling growth over the forecast period. Changing consumer lifestyles, growing focus on appearance and increasing consumer base of lifestyle and recreational users has contributed to growth.
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Sports nutrition is known to provide endurance, nutrition and energy. These types of nutrients are generally consumed by athletes and body builders. However, there has been a growing interest from regular consumers in these products which is propelling growth. Shifting focus towards products with natural ingredients rather than synthetic products is another major factor contributing towards growth. This trend is witnessed in emerging economies of India and China where natural ingredients consisting of spices and herbs have seen a rapid growth in demand.
Also increasing disposable incomes, improvement in the standard of living and growing awareness of the benefits of such nutrition has helped in promoting growth in the developing economies. There has been an increase in the penetration of these products in retail stores owing to the rising demand. Sports nutrition products are now available at most of supermarkets, malls and convenient stores. This is a key factor responsible for the growing sports nutrition market. Effective marketing campaigns launched by sports nutrition vendors which is playing a key role in influencing customers has also contributed towards growth.
However, expansions of distribution channels coupled with threat of various kinds of substitutes from various competitors within the market as well as outside are some of the most important challenges for the manufacturers. Price is also a major factor which can impact the market
North America is the largest market on account of continuous efforts to maintain a healthy lifestyle. Europe was the second largest market followed by Asia pacific which is becoming the fastest growing market. U.S has dominated the global market owing to rising demand for protein bars and energy bars. Coca-Cola and Pepsi have dominated the sports beverages market and is expected to continue its dominance over the forecast period. In February 2011, GlaxoSmithKline announced its plans of acquiring Maxinutrition which is a sports nutrition company based in Europe. The main purpose of this acquisition was to expand the company’s nutrition business.
Some key market participants include Abbott Laboratories Inc, Optimum Nutrition Inc, Clif Bar & company, Neutra Science Labs, Yakult Honsha Co Ltd, Reckitt Benckiser Group Plc and Monster Beverage Corporation.
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