Evolving trends of remote fitness coaching, nutritional training due to affordability and easy access coupled with increasing home workout session has increased consumer group for sports nutrition, thereby propelling market growth. Increase in gym memberships among mid aged population to combat lifestyle related issues like body pain and obesity will have positive impact on product demand.
Protein based sports food is projected to grow at a CAGR of 8.04% from 2020 to 2027. Increasing number of new sports persons and athletes aiming for body building and muscle toning opting for heavy weight training for optimum performance will escalate product demand. Rising popularity of plant based protein ingredients owing to shifting demands towards vegan diets and product development providing same nutritional value as animal protein will further act as a key growth attribute towards market size.
North America led by U.S. is a key consumer of sports foods and was valued at USD 18,124.35 million in 2020 and is expected to witness significant gains of 7.66% in forecast timeframe. Presence of key players in this region producing products concentrating on gut health with incorporating gluten free, low sugar products where, high intensity exercise may cause digestive issues will act as a key driver towards industry growth. Mass market protein brands in U.S. are making possible for the consumers to customize products according to the personal needs of the consumers, thus escalating market growth. Sports food manufacturers are including more of natural ingredients originating from sustainable farming practices to attract consumer looking for clean label requirements.
The exclusive COVID 19 impact analysis report by Axiom MRC provides a 3600 analysis of micro and macro-economic factors on sports food market. In addition, complete analysis of changes on healthcare expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market. Food and nutrition is an integral part of peoples live and spending on these products along with growing emphasis on self-care to reduce hospitalization or medical aids, contribute towards the exponential growth of sports food even in health crises.
Key players operating in sports food market includes General Mills, Alpsnack, Abbott Laboratories, GNC Holdings Inc., Glanbia Plc., Power Bar, Multipower, SQUEEZY Sports Nutrition, The Nature’s Bounty Co., Cliff Bar & Company, Pepsico Inc, and The Coca Cola Company. New product development is a key business strategy to cater evolving consumer base of recreational and lifestyle users.
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