Sport nutrition is big business!
According to a report by Zion Market Research, in 2016, the global sports nutrition market did about 28 billion USD and is projected to hit over 45billion USD going to 2022.
But what drives this close to 8 % compound annual growth rate?
- Shifting demographics
Initially, athletes and bodybuilders have been the top consumers of global nutritional products. But nowadays, there has been a significant adoption of the products by a lot of lifestyle users, especially the younger generation. Globally, North America will lead in the use of sports nutrition products due to its massive public adoption of supplementation and it also has a significant investment in fitness.
- Urbanization
More people live are living in towns than before. Mechanisation and pressure on facilities have made most people in towns and cities not to be as active as they were before. Time constraints also make people not to do as much as they would want in certain activities, e.g. exercising. Good pre workout Supplements therefore help people save and cut to the chase in terms of providing exactly what their body needs in terms of nutrition.
- Increased health awareness
With the phenomenal growth of the internet and an upsurge of social media sites, most people have access to an incredible repository of information on health. This has helped to demystify sports nutrition and has made an ever increasing number of people to use the supplements, bars and sports drinks to achieve to particular fitness goals.
- Growing disposable income
Better paying jobs and more income making opportunities, a corollary of revolution in the IT industry, real estate and hospitality sectors, have made more people to have some extra cash which they plough back to invest in their health and fitness. Some areas like Latin America are projected to increase in sports nutrition uptake due to the growing middle class demographic.
- Growing career opportunities in sports-related professions
Most young people today have diverse career choices in the sports sector. These increasing career opportunities in sports also draws demand to sports nutrition products
- Lifestyle diseases
As a consequence of urbanisation and more money, a significant number of people suffer from lifestyle afflictions. In a lot of developed countries, a number of obese people are a major market for sports nutrition products.
- Growing number of health clubs and fitness centres
This trend especially fuels growth in the popularity sports supplements products.
- Key stakeholders’ support
If you look at some of the key players in the sports nutrition market, you will find Fortune 500 companies. This shows the level of commitment and investment in this industry. Some of the top companies in this sector include Nestle S.A, The Coca-Cola Company, Reckitt Benckiser Group Plc., Pepsi Co, Abbott Nutrition Inc. and Yakult Honsha Co Ltd.