ALBANY, New York, September 6, 2017 /PRNewswire/ --
With a large pool of sports food vendors across the world, the global sports food market is demonstrating a highly competitive business landscape, states a new research study by Transparency Market Research (TMR). Dr Pepper Snapple, GlaxoSmithKline, Red Bull, Abbott Laboratories, and Nestlé are some of the leading players in this market. Currently, these companies are relying heavily on innovation for their business growth. Novel products with new flavors and additional nutrients are being launched by them on a regular basis in order to gain an edge over their competitors. Over the coming years, these players are anticipated to shift their focus towards largely untapped emerging economies, reports the market study.
As per the report's estimations, the global sports food market is anticipated to reach US$63.7 bn by 2017. Further, the opportunity in this market will rise at a CAGR of 6.90% during the period of 2017 to 2022 and increase to US$88.76 bn by the end of the forecast period. With a share of 20.2%, energy sports food products are reporting a higher consumption across the world and the trend is projected to continue over the next few years. Conventional distribution channels of sports food, such as supermarkets and hypermarkets, convenience stores, and drug stores, are more popular among consumers; though online channels are also expected to gain a foothold in this market in the near future.
The study also reveals that males are bigger consumer of sports food than females. However, with the growing awareness regarding health and fitness, females are also catching up. North America, among all the regional markets, has acquired the dominance. Proliferating at a healthy CAGR of 7.70%, the regional market is anticipated to continue on the top over the period of the forecast.
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Urbanization Puts Significant Impact on Demand for Sports Food
"The increasing urbanization has a tremendous effect on the demand for sports food across the world," says an analyst at TMR. People are now aware of the need to maintain health and fitness, which is encouraging them to uptake sports as a hobby and turn to healthy diet. The increasing number of gymnasiums, fitness centers, and health clubs is also reflecting on the demand for sports food, globally.
The market is also gaining significantly from innovation and efficient product development by sports food vendors. Thanks to their mass marketing strategies, the availability of sports food has increased, leading to a high awareness level of consumers regarding the benefits of sports food. Various other many macro-economic factors, such as the rising employment and the augmenting disposable income levels are also influencing the worldwide market for sports food indirectly.
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Inadequate Availability and Exorbitant Prices of Sports Food Products to Act as Hindrance
In spite of the positive trends, the global sports food market may face hindrances in the near future. Due to the inadequate availability and exorbitant prices of sports food products, this market has lately been concentrated in developed countries and high- and higher-middle-income groups only, which may reflect negatively on this market over the next few years. However, the opportunities offered by untapped developing markets are expected to normalize the impact of this factors. The reducing poverty level across the world is also indicating towards a healthy future of this market in emerging and under-developed regions, states the report.
The review is based on a report by Transparency Market Research (TMR), titled "Global Sports Food Market Forecast, Trend Analysis & Competition Tracking: Global Review 2017 to 2022."
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SOURCE Transparency Market Research