Global Sports Nutrition Market Expected to Grow
NEW YORK, September 8, 2015 /PRNewswire/ — According to a new report from P&S Market research, the global sports nutrition market was valued at $24,700.4 million in 2014, and it is expected to grow at a CAGR of 8.3%, during the period 2015 - 2020. Based on type, the sports drinks segment holds the largest share, with 58.6% of the total market in 2014; and it is expected to reach $23,222.5 million in 2020, at a CAGR of 8.3% for the period 2015-2020. Geographically, the North American sports nutrition market (largest market in 2014) increased by 7.5% CAGR, during 2011-2014 to reach $14,037.0 million in 2014. The U.S. continued to be the leading market for sports nutrition products globally with the market size of $12,161.4 million, since 2014.
Geographically, the sports nutrition products market is dominated by the U.S. and European countries, whereas the emerging nations are expected to be major growth drivers of the market. Low awareness in the eastern countries, compared to western markets is the main reason for less market share of eastern countries in the global sports nutrition market. However, in terms of future growth, the Asia-Pacific region is poised to expand at a faster pace, which is led by growing income level and gradual acceptance of health products in daily living. The increase in sports events organized in these countries is increasing the importance of exercise and sports, which is expected to support the growing demand for sports nutritional products.
The increasing health concerns, such as obesity and awareness of physical appearances among all consumers groups is driving the demand of the global sports nutrition products. The emergence of new consumer base, such as recreational and lifestyle users are being increasingly targeted by the sports nutrition manufacturers. The manufacturers are developing innovative products to cater wider consumer requirements, depending on their tastes and preferences. The increasing accessibility of products through conventional mass-market retail channels, including supermarkets convenience stores and hypermarkets, to emerging new online channels, are supporting easy availability of sports nutrition products.