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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