Current Status and Future Prospects in Impact of Outbreak of COVID-19 on Sports Nutrition Products Market with top key players 2020
The global sports nutrition market is expected to demonstrate a positive upswing in the forthcoming years, according to Transparency Market Research (TMR). The vendors operating in the global sports nutrition market are focusing on the development of distinctive brands and innovative products. Leading players are expected to expand to emerging market in order to gain a worldwide presence and tap into the potential of these regions. The global sports nutrition market is featured with high competition, and vendors are likely to consolidate their geographical presence. Some of the prominent players in the global sports nutrition market are Reckitt Benckiser Group Plc, GNC Holdings, Maxinutrition Ltd., Nestlé S.A., Yakult Honsha Co Ltd., and Monster Beverage Corporation.
According to the report, the global sports nutrition market is projected to expand at a 8.0% CAGR from 2014 to 2020. Growing at this pace, the sports nutrition market is predicted to reach a valuation of US$52.5 bn by the end of the forecast period. In terms of volume, the global sports nutrition market is projected to reach 14.7 bn kg by the end of 2020.
Amongst the major types of products, the segment of sports drinks is anticipated to emerge as the leading one in the global sports nutrition market over the duration of forecast. The growing demand and easy accessibility of these products are expected to propel the emergence of this segment in the coming years. Additionally, the rising focus of key players on advertising activities is expected to augment the demand for sports drinks in the coming years.
Based on geographical segmentation, the global sports nutrition market is dominated by North America. This region is anticipated to maintain its dominance throughout the forecast period. The region’s supremacy is attributed to the vastly rising demand for sports nutrition products among the youth.
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Growing Trend of Maintaining Weight, Bodybuilding to Provide Market Opportunity
Among the overall consumers, athletes and bodybuilders make up prominent buyers of sports nutrition products. Furthermore, in recent years, the acceptance of these products has increased among uber lifestyle and recreational users due to increased health awareness. Typically, these products are distributed through different retail channels such as large retail & mass merchandizers, small retail, drug & specialty stores, and various online retailers. In addition, they are distributed through fitness institutions such as gyms and health clubs.
A number of health clubs hire dieticians in order to provide assistance to their clients regarding the selection of these products. Sports supplements are thus witnessing a rise in popularity and demand on account of the mushrooming health centers and fitness clubs across the globe, as these function as primary distribution channels for these products.
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Higher Participation in Sports, Innovative Ingredients to Emerge as Key Trends
A large number of the popular protein sources in sports nutrition products are soy and whey protein. With the launch of new and innovative protein products, the sports nutrition market is expected to witness substantial growth in the forthcoming years. For instance, Optimum Nutrition, in February 2018, launched their first plant-based protein powder. The product, called ON Gold Standard 100% Plant is made from a blend of organic pea, rice and sacha inchi proteins, and provides 24g of protein per serving. The powder can be mixed with water, milk, or dairy-free milk, and is available in three flavors: chocolate, vanilla, and mixed berry.
The surge in participation of the youth in sports, international game tournaments and the rising awareness regarding health and fitness among general populations are expected to act as the key factors augmenting the demand for sport nutrition products. A number of countries are organizing and participating in sports events and tournaments, encouraging their residents to participate and win accolades, fuelling the global sports nutrition market.
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