There's so much more to sports nutrition than the bodybuilding community. Sales statistics show a soaring market segment. A 2007 market research report by BCC Research expected the 2013 global market for sports nutrition products to have experienced a compound annual growth rate (CAGR) of 24.1 percent, while reaching USD $91.8 billionrising from a tally of $27.8 billion in 2007. SPINS, meanwhile, showed a 43-percent growth of fitness-inspired products in 2012. According to Matt Bodimeade of Companiesandmarkets.com, a London-based market research firm, the United States is the largest market for sports supplements, representing 63 percent of global sales volume.
Perhaps it's the recent blooming of doctor talk shows and more mass media including the Internet focusing on health, wellness and fitness, but the sports nutrition supplement market has morphed to reflect new trends in gaining and sustaining health. The category has thus expanded to reach varied target groups. The market is split into two basic consumer groups: fitness fanatics and casual users. This latter group is growing, and is quite attracted to the convenience formats.
The market is further segmented to include runners, weight lifters, CrossFitters, Spartan racers and so forth. Undeniably, modern consumers of sports nutrition have changed dramatically. Getting a handle on exactly who they are and why/how they consume will make the most positive impact on research and development (R&D) and potential success.
Read this full article in INSIDER's Sports Nutrition Digital Issue.