(EMAILWIRE.COM, March 13, 2022 ) The Taiwan Sports Nutrition Market size is estimated to reach $370 million by 2027 and is poised to grow at a CAGR of 11.3% over the forecast period of 2022-2027. Sports nutrition, as the name suggests contains various nutritious offerings which are required by the players, and now even the public to perform their activities in the best possible manner. Such diets or nutritional offerings are extremely rich in protein and comes under the head of high-protein diet. Such diets are also rich in carbohydrates, as the following provides ready energy to the players in high pressure matches. Players are now preferring sports drink and sports bar which contains the right amount of all essential multivitamin and other nutrients. Plant- based ingredients are now being highly preferred by the young people, as they have started exploring options and diet preferences from the west. Various dietary supplements are being launched actively in the market of Taiwan, as the people are gaining knowledge about the various health conditions which can be mitigated by taking such supplements along with the rising product launches which drive the Taiwan Sports Nutrition industry forward in the projected period of 2022-2027.
Taiwan Sports Nutrition Market Segmentation Analysis By Product Type
The Taiwan sports nutrition market based on product type can be further segmented into Sports Drink, Sports Supplements, and Sport Foods. Sport Supplements held a dominant market share in the year 2021. It is owing to the various diet offerings being offered within the segment. For example, sports following individuals or gym enthusiast must have a fixed diet or a diet fulfilment. A lot of companies are now offering products such as high-omega-3 content. Vitamins and Minerals & Amino acids help in fulfilling certain additional body requirements as they help in building muscles or grow the attention spans. Lastly the average annual growth rate for new product introductions of BCAA beverages between 2017 and 2020.
However, Sport Foods is estimated to be the fastest growing, with a CAGR of 11.9% over the forecast period of 2022-2027. Sport foods include protein bars, energy bars, and even protein gels. With plant-based ingredient now gaining traction, almond ingredients are now being readily used as they provide important nutrients and proteins. Additionally, out of all the launches, a predominant portion of protein bars are now being made from almond and other nuts. The following will allow the segment to grow.
Taiwan Sports Nutrition Market Segmentation Analysis By Distribution Channel
The Taiwan sports nutrition market based on distribution channel can be further segmented into online and offline. The online segment dominated the market in the year 2021. It is owing to the lockdown closures which forced the people to take the online route. Moreover, the major supermarkets launched their mobile application. By allowing the said online feature, observed an increased sale.
Moreover, the online segment is estimated to be the fastest-growing, with a CAGR of 12.1% over the forecast period of 2022-2027. It is owing to various schemes and cash discounts being launched, and the sales value has not shied away as well. Lastly, with the inclusion of more and more players online with being receptive to consumer needs, the following segment would propel and provide opportunities to the markets. However, tension owing to trade barriers, the distribution channel has suffered, and the region will have to make through the imbalances.
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Taiwan Sports Nutrition Market Drivers
The regions potential to host a multi-dimensional sports event has been a key driver for the market
Firstly, a correlation can be established between sports nutrition and sporting events. When, a large amount of sporting events take place in a demography, it automatically allows more an more federations to show interest in hosting events. It allows for a better-quality control and other cost manageable actions to be partaken. Moreover, Taiwan has held a predominant space when it comes to delivering world class events. Championships such as The Swinging Skirts LPGA Taiwan Championships, which attracts the best of best female gold players to the country. With golf now being extensively recognized on a global platform, Taiwan would act as a major traction source. Another sport known as sailing, has been a recognized sport in Taiwan. Further, the countrys coastline allows for major tournaments to take place. Hosting an event such as the Americas Cup could generate significant economic impact. For example, in the year 2010, the revenue generated from hosting such as event was close to 2.8 billion euros. Similarly, hosting such events has allowed and will allow the sports nutrition category to grow.
Product innovations has allowed the market to take a grip and has acted as a key driver
Innovations has been seeing all along the lines of sports nutrition. Firstly, plant-based ingredients has been actively launched across the product lines of several noticeable brands. Moreover, as per plant-based association, around 8-10% of all the product innovations within the plant-based launch were focussed on using plant-based ingredient. Additionally, brands are improvising their product offerings. For example, apart from being solely focused on sports personalities, companies are now focussing on launching products which allow general consumers to consume the products as well. The following promotions and advertising campaigns have allowed the market to grow multifold.
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Taiwan Sports Nutrition Market Challenges
Key ingredients used in making sports nutrition drinks have potential health problems
Caffeine has been a predominant ingredient. Caffeine has been a leading factor in creating high-blood pressures and sleep related ailments. Hence, parents of the young adults strongly discourage them to consume such drinks. Moreover, a single serving of sports drink can contain around 180 milligrams of caffeine, which in turn is higher than double the maximum daily intake for children younger than age 12. Further, sugar has been predominantly used by the marketers as they provide increased attention span and offers energy as well. Moreover, they can supplant in increasing the sugar content and also increase the cases pertaining to diabetes in younger adults. The sugar content can also lead to heightened dental problems as well. Lastly, withdrawal symptoms of such products are intense and can create serious repercussions in young adults.
Taiwan Sports Nutrition Market Competitive Landscape
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Taiwan Sports Nutrition Market. The top 10 Taiwan Sports Nutrition Market companies are
Clif Bar & Company
Science in Sport
Cardiff Sports Nutrition Limited
Lovate Health Sciences International, Inc.
In February 2021, Coco-Cola paid $5.6 billion to acquire the largest ever deal ever cracked the company. The former company acquired 15% stake in 2018. The following acquisition will now allow the former brand to offer more than just sugary soft-drinks, and expand its product line to juices, enhanced water, and sports drinks. Additionally, the company also took hold of the distribution networks.
InJune 2020, Acer, one of the leading PC brand in Taiwan has told the reporters that theyll transform their brand into a lifestyle brand. In order to fulfil that aim, they are launching a business division which will focus on selling energy and sports drinks. The product or the drink will be called Predator Shots, and the series will be called Predator. The company sole focus was to also cater that the gamers need increased span of attention, which now can be fulfilled by such drinks.
In February 2019, Tai-Weis X-Bear, a top leading energy drink in Taiwan has now gained access to China. The partnership outlines a ten-year strategic partnership between the two companies, the latter being, Tainyun Group from China and the former party, Taiwan Beverages leading company Tai-Wei. Moreover, the company expects that the sale will increase manifolds, and outcaste the sale of Europe and North America combined. The partnership formed was around $25.5 million.
Product launches and innovations within the region along with the regions geographic location are some of the key factors helping to drive the said market.
However, product recalls and addition of certain additives are some of the few factors dampening the growth of market.
A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Taiwan Sports Nutrition Market Report.
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