PALO ALTO, Calif., Aug 9, 2004 (BUSINESS WIRE) -- The changing consumer profile for sports nutrition products is rapidly widening the customer base and boosting revenues. Manufacturers are now aiming beyond athletes and body builders and targeting fitness conscious people.
While this new consumer category is expected to drive rapid growth in the industry, their fast changing tastes complicate new product development.
New analysis from Frost & Sullivan (www.food.frost.com), U.S. Sports and Fitness Nutrition Market, reveals that the industry generated revenues totaling $3.01 billion in 2003. Total revenues are expected to reach $6.33 billion by 2010.
"The speed at which food habits and product preferences are changing make it difficult for the manufacturers to judge whether the change is for the long term or if it is going to be a short lived fad," says Frost & Sullivan Research Analyst Haricharan Desai.
As the market tries to draw more mainstream consumers, taste profiles are becoming crucial to sports nutrition. Focused R&D efforts in this area have resulted in an explosion of flavors in every product category. For instance, top brands in categories such as energy bars and ready-to-drink shakes have 8 to 10 flavor variants.
Ironically, the expanding product range is limiting customer loyalty. The sheer choice in terms of flavor, form, size, and price is encouraging consumers to try out different products.
Overcoming this challenge requires stronger brand identities and clear-cut positioning. Products should be developed based on feedback obtained through constant interaction with the consumers.
Delivery form is another important factor in avoiding stagnancy in the market. Consumers like to have variety and providing the same benefits in different forms -- beverages, bars, confections, etc. -- can evoke higher interest and boost sales.
Thus, incorporating the technological advances in food science is vital to sports nutrition applications. Ongoing research and the resulting innovations such as time-release products and new protein delivery systems will further aid in capturing consumer attention.
Since the level of consumer awareness is the most influential factor -- external to the products -- that spurs industry growth, the role of manufacturers' marketing efforts in consumer education is also very significant.
"The mass market channels have helped the fitness nutrition market to reach newer markets and a wider audience," notes Desai. "Higher health awareness levels combined with increased pace of the American lives has contributed to continuous growth of the industry since 2000."
The flipside, however, is the threat of commoditization of the products, as consumers could begin to perceive all the products to be similar in terms of benefits and other features.
The U.S. Sports and Fitness Nutrition Market, a part of the Food and Beverages Subscription, provides insights into the various segments of the sports and fitness nutrition markets: energy and nutrition bars, meal replacement bars, meal replacement powders, ready-to-drink shakes, protein powders, and creatine. The study analyses market drivers and restraints, offering forecasts and identifying the areas of growth. Executive summaries and interviews are available to the press.
If you are interested in an analysis overview which provide manufacturers, end-users and other industry participants an overview, summary, challenges and latest coverage of the U.S. Sports and Fitness Nutrition Market -- then send an email to Julia Paulson -- North American Corporate Communications at [email protected] with the following information: Full name, Company Name, Title, Contact Tel Number, Contact Fax Number, Email. Upon receipt of the above information, an overview will be emailed to you.
Frost & Sullivan, an international growth consultancy, has been supporting clients' expansion for more than four decades. Our market expertise covers a broad spectrum of industries, while our portfolio of advisory competencies includes custom strategic consulting, market intelligence, and management training. Our mission is to forge partnerships with our clients' management teams to deliver market insights and to create value and drive growth through innovative approaches. Frost & Sullivan's network of consultants, industry experts, corporate trainers, and support staff spans the globe with offices in every major country.
U.S. Sports and Fitness Nutrition Market