The
global
sports nutrition products market has a large number of players
selling similar range of products. Players are engaged in constant
promotional activities and marketing strategies, states a new report
by Transparency Market Research (TMR). Key players operating in the
global sports nutrition products market include MaxiNutrition,
Glanbia Plc, Yakult Honsha Co. Ltd, Nestle S.A., and Monster Beverage
Corporation.
Extensive
investments in research and development activities are expected by
manufacturers. R&D activities are resulting in the manufacturing
of newer products with ingredients that caters to the specific health
requirements of consumers. For instance, Abbott Nutrition Inc.
recently inaugurated the first nutrition research and development
center in collaboration with Syngene in India. Maxinutrition Ltd. has
launched two new products - Biomax, a protein bar, and Cyclone Milk,
which is a milk-based creatine drink.
The
market faces substantial threat from substitutes. New entrants may
face challenges owing to brand loyalty by consumers. The high capital
investment required for the building of the manufacturing utility is
another factor restraining new entrants in the global sports
nutrition products market. Additionally, government regulations pose
as yet another barrier for the new entrants. For instance, the FDA
dismissed the weight management claims made by a few concerned
companies. Such regulations and disapprovals by regulatory bodies can
be major setbacks for players.
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Innovative,
Effective and Proven Ingredients to Boost Demand for Sports Nutrition
Products
Increasing
obesity and other health concerns have gripped the attention of
people across the globe. “A rising consciousness about physical
appearance is popularizing protein as a super ingredient, thus
driving the demand for sports nutrition products”, states a TMR
analyst. The use of innovative, effective, and proven ingredients,
which helps in muscle building and improves endurance, is increasing
the popularity of these products. Rapid urbanization and rising
disposable income of consumers across the globe are also behind the
growth of the global sports nutrition products market.
Widening
Distribution Channels Could Complicate Supply Strategy
Expanding
distribution channels lead to more intermediaries, which could result
in higher cost and subsequently result into delay in the product
supply and increase the chance of products getting damaged. Thus,
companies should avoid widening their distribution channels to
overcome these challenges. Although government intervention is
currently low in this space, the possibility is likely to become
stronger in the coming years. This could bring distribution channels
under tighter regulation in the coming years.
Another
factor threatening the sale of sports nutrition products is the
availability of counterfeit products at lower price. Consumers are
attracted to the lower priced fake nutrition products owing to low
awareness regarding the healthier and real products.
Developing
Nations to Offer Expansion Opportunities
Although
sports nutrition products are quite popular among consumers in
developed countries, they are relatively new for developing
countries. Since consumers in developing nations are yet to be fully
aware about the health benefits of sports nutrition products,
manufacturers can penetrate the markets in these countries. Taking
advantage of this, many new entrants are expected to explore
developing nations for establishing their business. Thus, the
untapped market in developing nations will emerge as a growth
opportunity for players in the sports nutrition products industry.
By
type, the sports drink segment led the market not only in the recent
past but is also expected to lead in the coming years. The sports
drink segment is expected to account for 60.1% of the global sports
nutrition products market by 2020. The sports supplements segment
followed the sports drink segment in terms of holding significant
shares in the market. By geography, North America is expected to lead
in the global sports nutrition products market. The region is
expected to account for 18.1% of the global market by the end of
2020.
According
to the report, the global market opportunity in sports nutrition
products will rise from US$35.01 bn in 2015 to US$52.55 bn by 2020.
This
information is based on the findings of a report published by
Transparency Market Research titled “Sports Nutrition Products
Market - Global Industry Analysis, Size, Share, Growth, Trends, and
Forecast 2014 - 2020.”
The
global sports nutrition products market is segmented as follows:
Type
- Sports Food
- Sports Drinks
- Sports Supplements
Geography:
- North America
- Europe
- Asia Pacific
- Rest of the World
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