Sport food to outpace food drink by 2020
Sports drinks may have accounted for the largest share of the sports nutrition market in 2014, but sports food is expected to witness the highest growth for 2015 – 2020 according to a report from P&S Market Research.
The report predicted growth of 9.7% for sorts food in this period.
The global sports nutrition market overall was valued at $24,700.4 million (€22514.27m) in 2014, and it was ex ected to row at a com ound annual rowth rate CAGR of 8.3% durin the eriod 2015 – 2020.
Within this the North American market was the largest in 2014. Key globally operating companies included PepsiCo, Glanbia, GNC, Coca-Cola, MaxiNutrition GSK , Universal Nutrition and Clif Bar & Company.
Some of the major drivers behind the growth of the sports nutrition market include increasing urbanization, growing number of fitness centers and health clubs, and increasing health consciousness among people,”the report said.
The market had witnessed an “exceptional shirr in recent years, with sports nutrition products previously intended for athletes and body builders increasingly attracting a young non-athlete consumer group.
With consumer demand up, competition had also increased.
“To meet the requirement of epanded consumer base, manufacturers need to invest in new product development.”
This new consumer base wanted not just health benefits but good tasting products too. However the authors said challenges for the sector remained.
“Negative perceptions about inclusion of questionable ingredients such as steroids and other banned substances, and availability of various health substitutes, are some of the challenges faced by the industry.”
