The Asia-Pacific region alone will garner an estimated $7.8bn sports nutrition sales by 2020, growing by 9% from 2015.
The industry is touted to exhibit a sizeable growth in the forecast period, but why?
We see that the increasing number of sports nutrition products targeted at athletes, sportsmen, and bodybuilders in Asia Pacific are now finding their way into retail and specialty stores.
Even recreational as well as lifestyle enthusiasts are shifting towards healthy nutrition trends, and realising that a consuming a separate nutritive diet is essential along with a workout regime to achieve a fit body.
In East Asian countries, such as China, Japan, Korea, and Taiwan, adolescents are increasingly concerned with their personal appearance.
This has occurred mainly because of their enhanced awareness about food intake and effect of healthy eating patterns.
Many teenagers are obsessed with building lean muscles and looking fit and fine. The number of health centre memberships have gone up, and influenced the revenues for protein milk, health bars, and dietary supplements.
The industry in Japan is expected to grow at a consistent rate of 9% annually, till 2022. China is exhibiting the fast growth with a CAGR of 15%, pointing towards a dynamic market.
Australia is another country where the market for sports nutrition products is establishing its stronghold. The country has a large number of sportsmen and athletes who prepare and practice rigorously for competitions.
This has created a need for products and diet supplements which accelerate muscle repair and replenish the body with necessary nutrients.
A majority of sportsmen swear by the benefits of whey protein powers in their daily diets and consumption needs. This sector is witnessing a CAGR of 8% annually in the forecast period ending 2022. These factors ensure a robust growth for the Asia-Pacific region.
We are also seeing growth being boosted key market players bringing in more new flavors and diversified products to create protein supplements, drinks, and health bars that are palatable to different consumers.
In Asia, protein powders are fast becoming a habit for all those interested in fitness as a daily lifestyle. The market for protein powders appears promising with an estimated CAGR of 13.3% through tol 2022.
Plant-based protein
A large number of market players are also focusing their product development strategies in more plant-based protein powders to cater to an increasing vegan base. Sports nutrition products made from whey protein, casin, pea, rice, and hemp protein are gaining a nod of approval from many health-conscious consumers in the market.
Nutrition bars and healthy snack bars are also a rapidly growing segment in Asia market. Consumers are preferring to snack on these nutrition bars even in busy lifestyles, as they can be had on the go.
At 14.5% CAGR during 2016 - 2022, this is also one of the fastest growing segments, where new entrants in the market can successfully venture.
Moreover, we have seen online e-commerce augmenting revenues as the product reach has expanded to a far larger number of consumers, all across the region.
All of these factors combined explain why we think well-rounded growth for the sports nutrition industry is a certainty in the next few years.