Global
Sports Food Market: Snapshot
With
the escalating number of health clubs and fitness centers across the
world, the global market for sports food is witnessing a substantial
rise in its valuation. The increasing popularity of various sports
and games among young people is also reflecting positively on this
market. In addition to this, the rising awareness among people about
health and fitness and nutritional benefits of sports
food
is likely to propel this market tremendously over the next few years.
According
to Transparency Market Research (TMR), the opportunity in the
worldwide market for sports food is anticipated to reach US$63.70 bn
by 2017. The market is expected the further expand at a CAGR of 6.90%
between 2017 and 2022 and attain a value of US$88.76 bn by the end of
2022.
Strong
Demand for Protein-based and Energy Sports Food
The
global market for sports food is broadly evaluated on the basis of
the type of the product, distribution channel, and the gender. In
terms of the type of product, the market is categorized into
protein-based sports food, energy sports food, pre-workout sports
food, rehydration sports food, meal replacement sports food, and
miscellaneous sports food. The demand for protein-based sports food
and energy sports food is relatively higher than their other
counterparts.
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By
distribution channel, the worldwide market for sports food is
classified into supermarkets and hypermarkets, convenience stores,
drug stores, and online stores. The traditional distribution
channels, i.e. supermarkets and hypermarkets, convenience stores, and
drug stores have a better consumer base. However, with the increasing
penetration of Internet and the rising number of smartphone users,
online channels are also expected to pave their path in the near
future. On the basis of the gender of consumers, the market is
divided into males and females. Currently the males segment has been
leading the global market and the trend is anticipated to remain so
over the next few years.
Strong
Growth Rate of Ensure North America’s Dominance
Geographically,
the worldwide sports food market reports its reach across North
America, Europe, Latin America, Asia Pacific excluding Japan (APEJ),
the Middle East and Africa (MEA), and Japan. The current market
leader, North America is anticipated to retain its dominance over the
forecast period, expanding at a CAGR of 7.70% during the period from
2017 to 2022. The opportunity in the North America market for sports
food is likely to reach US$25.35 bn by the end of 2017 and will touch
US$36.73 bn by 2022. The increasing number of sports enthusiasts is
the key factor behind the remarkable rise of this regional market.
Europe,
which has captured the second position in the global market for
sports food, is expected to maintain it over the forthcoming years
with a rising pool of sports food vendors in this region. Among other
regional markets, the Middle East and Africa is projected to offer
promising opportunities for growth over the period of the forecast
due to the increasing interest of people in fitness activities. The
increasing disposable income of people, enabling them to spend on
expensive products, is likely to propel the APEJ and the Japan market
for sports food in the years to come.
At
the forefront of the global sports food market is GlaxoSmithKline
Plc, Dr Pepper Snapple Group Inc., General Mills, Red Bull GmbH, GNC
Holdings Inc., Monster Beverage Corp., Abbott Laboratories, The
Coca-Cola Co., Nestlé S.A., and Glanbia Plc.
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