Albany, NY — (SBWIRE) — 10/03/2017 — Global Sports Food Market: Snapshot
With the escalating number of health clubs and fitness centers across the world, the global market for sports food is witnessing a substantial rise in its valuation. The increasing popularity of various sports and games among young people is also reflecting positively on this market. In addition to this, the rising awareness among people about health and fitness and nutritional benefits of sports food is likely to propel this market tremendously over the next few years.
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According to Transparency Market Research (TMR), the opportunity in the worldwide market for sports food is anticipated to reach US$63.70 bn by 2017. The market is expected the further expand at a CAGR of 6.90% between 2017 and 2022 and attain a value of US$88.76 bn by the end of 2022.
Strong Demand for Protein-based and Energy Sports Food
The global market for sports food is broadly evaluated on the basis of the type of the product, distribution channel, and the gender. In terms of the type of product, the market is categorized into protein-based sports food, energy sports food, pre-workout sports food, rehydration sports food, meal replacement sports food, and miscellaneous sports food. The demand for protein-based sports food and energy sports food is relatively higher than their other counterparts.
By distribution channel, the worldwide market for sports food is classified into supermarkets and hypermarkets, convenience stores, drug stores, and online stores. The traditional distribution channels, i.e. supermarkets and hypermarkets, convenience stores, and drug stores have a better consumer base. However, with the increasing penetration of Internet and the rising number of smartphone users, online channels are also expected to pave their path in the near future. On the basis of the gender of consumers, the market is divided into males and females. Currently the males segment has been leading the global market and the trend is anticipated to remain so over the next few years.
Strong Growth Rate of Ensure North America’s Dominance
Geographically, the worldwide sports food market reports its reach across North America, Europe, Latin America, Asia Pacific excluding Japan (APEJ), the Middle East and Africa (MEA), and Japan. The current market leader, North America is anticipated to retain its dominance over the forecast period, expanding at a CAGR of 7.70% during the period from 2017 to 2022. The opportunity in the North America market for sports food is likely to reach US$25.35 bn by the end of 2017 and will touch US$36.73 bn by 2022. The increasing number of sports enthusiasts is the key factor behind the remarkable rise of this regional market.
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Europe, which has captured the second position in the global market for sports food, is expected to maintain it over the forthcoming years with a rising pool of sports food vendors in this region. Among other regional markets, the Middle East and Africa is projected to offer promising opportunities for growth over the period of the forecast due to the increasing interest of people in fitness activities. The increasing disposable income of people, enabling them to spend on expensive products, is likely to propel the APEJ and the Japan market for sports food in the years to come.
At the forefront of the global sports food market is GlaxoSmithKline Plc, Dr Pepper Snapple Group Inc., General Mills, Red Bull GmbH, GNC Holdings Inc., Monster Beverage Corp., Abbott Laboratories, The Coca-Cola Co., Nestlé S.A., and Glanbia Plc.
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