The global sports nutrition market is expected to register a CAGR of 8.4% in terms of value during the forecast period (2016–2022). The key factors driving the growth of the market include the increasing urbanization and rising health consciousness among the people in developing countries.
The increasing health consciousness is a key factor driving the growth of the market across the globe. Due to the expanding consumer base, different consumers are increasingly being targeted by sports nutrition product manufacturers. They are now developing new and innovative products to fulfil the requirements of consumers, by accommodating their preferences and tastes in their products. Further, due to the increasing availability of products through mass-market retail channels, such as supermarkets and hypermarkets and convenience stores, as well as the growing number of online channels, the demand for sports nutrition products is increasing globally.
Based on geography, North America held the largest share in the sports nutrition market in 2015. This is attributed to the increasing health awareness, changing consumer preferences, and surging number of fitness centers and gyms in the region. Moreover, the growing number of government initiatives toward raising sports participation by people is further driving the market in the region.
Due to improvements in the global literacy rate, the perception of consumers toward sports nutrition is changing, which is driving the growth of the market across the globe. Due to the increasing number of sports events, sports nutrition products are being promoted vehemently in the market. Hence, the rising number of sports events in the developing countries of Asia-Pacific (APAC) and Latin America (LATAM) is offering growth opportunities to the players in the sports nutrition market.
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The key companies operating in the global sports nutrition market are PepsiCo. Inc., Glanbia PLC, Abbott laboratories, The Coca Cola Company, GNC Holdings Inc., GlaxoSmithKline PLC, Universal Nutrition Corp, Clif Bar & Company, Monster Beverage Company, and Creative Edge Nutrition Inc.
Global Sports Nutrition Market Segmentation
By Distribution Channel