Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Energy Gel Products Market (Flavor Type: Fruit, Vanilla, Chocolate, Others; Distribution Channel: Convenience Stores, Supermarkets, Online Store, Medical Stores) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2017 - 2023”, forecasts that the global market for energy gel products is expected to grow at a CAGR of 7.2% in terms of revenue from 2017 to 2023 and reach the market value more than $750 million by 2023.
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Key opportunities associated with energy gel products market primarily include growing preference for instant energy products and rising awareness about the benefits of energy gels over other available energy products. However, there are substitutes for energy gel products available which may halt the growth of this market to some extent.
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Rising Awareness Towards The Benefits Offered By Energy Gel Products
The global food and beverages industry is experiencing major growth especially in emerging economies such as China and India, resulting in a rising population and growing need for food and food products are promptly contributing in the growth of energy gel products. Growing awareness towards supplements and energy products among population are creating a hike for health supplements and, eventually impelling the market growth. The health conscious population tends towards performing extensive workouts and exercise. The activities such as swimming, running, cycling, and triathlons pose instant energy requirement which is fulfilled by such energy products. Therefore, energy gel products is preferred and demanded extensively, thus thriving the growth of global energy gel products.
Existence Of Substitutes In The Market
The global energy gel products market is undergoing a major challenge owing to the availability of substitute products. The food and beverage industry is a huge sector with the availability of numerous food and food products. There are plenty of energy products with various specifications available to boost calcium, iron or carbohydrates requirement in human body which is declining the growth of energy gel products market.
Growing Preference For Fruit Flavor
On the basis of flavor type, global energy gel products market is segmented into fruit, vanilla, chocolate, and others. In 2016, fruit flavor segment led the market for energy gel products. Mounting demand for fruit flavored energy gel drinks is foreseen to grow significantly in coming years and is anticipated to register the highest CAGR, throughout the forecast period.
Some of the major companies profiled in the report include Getorade, GU Energy Gel, Clif Shot Energy Gel, PowerGel, and Honey Stinger among others.