Changing Status of Sports and Fitness Nutrition Supplements Drives the Global Market, According to New Report by Global Industry Analysts, Inc.
GIA announces the release of a comprehensive global report on Sports and Fitness Nutrition Supplements markets. The global market for Sports and Fitness Nutrition Supplements is encouraged by rising health consciousness and knowledge of sports nutrition products and increasing number of people engaged in sports/fitness related activities.
Due to a growing global awareness of the importance of exercise to overall health coupled with the increasing acceptance of the nutraceutical market, consumer demand for supplements geared towards sports nutrition will continue to see strong sales in 2013. Many supplement manufacturers have expanded offerings for distributors based on increased sales within this segment. The sports nutrition industry grew nearly 9% in 2010, reaching almost $19 billion in retail sales. Performance was even stronger in 2011, retail sales rose 14%, to $21.4 billion. Three channels accounted for nearly all of the growth in the category: mass market retail, the largest market and also the fastest growing, with 2011 retail sales up 15%, to $16 billion; natural/specialty retail, this channel grew about 10%, reaching $3 billion, and internet, no longer a fledgling category, grew 22%, to $710 million (NutraceuticalsWorld.com). According to BCC Research, the global market for sports nutrition products is expected to have a compound annual growth rate of 24.1%.
One reason for explosive growth of sports performance supplements is a changing product market focus. Traditionally, sports endurance supplements were heavily geared towards body-building and professional athletes. But with changing times and with growing focus on the aspect of overall well-being among the general population, sports products, particularly nutrition supplements, also started being targeted at the common man. The industry has expanded to include individuals that participate in recreational workouts and sports. Historically, sports performance products have been geared towards male consumers; however, today’s user of sports nutrition products is evenly split between genders. There has also been growth within the youth segment for sports performance supplements – a recent study performed by the National Health Interview Survey shows that 1.6%, or 1.2 million kids, are now users of sports performance formulations. With growing interest from such users, sports nutrition products are now available in mainstream mass market outlets such as super markets and convenience stores. These changing demographics of the typical sports endurance supplement user has been responsible for the growth of the base market for sports supplements, and in turn, helped to fuel the explosive sales growth seen in this category.
In the global market, 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. 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.
As stated by the new market research report on sports and fitness nutrition supplements, the United States leads as the largest regional market worldwide, accounting for a major chunk of the global market. The 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. Like many other industries, future growth will also 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 urbanization. Asia-Pacific represents the fastest growing regional market displaying a CAGR 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.
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. What’s certain today is that sports nutrition products have a significantly broader channel presence than in the past, with mass market retail leading the charge. Most companies offer products for sale through their own websites as well as through prominent online retailers like bodybuilding.com, drugstore.com, and brick-and-mortar sports nutrition retailers’ websites. Given the ubiquity of the Internet, convenience of purchase and delivery, and abundant informational resources available online—from product reviews to real-time customer service—sports nutrition products are a good fit with e-commerce. GNC’s online sales grew 62% in 2011, to $95 million. Bodybuilding.com’s revenues grew from $47 million in 2005 to nearly $196 million in 2010 (33% CAGR.
Just as there is a direct linkage between changes in the sports nutrition consumer base and channel diversification, delivery systems have evolved toward convenience to cater to the mainstream consumer. While hardcore athletes are willing to lug 5-gallon containers of powdered product and mix their own concoctions, casual users are attracted to ease of use. This has prompted product concentration and miniaturization, more products in RTD formats, and innovative delivery systems like chews, puddings, shots, blocks….and of course bars, bars and more bars! However, and perhaps surprisingly, sports nutrition powders still dominate, exceeding $3 billion in retail sales (86% of the Sports Nutrition Supplements category) and growing 10% annually, according to NBJ.
The research report titled "Sports and Fitness Nutrition Supplements: A Global Strategic Business Report" announced by Global Industry Analysts, Inc., provides a comprehensive review of trends, issues, recent industry activity, and profiles of major companies worldwide. The report provides market estimates and projections (US$) for the assessment period 2010 through 2018 across geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain and Rest of Europe), Asia Pacific, Latin America and Rest of World. Key product segments analyzed include Amino Acids/Derivatives, Herbal Products, Prohormones, Vitamins/Minerals, and Others.