Fit is undeniably in.
More than ever, sport and fitness have become trendy, with nearly everyone subscribing to one craze or another. Mantras like ‘fit is the new thin’ abound on social media, and hardly a week goes by without updates about the latest half marathon flooding Facebook feeds worldwide.
But whether yoga, crossfit, dodgeball, rock climbing or even axe throwing is your (gym) bag, chances are you’ve reached for sports nutrition products at one point or another.
These products are specially designed to supplement the intake of essential nutrients, enhance performance, increase physical strength, build muscle, and improve the overall wellbeing of consumers. These grand promises regarding the performance and health-related benefits of sports nutrition products are contributing to a CAGR of 8.10 percent from 2014-2019 in the global market.
TechNavio analysts have identified some of the top trends to watch in the Global Sports Nutrition Market over the next few years.
Increase in Demand for Protein-based Sports Nutrition Products
According to TechNavio analysts, the Global Sports Nutrition Market will see an increased demand for protein-based sports nutrition products over the projected period.
The demand for protein bars, supplements, and powders is increasing among consumers because of a large number of functional benefits provided by proteins, in terms of nutritional value and weight management. Vendors of protein ingredients such as whey and soy are now developing new protein products to help manufacturers of sports nutrition products leverage the growing demand for protein-based products.
Increase in Retail Penetration
True to the laws of consumerism, sports nutrition products are becoming much more widely available thanks to increased demand. Previously, a lot of these products were only available in select outlets, such as drugstores, nutrition and fitness stores.
But the growing customer base for these products has necessitated an increase in the availability of sports nutrition products in a variety of retail stores, such as supermarkets, hypermarkets, and pop-up stores, making it way more convenient for consumers to purchase them. Additionally, increased online availability of a lot of products is also helping to increase retail penetration, which is expected to drive market growth over the next four years.
Increase in Product Launches
Sports nutrition products aren’t just becoming more widely available, there’s also more of them.
The use of sports nutrition products among non-traditional consumers, as well as the hyper-health conscious is leading to a demand for innovative products. Companies are trying to introduce new products by altering ingredients and packaging, which has led to the introduction of new flavors, and to the use of natural ingredients to compete in the market.
Companies are also seeking to take advantage of the growing market by fortifying existing products, repositioning products, and supporting sales with new marketing strategies and research that highlight the benefits of their core products.
Increase in Marketing Initiatives by Vendors
A recent trend influencing the growth of the market are the increasing promotions and marketing initiatives by sports nutrition product vendors.
As competition increases, it has become necessary for sports nutrition vendors to launch effective marketing campaigns for their products by promoting the unique features and benefits of the product, such as the use of natural ingredients, regulatory approval, and association to a specific sport. Many vendors in the market are spending heavily on promotional activities, and trying to build a larger consumer base through marketing campaigns targeted at both athletes and non-athletes.
Increase in Mergers and Acquisitions
Vendors in the Global Sports Nutrition Market are opting to pursue mergers and acquisitions to increase their presence in different parts of the world, expand their product portfolio, and achieve economies of scale in production. For instance, in February 2011, GlaxoSmithKline acquired Maxinutrition, a leading sports nutrition company in Europe. The motive behind the acquisition was the expansion of GlaxoSmithKline’s business in the Nutrition segment.
Many major companies are also increasing their focus on product innovation and increasing their profit margins by collaborating with other companies. These mergers and acquisitions have been a significant feature in the market and will drive the growth in the market during the forecast period.
