As
the several misconceptions and lack of awareness about sports
nutrition products slowly and steadily fade, the global market for
these products is emerging as a highly lucrative segment of the
consumer health products industry. A recent market research report
published by Transparency Market Research, which pegged the valuation
of the global
sport nutrition products market at US$30.0 bn in 2013, states
that the market will expand at a healthy 8.5% CAGR between 2014 and
2020 and rise to US$52.55 bn by 2020.
Rising awareness among the global consumer about the benefits of
these products to general health and fitness and their potential in
warding off a number of lifestyle diseases is attracting mainstream
consumers towards these products. To capitalize on the rising
popularity of these products and the lucrative growth opportunities
that the global sport nutrition products market presents, a large
number of companies are reformulating their products so as to appeal
to less sophisticated retailers and consumers.
The rising interest among producers of venturing into this field is
expected to help the global sports nutrition products market in
pushing beyond its current barriers of product low options and bleak
visibility in developing regions. As the market continues to capture
increasingly more consumer attention, the market is establishing
itself as an important part of the consumer health industry.
Rising Demand form Recreational Users Testifies Changing Consumer
Dynamics
Body builders and core athletes were previously the most common users
of sports nutrition products. Manufacturers of these products have
produced and marketed products suiting these consumer groups for the
past many years. However now, the market is benefitting from the
rising number of casual users of sports nutrition products – the
increased interest having been triggered by the rising awareness
about the benefits of protein-based sports nutrition products on
general health and an active lifestyle.
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In addition to the younger consumers in this category, which is so
far the largest consumer base, middle-aged and elderly people who are
engaged in sports activities or general exercise regimens are also
turning towards sports nutrition products for an easy source of
protein and other essential nutrients necessary for a healthy body.
Sports nutrition product companies, with a view to capitalize the
vast growth opportunities in this consumer segment, are launching new
products with more convenient and less complex formulae. The easy
availability of these new products via popular retailing channels
such as grocery stores and supermarkets have significantly improved
their popularity and supported the overall growth of sports nutrition
products in this consumer segment in the past few years.
Rise of Lifestyle Consumers in Developing Regions Leads to
Lucrative Growth Opportunities
The
improving GDPs and rising disposable incomes in developing countries
are serving as strong growth propellers for the global sports
nutrition products market in the developing parts of the globe. As
the number of gyms and fitness centers rise in these regions, the
demand for sports nutrition products based on the advice of fitness
instructors and coaches is also continuously rising. The emergence of
this group of recreational and lifestyle users of sports nutrition
products, who are influenced by the highly popular concept of muscle
building and celebrity endorsements, is an immense growth opportunity
for the global sports nutrition market.
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