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Sport and fitness nutrition market to be worth more than $6 billion by 2018
The global market for sports and fitness nutrition supplements is projected to exceed $6 billion by 2018, according to a report by market researcher Global Industry Analysts (GIA), encouraged by rising health consciousness and knowledge of sports nutrition products and increasing number of people engaged in sports/fitness related activities.
In the report Sports and Fitness Nutrition Supplements: A Global Strategic Business Report, GIA explain that, in the past, terms such as 'fitness' and 'exercise' were associated only with certain physically active groups such as athletes and body builders and therefore exercise equipment or sports nutrition products were mainly targeted at such people.
However, with changing times and with growing focus on overall well-being among the general population, sports products, and particularly nutrition supplements, also started being targetted at that same population.
New customer groups that are increasingly becoming an area of interest for various sports and fitness nutrition supplement companies include weekend fitness or sports enthusiasts and people who are interested in maintaining their health by using supplement products.
With growing interest from such users, according to GIA, sports nutrition products, which were previously available only in gyms and health food stores, are now available in mainstream mass market outlets such as supermarkets and convenience stores.
Further, to effectively leverage such new market opportunities, products are being revamped in terms of taste, packaging and delivery formats and are being positioned in unique ways to suit the needs of such emerging customers.
In the global market, apart from the major trends of expanded usage, newer customers and introduction of several novel product formulations, an important trend is the growing demand for products containing natural ingredients.
As consumers shift away from synthetic products, either in terms of foods or supplements to products closer to nature, demand for natural/herbal supplements and products is growing at a rapid rate, the report continues.
The trend is particularly true for products containing various herbs and spices, specifically those used in Chinese traditional medicine and Ayurveda. These natural/herbal products are rapidly making inroads and are gaining popularity as consumers realize their medicinal and health benefits. Sports supplement manufacturers seeking a greater share of the market are therefore leveraging this trend and are investing substantially in research to develop novel products that can carry a natural claim. Demand for vitamins and mineral supplements is also growing at a strong pace in this market, owing to the hectic pace of life which is leaving little time for a well balanced, nutritious meal.
From a regional perspective, the market for sports and fitness nutrition supplements is highly concentrated in the west, particularly in the US. However, like many other industries, future growth is likely to emanate from developing nations, particularly the BRIC countries (Brazil, Russia, India and China), due to their relatively faster and stronger economic development, including the trend of urbanisation. Currently, the usage of sports supplements is mostly limited to the fitness-oriented groups such as body builders, athletes or regular gym goers in such countries. The availability of sports supplements is largely restricted to certain non-grocery retail channels such as health food shops and the Internet. The lack of awareness about the availability of such products along with concerns relating to their efficacy and safety are major factors currently limiting growth in these regions. Further, the inadequate purchasing power coupled with high prices of the products is also impeding penetration of sports supplement products in these regions.
The report states that the United States is the largest regional market worldwide, accounting for a major chunk of the global market with wide availability and easy access to sports and fitness nutrition products at fitness clubs, pharmacies, health food stores, supermarkets and online channels enable quick access and higher market penetration.
The US sports supplements market is largely supported by the traditional customer base, comprising body-builders and athletic groups, in addition to the general population displaying strong inclination towards products promoting fitness and well being.
Asia-Pacific represents the fastest growing regional market displaying a compounded annual growth rate of about 12% over the analysis period, with potential for growth resting in the burgeoning youth population showing inclination towards sports and fitness related activities and products.
Click here to access the full report report Sports and Fitness Nutrition Supplements: A Global Strategic Business Report from Global Industry Analysts.
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