The market is expected to generate an incremental $ opportunity of US$ 28,302.1 Mn between 2022 and 2032
Category: Food & Beverages Published Date : October 2022 ID: CVC-00413 Format: PDF Pages: 340
Sports Food Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Sports Food Market grew at a CAGR of 6.0 % between 2017-2021 and is estimated to be US$ 38,204.6 Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 5.7% and is expected to reach a valuation of US$ 66,506.7 Mn by 2032 end.
Sports drinks hold the major sports food market share in the sports food market. The sports food market is expected to witness significant growth shortly, as increased availability of these products across the online market, supermarkets, and departmental stores is expected to drive demand.
GROWING CONCERN OVER OBESITY WILL FUEL THE MARKET FOR SPORT FOOD
Sports nutrition products are becoming increasingly popular, particularly among athletes and people who engage in strenuous physical activities. Growing emphasis on staying fit and healthy and increased participation in sports, health clubs, sports clubs, and gyms are some of the major factors driving the growth of the sports nutrition industry.
The main purpose of sports nutrition is to ensure that athletes have enough energy to perform well in their sporting events. If a person is not eating enough calories or nutrients when they need them most, then they will not be able to play at their best level.
AVAILABILITY OF ALTERNATIVES HAMPER THE MARKET GROWTH
The sports nutrition market will have slow development throughout the projected period due to the presence of inexpensive alternatives, bad press, and adverse effects.
The increased awareness about the increased risk of serious illness, a surge in the intake of high-fiber functional food, growing penetration of e-commerce platforms, especially in developing economies, and rising health awareness further affect growth in the market growth.
THE RISE IN AWARENESS REGARDING FITNESS WILL CREATE MORE OPPORTUNITIES FOR THE MARKET
An increasing number of fitness centers are expected to fuel the market’s growth. The growing millennial population and increased social media marketing will further boost many opportunities, leading to the development of the sports nutrition market during the forecast period.
During the COVID-19 pandemic, consumers were concentrated on purchasing basic products, and as a result, sales of sports food declined. However, sales of sports food items and demand for sports food were significantly impacted by the temporary closure of gyms, fitness centers, health clubs, and sports institutes.
However, owing to COVID-19, online sales of sports food skyrocketed in 2020 as customers turned to e-commerce to avoid congested areas and ensure hygiene. Shortly, rising awareness of health and a healthy lifestyle is expected to fuel demand for sports food.
Market Segments Covered in Report
By Product Form:
By Sales Channel:
By Price Range:
By Region and Country:
How will sales be impacted by the trend toward organic sports nutrition products?
Clean labels, and organic, and natural products have become the new trend in food. Consumers are becoming more sensitive to what they consume and are more concerned about what goes into their bodies. Food manufacturers are responding to this trend by increasing the production of organic and natural sports nutrition drinks and protein powders.
However, a new regulation on clean label formulation is expected to hamper the growth of the segment. Clean label formulations on sports nutrition products can confuse consumers because it can be difficult for them to identify whether a particular product is healthy or not.
Why Is Flavored Sports Nutrition Still Popular?
over 60.0% of consumers are likely to choose flavored sports nutrition products such as energy bars and sports nutrition drinks with varied Flavors such as chocolates, vanilla, fruit, and others due to their convenience factor. With the increasing demand for flavored sports nutrition drinks, manufacturers are coming up with new flavors and innovative products to gain a competitive edge in the industry.
The beverage industry has been facing stiff competition from other food and beverage categories such as coffee, tea, and juice that are gaining popularity among consumers. Rising disposable income coupled with changing lifestyle trends has encouraged people to switch over to a healthier lifestyle. This in turn has led to an increase in demand for ready-to-drink and ready-to-eat (RTE) products.
Why is the Online Retail segment expected to expand the fastest during the forecast period?
In the past few years, COVID-19 has dramatically changed how health clubs and fitness centers are marketing themselves.
Online channels have become a key component of business growth. As a result, healthy living solutions providers such as health clubs and fitness centers are relying on social media platforms such as Instagram to promote their brands. This is not surprising, given the fact that digital marketing plays an important role in boosting sales of sports nutrition products. The trend of online fitness classes has made leading brands take shelter on social media platforms such as Instagram to promote their brands.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
Major corporations are utilizing organic and inorganic development tactics to strengthen their position in the market by diversifying the products they provide.
Some of the key developments that have taken place in the Sports Food Market include:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Function, Product Form, Flavour, Sales Channel, Price Range, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|