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Latin America to see massive growth in sport supplements market

Industry Sector

Food and Drink

Published

11 November 2010

Author

Mike King

Type of News

General

The market for sports and fitness nutrition worldwide is estimated to hit almost $45 billion by 2015. The growth of this market will come from a number of factors including the increasing focus on health and wellness, rising levels of income, an increasing willingness of consumers to spend and the embracing of western-styled food in Asian markets. The US and Japan are the biggest market in this industry.

The recent recession, which began in 2007, hit the sport and fitness nutrition market, with buying patters showing signs that the market was in trouble. As employment levels fell, household income also fell, which caused spending to dry up in the sports and fitness nutrition market. The largest segment in this market, the Sports and Energy Drinks sector, has seen a slowdown in the last few years, as their main consumer, the blue-collar and low-income groups, felt the pinch of the recession. In the supplements sector, premium luxury brands saw their sales dry up, while niche categories such as mood enhancers saw their sales rise.

Emerging markets such as China, India and Latin America will see the majority of future consumption growth in the sports and fitness nutrition market worldwide, with growing middle class consumers wanting to spend more on wellness and health than ever before. In Latin America, the supplements market is forecast to massively increase at a CAGR (compound annual growth rate) of more than 7.0% until 2015.

Global supplement sales are expected to hit a rough patch in the next few years, as regulatory changes worldwide mean that companies in the supplements market will potentially have to change they way they operate. Companies in Europe, Asia, Latin and North America and Russia are waiting for changes that may mean a crackdown on what ingredients are allowed in supplements, and how they market the health benefits of these products. In recent years a number of companies have been guilty of mixing steroids or FDA-approved drugs into supplements, turning them from dietary supplements to illegal drugs. Over the next few years regulatory bodies will have a major role in the market, and dictate strict policies over sports nutrition.

The major players in the global sports and fitness nutrition market include Abbott Nutrition, Red Bull, Slim-Fast Foods, Dymatize Enterprises, AST Sports Science and Body Wise International.

Author: Alex De Angelis, Analyst

 

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