LONDON--(BUSINESS WIRE)--Technavio research analysts are forecasting positive growth for many segments of the health and wellness market over the next four years as several markets including sports nutrition, herbal supplements, and weight management, are expected to witness an increase in revenues.
Technavio’s market research analysts predict the global sports nutrition market to grow at a CAGR of more than 8% by 2020. Demand for protein-based sports nutrition products such as protein-based bars, supplements, and powders is increasing among consumers. Proteins have become the preferred source of nutrition in diet owing to several functional benefits including high nutritional value, weight management, and strengthening of the immune system. Some of the popular protein sources in sports nutrition products are whey and soy. With the launch of new protein products, sports nutrition products are expected to witness considerable growth in the coming years.
According to Amber Chourasia, a lead research analyst at Technavio, “A significant trend spurring growth in this market is a rise in marketing initiatives by vendors. Vendors are actively promoting the unique features and benefits of their products, such as the use of natural ingredients, regulatory bodies' approvals, and association to a specific sport. Also, through various marketing campaigns, activities, and media, vendors are targeting both sportspersons and non-sportspersons to build a larger consumer base. The surge in promotional activities and marketing initiatives of sports nutrition products will positively influence the growth of this market over the next four years.”
Apart from the sports nutrition market, the second most sought after market in the health and wellness industry is the global herbal supplements market, which is expected to grow at a moderate CAGR of more than 6% over the forecast period. With the rising awareness of the several health benefits of herbal supplements, this market is envisaged to have a positive outlook in the coming years. Functional foods comprise ingredients that boost the health and well-being of an individual.
Increasing work pressure and busy schedules have restricted people to unhealthy eating habits, such as fast foods and meals-to-go, which do not fulfill nutritional requirements. In order to compensate for the lack of nutrients, increasing number of individuals are opting for functional foods such as supplements in the form of powder, syrup, or tablets in their daily diet to significantly reduce the chances of developing health complications. Moreover, dietary supplements like herbal supplements are priced lower, are easy to include in food, and contain nutrients with no perceived side effects. In addition, vendors are increasing the level of awareness for such foods through health subscription and other marketing campaigns, which will contribute to the growth of this market until the end of 2020.
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In recent times, Technavio’s market research analysts have identified a steady growth in the weight management market which is forecasted to grow at a CAGR of over 5% during the period 2016-2020. The increase in the number of chronic diseases has resulted in growing demand for weight management products such as diet products, fitness equipment, and weight management services.
The increase in health issues is pushing people towards a healthy diet and daily exercises, propelling the demand for fitness and training equipment. In addition, a rise in the disposable income of people has increased their purchasing power, which is expected to boost the procurement of weight management products over the next four years.
Consumers are increasingly opting for weight management products such as supplements to remain fit and healthy. There is a growing demand for products containing special ingredients such as yacon root, which is effective for healthy weight management. Recently, MeICap Systems has developed an electronic pill, which delivers electronic stimulation to suppress appetite. Vendors are also introducing advanced fitness equipment such as foldable treadmills for convenient use of people. Such growing demand for fitness and wellness technologies will augment this market’s growth in the coming years.
Some of the key vendors for the health and wellness market include Coca-Cola, Glanbia Nutritionals, and GlaxoSmithKline for the global sports nutrition market; Gaia Herbs, Herb Pharm, and Nature’s Bounty for the herbal supplements market; and Johnson Health Tech, Kellogg, and Weight Watchers for the global weight management market.
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