Sports nutrition products: Key market research findings
- Expansion of sales outlets drive market growth
- North America dominates the market geographically
- Key vendors – Cliff Bar, Coca-Cola, Glanbia Nutritionals, GlaxoSmithKline, and PepsiCo
Technavio’s market research analysts expect the global sports nutrition products market to grow at a CAGR of around more than 8% between 2016 and 2020. The market is driven primarily by the expansion of sales outlets of the sports nutrition products. The growing customer base for sports nutrition products is necessitating their availability through retail stores, such as supermarkets, hypermarkets, and pop-up stores, which makes it convenient for the consumers to purchase them. The increased availability of these products online is also impacting the global sales positively. In 2015, the global sports nutrition market was dominated by North America with a market share of around 42%. Change in consumer demographics is triggering an increase in the demand for products from athletes and body builders as well as casual users. Manufacturers are capitalizing on expanding the market conditions through continuous product innovations and improvements such as less complex formulations, and more convenient formats. Female-focused sports nutrition products are available in the market.
The new market research report from Technavio presents a breakdown and analysis if the sports nutrition product segments based on the product type.
“The increase in mergers and acquisitions (M&As) is the latest trend in the market. Vendors are choosing the acquisitive route to increase their presence across the globe in an attempt to expand their product portfolio and achieve economies of scale in production. For instance, GlaxoSmithKline, a British pharmaceutical company, acquired MaxiNutrition, a leading sports nutrition company in Europe. The key vendors are focusing on product innovations and improving the profit margins through collaborations which enable them to compete with new entrants and drive the market growth,” says Abhay Sinha, Lead Analyst, New Coverage, Technavio Research.
In 2015, the global sports nutrition market was dominated by sports food and drinks with a market share of more than 83%. The sports food and drinks market includes proteins, amino acids, and carbohydrate-based food products, beverages, and other types of sports nutrition products. Protein-based products dominate the market because of the health and nutrition benefits they provide such as enhanced muscle growth and improved stamina. Soy and whey are the most popular protein ingredients used in the production of sports nutrition products. Protein ingredients are also being used in oatmeal, yogurt, and cereals. Energy bars, and nutrition bars, and ready-to-drink (RTD) products are gaining wide acceptance as they are relatively easy to carry while on-the-go.
The key vendors in the market include Cliff Bar, Coca-Cola, Glanbia Nutritionals, GlaxoSmithKline, and PepsiCo. The market is characterized by the presence of various international and regional providers. Providers in the market are competing on the basis of quality, pricing, market reach, and financial resources. Competition in this market is expected to intensify with an increase in product/service extensions, product innovations, and M&As. International players are expected to grow inorganically by acquiring regional or local players during the forecast period.
A more detailed analysis is available in the Technavio report, Global Sports Nutrition Products Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
Other related reports:
