A comprehensive study aims to uncover the diverse dimensions of the global sports drink market, providing valuable insights for assessing market growth throughout the forecast period.
Athlete-driven Demand Fuels Growth in the Sports Drink Market
Sports drinks, the go-to choice for athletes seeking to replenish electrolytes, energy, and hydration before, during, or after physical activities, are witnessing a surge in demand. Athletes and individuals engaged in rigorous physical activities are the primary drivers of the global sports drink market. Notably, the expanding athlete community and the increasing number of athletes in developing nations contribute to this growth. Moreover, heightened consumer interest in physical fitness, coupled with the proliferation of exercise facilities and health clubs, is poised to further propel market expansion. Manufacturers are actively diversifying their product lines by introducing new flavors with additional health benefits, catering to various age groups, including the ever-popular teenage and adult consumers.
Innovative Marketing and Product Diversification Take Center Stage
Leading companies in the industry are investing significantly in cutting-edge marketing and advertising techniques, enhancing their product offerings with custom flavors and limited-edition items. Evolving consumer preferences, longer workweeks, and changing lifestyles are additional factors driving the growth of the sports drinks market. Furthermore, the rising athlete population and the number of sports participants in emerging nations contribute significantly to market expansion. For instance, the National Collegiate Athletic Association (NCAA) reported a rapid increase in NCAA athletes, with over 3,000 additional students competing in NCAA championship sports in 2017–18, bringing the total number of participants to 494,992. Population dynamics are shifting due to rural-to-urban migration.
COVID-19 Impact: Driving Home Fitness and Consumption
The COVID-19 pandemic has led to increased sports drink consumption, attributed in part to the growing number of people exercising at home. Notably, non-aseptic energy drink retail sales in the United States surged by 15% to US$3.51 billion for the 52 weeks ending on July 12, 2020, as reported by Food Business News in November 2020. Key industry players such as Red Bull North America, Inc., and Monster Beverage Corp. experienced substantial sales growth during this period. The gradual easing of curfews and lockdowns is expected to further boost outdoor activity participation, driving continued growth in the sports drink market.
Rising Preference for Physical Fitness Drives Market Growth
The increasing inclination of millennials toward physical fitness activities, their rising purchasing power, and willingness to invest in healthier alternatives play a pivotal role in boosting the demand for sports drinks. According to data from the International Health, Racquet & Sportsclub Association in October 2019, 76 percent of millennials exercise at least once a week. These functional beverages offer various advantages, including mitigating the risk of dehydration, replenishing lost electrolytes due to sweating, and maintaining electrolyte balance in the body. Consequently, heightened consumer awareness of the health benefits of sports drinks is expected to further propel market growth.
Manufacturers Focus on Healthy Innovation
Manufacturers are placing increased emphasis on innovation, introducing organic drinks in various flavors to cater to consumers' nutritional preferences. This innovative approach is expected to bolster revenue for several companies and, in turn, drive the expansion of the sports drink market. For example, a prominent player in the market, Powerade, unveiled advancements in January 2020, introducing POWERADE ULTRA, a product with more ION4 electrolytes, branched-chain amino acids (BCAAs), creatine, and essential vitamins B12, B6, and B3. However, government health regulations and growing awareness of the adverse effects of these drinks on youngsters may limit market opportunities.
Metal Packaging Dominates for Long-Distance Transportation
Metal packaging, known for its durability during long-distance transportation, currently holds the largest market share and is expected to maintain its dominance in the forecast period. Its environmental friendliness and ability to maximize storage and shipping space make it an attractive choice for consumers. Moreover, metal packaging's resistance to corrosion and its ability to act as a barrier against gases, light, temperature, and odor contribute to its popularity. Tin is typically used in this packaging, promoting recycling. Metal packaging finds applications in various products, including beverages, soups, and canned goods.
Offline Channels Lead the Way
Offline channels, driven by a growing number of athletes, bodybuilders, and weightlifters, currently dominate the market and are expected to maintain their position in the forecast period. The sports drink market is also benefiting from the increasing popularity of energy drinks among teenagers and seniors, with various manufacturers improving energy drink quality through advanced techniques. Additionally, the rising health consciousness among consumers, coupled with the growth of health clubs, fitness centers, and online training programs, is expected to drive demand for sports nutrition in the years ahead. The market is primarily composed of sports enthusiasts, fitness enthusiasts, students, and individuals in high-demand professions.
North America Leads, Asia-Pacific Shows Promise
Over the forecast period, North America is projected to command the largest revenue share, driven by a substantial portion of the population actively participating in outdoor activities and sports. The awareness of the importance of maintaining physical health and leading a healthy lifestyle is a significant driver for the sports drink market in the United States and the broader North American market. In contrast, the Asia-Pacific sports drink market is poised for stable revenue growth, thanks to rising urbanization rates and an increasing number of fitness centers, especially in countries like China and India. The market in the Asia-Pacific region is also expected to benefit from the use of low-calorie sweeteners in customized sports drinks.
Global Sports Drink Market: Key Players
Key players in the sports drink market include PepsiCo, Inc. (New York, United States), The Coca-Cola Company (Georgia, United States), BA Sports Nutrition (Whitestone, New York), AJE group (Lima, Peru), Britvic PLC. (Hertfordshire, United Kingdom), MyDrink Beverages (Minnesota, USA), Kraft Heinz Company (Illinois, United States), Nestle SA (Vevey, Switzerland), GlaxoSmithKline plc. (Brentford, United Kingdom), and Abbott Nutrition Co (Illinois, United States). These industry leaders continue to shape the dynamic sports drink landscape with innovative offerings and strategic initiatives.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)
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