The report predicted growth of 9.7% for sports food in this period.
The global sports nutrition market overall was valued at $24,700.4 million (€22514.27m) in 2014, and it was expected to grow at a compound annual growth rate (CAGR) of 8.3% during the period 2015 - 2020.
Within this the North American market was the largest in 2014. Key globally operating companies included PepsiCo, Glanbia, GNC, Coca-Cola, MaxiNutrition (GSK), Universal Nutrition and Clif Bar & Company.
“Some of the major drivers behind the growth of the sports nutrition market include increasing urbanization, growing number of fitness centers and health clubs, and increasing health consciousness among people,” the report said.
Shift in the market
The market had witnessed an “exceptional shift” in recent years, with sports nutrition products previously intended for athletes and body builders increasingly attracting a young non-athlete consumer group.
With consumer demand up, competition had also increased.
“To meet the requirement of expanded consumer base, manufacturers need to invest in new product development.”
This new consumer base wanted not just health benefits but good tasting products too.
However the authors said challenges for the sector remained.
“Negative perceptions about inclusion of questionable ingredients such as steroids and other banned substances, and availability of various health substitutes, are some of the challenges faced by the industry.”