According
to Transparency Market Research (TMR), the presence of a large number
of sports food vendors across the world makes the global sports food
market is demonstrating a highly fragmented and competitive business
landscape. Abbott Laboratories, Dr Pepper Snapple, Red Bull,
GlaxoSmithKline, and Nestlé are some of the key players operating in
this market. At present, these companies are depending heavily on
innovation for the expansion of their businesses. New products with
additional nutrients and novel flavors are being introduced by them
on a regular basis in a bid to gain an edge over their competitors.
These players are projected to shift their focus towards emerging
economies due to the presence of untapped market opportunities over
the coming years, reports the market study.
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As
per the research report, the global market for sports food stood at
US$63.7 bn by 2017. Rising at a CAGR of 6.90% over the period of 2017
to 2022, the opportunity in this market is likely to increase to
US$88.76 bn by the end of the forecast period. Energy sports food
products is the leading product segment in this market with a share
of more than 20%. The segment is expected to remain on the top due to
a significantly high consumption across the world, states the
research report.
Urbanization
Boosts Demand for Sports Food
“The
increasing urbanization has a significant effect on the demand for
sports food among consumers across the world,” says a TMR analyst.
People are now being aware of the need to maintain their health and
fitness, which is prompting them to take up sports as a hobby and
give preference to healthy diet. The augmenting number of gymnasiums,
health clubs, and fitness centers, is also reflecting positively on
the global market in the near future.
The
market is also benefiting substantially from innovation and efficient
product development by sports
food vendors. The mass marketing strategies has made sports
food easily available, which is leading to a high awareness level of
consumers pertaining to the benefits of sports food. Several other
macro-economic factors, such as the augmenting employment and the
rising disposable income levels are also projected to influence the
global market for sports food indirectly in the near future, states
the report.
North
America to Remain Dominant
The
study also presents a geographical analysis of the global market for
sports food. North America, among all the geographical segments, has
occupied the leading position. Progressing at a healthy CAGR of
7.70%, the regional market is projected to continue on the top over
the next few years. Asia Pacific, with its ample untapped
opportunities, is also expected to witness steady rise in its market
for sports food in the near future, notes the research study.
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