The South American sports nutrition market is projected to register a CAGR of 5.7% during the forecast period (2020-2025).
· Athletes and bodybuilders are the prime consumers of sports nutrition products. However, the market is benefited from the increase in the number of recreational and lifestyle users. Changes in lifestyle and an increase in disposable income are the driving the growth of the market studied. Moreover, rising awareness regarding the benefits of protein-based sports nutrition products and an active lifestyle augmented the growth of the sports nutrition industry.
· Additionally, the incorporation of natural and plant-based ingredients, along with the introduction of vegan alternatives in the product range, increased their acceptability among the masses. Furthermore, social media significantly influenced the industry. The increase in the number of social media influencers and the prominent impact celebrities have on day-to-day lives, especially in case of millennials, is expected to drive the market’s growth.
Key Market Trends
Increasing Number of Health and Fitness Centers
The increase in the demand for sports nutrition products is primarily due to the rising preference toward healthy lifestyle, primarily to stay fit. Furthermore, health clubs and gyms are the key trends contributing to the growth of the South American sports nutrition market. Most of the health clubs sell protein supplements, nutrition bars, energy drinks, and similar sports nutrition products. Some health clubs hire dieticians to assist consumers with the selection of these products. Moreover, sports supplements have been witnessing rising popularity and demand due to the increasing number of health centers and fitness clubs across the world, as these function as primary distribution channels for these products. The increasing number of health and fitness centers has been positively influencing the growth of the market, as these centers are involved in the endorsement of sports and fitness nutrition products among their respective consumers.
Brazil to Dominate the Regional Market
Due to the rising health concerns, there has been an increasing demand for nutrition filled, low-calorie sports foods and drinks, which are made from natural ingredients, like stevia and other sugar alternatives. Protein/energy bars recorded the fastest growth in the the sports nutrition category. Moreover, the South American sports nutrition market is driven by the widespread launches of sports nutrition products. Integralmédica, which is one of the leading companies in the sports nutrition category in Brazil, has been witnessing growth, primarily due to the success of its launches of different brands targeting specific niches within the category. The South American population is inclined toward health and fitness. Their core interest lies in identifying the ingredients present in the product. This is expected to drive the demand for clean-labeled sports nutrition products.
The South American market for sports nutrition is fragmented, owing to the presence of numerous regional and domestic players. Companies are focusing on mergers, expansions, acquisitions, and partnerships, along with new product developments, as strategic approaches to boost their brand presence. Key players dominating the regional market include Nutribrands, Integralmedica Suplementos Nutricionais Ltda, PepsiCo Inc., and The Coca-Cola Company, among others.
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