Global Sports Nutrition Products Market: Snapshot
The global market for sports nutrition products is growing at a significant pace. The key players in the market are focusing on emerging markets in order to enhance their presence and attract a large volume of consumers in the next few years. In addition, the increasing focus on marketing activities and advertising campaigns are anticipated to contribute towards the market’s development in the near future. The introduction of new products is projected to create lucrative opportunities for key players operating in the sports nutrition products market in the forecast period.
As per the research study, the global market for sports nutrition products is estimated to reach a value of US$52.5 bn by the end of 2024. The market is likely to register a promising growth rate in the forecast period.
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Introduction of New Ingredients to Create Promising Growth Opportunities
The rising health awareness among consumers and the emergence of new products and ingredients are the key factors that are anticipated to fuel the growth of the global sports nutrition products market in the coming years. Additionally, the high rate if urbanization and the increasing purchasing power of consumers, especially in developing economies are another major factors projected to supplement the market’s growth in the forecast period. On the contrary, the easy availability of low-cost and counterfeit products is expected to hamper the market’s growth in the near future.
Among the major product types, the sports drinks segment is predicted to lead the global sports nutrition products market in the next few years. The rising demand and the easy availability of these products are likely to encourage the growth of this segment in the next few years. In addition, the rising focus of key players on advertising activities is estimated to boost the demand for sports drinks in the coming years.
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Rising Participation on Sports to Bolster North America Market
The global market for sports nutrition products has been classified on the basis of geography into Latin America, North America, Asia Pacific, Europe, and the Middle East and Africa. In the recent years, North America led the global market holding a lion’s share. As per the study, this segment is estimated to remain in the topmost position over the forecast period. The high growth of this region can be attributed to the rising health concerns. In addition, the rising inclination of consumers towards sports is expected to contribute widely towards the development of the North America sports nutrition products market in the next few years.
Furthermore, Asia Pacific is projected to register a progressive growth rate in the next few years. A significant rise in the number of people expected to participate in different types of sports is one of the key factors predicted to fuel the overall growth of the market in the forecast period. In addition, the rising disposable income of consumers and the rising awareness regarding the benefits of consuming sports nutrition products are projected to accelerate the market’s growth in the near future.
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Some of the key players operating in the sports nutrition products market across the globe are Nestlé S.A., Abott Nutrition Inc., GNC Holdings, Monster Beverage Corporation, Reckitt Benckiser Group Plc, Yakult Honsha Co Ltd., Glanbia Plc, The Coca-Cola Company, Maxinutrition Ltd., and PepsiCo. The rising level of competition is expected in the next few years, due to the growing number of companies entering the global market in order to create a niche and attract a large number of consumers in the near future.
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