Sports Food Market Revenue, Competitive Insights, Influencing Factors, Size & Forecasts to 2022
The global sports food market exhibits high fragmentation, reports Transparency Market Research (TMR). With a large pool of vendors, the vendors in the global sports food market are vying for consumer attention. The presence of big players in the market facilitates the broad accessibility of these products which will in turn increase demand. For example, the brand OWN PWR was introduced for U.S. consumers by Amazon in 2018.
The main market players ‘ strategies for achieving competitive advantage include collaboration with others, investment in R&D, and product differentiation. For instance, a 3-year distribution agreement with the protein brand, Crankt, was signed in 2018 by the Freunity Food Group of Australia. The Freedom Food Group helped to grow its brand of sport and nutrition in Australia.
The negotiating power of purchasers is high because the price of a product switch is comparatively small, so the retention of the customer is quite difficult. This could be a key focus area for vendors in the global sports food market to consider in the coming years.
The global sports food market should reach $88.76 billion by 2022 according to the TMR report. The prediction period is from 2017 to 2022 and within this era, the market can grow to an outstanding CAGR of 6.90%. Product dominates the market compared to their counterparts by protein-based food products and energy sports. The market is seen to contribute significant stocks from internet channels with respect to the distribution channel.
From a geographical point of view, during the prediction era, the global sports food industry is probable to have an accelerated CAGR lion’s share in North America of 7.70%. The contribution of US$ 36.73 billion to the globe by the end of 2022 from US$ 25.35 trn according to the 2017 documents is expected to be worth only for North America.
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Growing Trend of Single-Serve Meals to Push Sports Food Market
Owing to busy life it is easy to get proper nutrients for the sports persons in a single product. Carbohydrates and protein foods are very popular in sports food market. Soya and whey are major provider of protein in sports food market. Demand for sports food products has made the sports nutrition market flourish and it is also expected to have high growth during next couple of years. Sports food consist energy bar, protein bar and nutritional powder. Understanding the need of sports food market, companies are now coming with variety of supplement powder and bars in sports food market. This is key factor fueling the global sports food market in coming years.
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Specialty Stores to Emerge as Key Market Trend
Specialty businesses introduce new methods to attract clients, which in turn helps the segment grow. These shops focus on holistic, consulting, cure and services alternatives. For example, in 2015, a new contract initiative, training, loyalty programs and stores equipped with Wi-Fi and tablets were implementing by Vitamin Shoppe. The project was initiated. The initiative was designed to improve the general experience in retail. This stores ‘ marketing methods emphasize the promotion of high-quality products and certifications, including ELISA, gluten free, or non-ELISA testing certificates. The emergence of such specialized centers is expected to be a lucrative trend in the coming years, and amplify sales in the global sports food market.
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