Emerging lifestyle and recreational users contribute to strong growth, according to report from Zion Market Research.
The global sports nutrition market accounted for $28.37 billion in 2016 and is expected to reach $45.27 billion by 2022, growing at a CAGR of around 8.1% between 2017 and 2022, according to a new report from Zion Market Research.
Sports nutrition refers to the consumption of nutrients such as vitamins, minerals, supplements and organic substances that comprise of carbohydrates, proteins and fats. Sports nutrition products, such as sports drinks, sports food & sports supplements are developed for, and consumed by athletes and bodybuilders to improve their overall health, performance, and muscle growth. Sports drinks are primarily consumed by athletes to replenish the water level in the body. These products are increasingly attracted by lifestyle and recreational users. Currently, the developing countries represent a huge growth potential for these products on account of rapid urbanization, increasing disposable income, and a higher percentage of the young population.
The sports nutrition market is expected to witness significant growth within the forecast period on account of increasing demand from recently emerging lifestyle and recreational users. In addition, increasing health awareness coupled with increasing number of health clubs and fitness centers is also expected to boost this market within the forecast period.
Rapid urbanization and increasing disposable income are also expected to boost growth in the sports nutrition market. The high number of cheap counterfeit products affects sales of reputed companies and therefore, availability of these products is expected to restrict the growth of sports nutrition market. Expansion of distribution channels is also expected to be an opportunity for growth in this market in coming years.
The sports drinks segment accounted for the largest market share of the overall market in 2016, and is expected to be the leading contributor in coming six years. Rapid urbanization coupled with increasing disposable income is expected to fuel demand for sports drinks globally. Mostly used by athletes, sports drinks are undergoing mass adoption by lifestyle and recreational users as well. The market growth for sports drink segment was more than 6.9% in 2016. However, the sports food segment is expected to witness the fastest growth in the coming six years. Demand for sports supplements is expected to be driven in part by increasing consumption among women and other household users focused on wellness.
In terms of geography, North America is expected to account for the largest market for sports nutrition products, dominated by the U.S. It has accounted for more than 38% market share for sports nutrition products in 2016. The growth in this region is supported by high incomes, world-class fitness and athletics infrastructure. The Europe also represents a major market for sports nutrition products, led by the U.K. thanks to an increasing number of consumers opting for healthy lifestyles.
Asia-Pacific is the fastest growing market for sports nutrition products within the forecast period fueled by an increase in disposable incomes coupled with rapidly changing lifestyles. Japan is expected to dominate this region; China is expected to gain the second largest market share followed by Australia. India is expected to witness notable growth in coming six years fueled by the increasing adoption of sports nutrition products amongst lifestyle and recreational users. Latin America and rest of the world are also expected to witness a healthy growth in this market within the forecast period.