The global sports food market is expected to reach $7,764.4 million by 2022, registering a CAGR of 9.2% during 2016–2022 (forecast period). The market is mainly driven by the surging urbanization, which is propelling the demand for sports food, and increasing health consciousness among people.
Based on type, the sports food market is categorized into energy bars, protein bars, and sports gels. Among these, the sports gels category is projected to witness the fastest growth during the forecast period. This is attributed to the growing number of gyms and health clubs in the North American and Asia-Pacific (APAC) regions. The protein bars category is also expected to register considerable growth during the forecast period, owing to the heavy consumption of such products in European countries, such as Germany, Italy, and the U.K.
On the basis of distribution channel, the supermarkets & hypermarkets category is expected to register the highest CAGR during the forecast period. This can majorly be attributed to the rapid urbanization in countries including India, France, China, Brazil, and Argentina. Due to the growing urbanization, supermarkets and hypermarkets are increasing in numbers, as city dwellers prefer to go shopping where they find all their daily requirements fulfilled under one roof.
Geographically, the APAC region is projected to witness the fastest growth in the sports food market during the forecast period. The major factors driving the growth in the region are the improving standard of living and increasing health awareness. According to the International Health, Racquet & Sportsclub Association (IHRSA), the number of people registered with health clubs in APAC increased from 16.7 million to 21.8 million during 2009–2013. The increase in the number of health and fitness clubs shows the surging inclination of people toward health and fitness. Further, the swift urbanization in countries such as China, India, Malaysia, Japan, and Australia is also adding to the growth in demand for sports food products.
It has been witnessed that regions including Asia and Africa are displaying the fastest rate of urbanization. Within APAC, Australia contributed the highest revenue to the market in 2015. This is attributed to the country’s athletic nature, owing to which it is known as ‘paradise of sport’. The sports food market in Australia is fragmented, and Vitaco Health Australia Pty. Ltd. and Nestle are the two leading companies here. China is expected to register the fastest growth in the coming years, which can majorly be attributed to the increasing health awareness among people. This is encouraging them, especially youngsters, to engage in regular exercise and sports.
The changing lifestyle is encouraging people to adopt healthy food habits. Therefore, with changing food habits, people are preferring sports foods, such as protein bars, sports gels, and energy bars, thereby driving the sales for such products. This shift in consumer preference is pushing sports food market players to come up with products that can help people attain their health goals faster.
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Some of the key companies operating in the global sports food market are Clif Bar & Company, Nestle S.A., Abbott Laboratories, Glanbia PLC, GNC Holdings Inc., PepsiCo Inc., Ultimate Nutrition Inc., The Coca Cola Company, MusclePharm Corporation, and GlaxoSmithKline PLC.
Global Sports Food Market Segmentation
By Distribution Channel