Global Sports and Energy Drink Market to Reach US$ 169.7 Billion by 2024: IMARC Group
IMARC Group’s latest report, titled “Sports and Energy Drinks Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the global sports and energy drinks market size was US$ 102.9 Billion in 2018. Sports drinks serve as an alternative to plain water and help to keep the body hydrated while performing physical activities. They consist of water, carbohydrates, electrolytes, proteins, herbs and vitamins that ensure higher energy levels. On the other hand, energy drinks comprise stimulants, such as caffeine, that increase energy, and enhance mental alertness and physical performance. Sports and energy drinks are gaining popularity, especially among athletes and the young population, as these drinks aid in replenishing electrolytes and carbohydrates lost during sweating.
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Market Trends:
Sports and energy drinks offer various advantages, such as improving concentration, reducing fatigue, providing energy, and enhancing athletic performance. Owing to this, there has been a considerable rise in the demand for these drinks amongst athletes. Besides this, consumers nowadays are more inclined towards these drinks as compared to aerated drinks due to the changing tastes and preferences, and rising health conscious. In line with this, manufacturers are developing products using natural ingredients and fortifying them with minerals, vitamins, and whey and soy proteins to improve their quality. Moreover, in order to increase their profitability and expand their product range, manufacturers are also introducing new flavors such as blueberry acai, strawberry limeade, passion fruit, white grape and pomegranate. Looking forward, the market value is projected to reach US$ 169.7 Billion by 2024, expanding at a CAGR of around 9% during 2019-2024.
Market Segmentation:
Global Sports Drinks Market:
- Based on product types, isotonic drinks represent the most popular product type, holding the largest market share. Isotonic drinks are followed by hypertonic and hypotonic drinks.
- On the basis of packaging type, the market has been segmented into bottles (PET/glass), cans and others. Currently, bottles (PET/glass) dominate the market.
- The market has also been categorized based on distribution channels into convenience stores, supermarkets and hypermarkets, online and others. Amongst these, convenience stores represent the largest distribution channel for sports drinks.
- Region-wise, North America exhibits a clear dominance in the market. Other major regions include Europe, Asia Pacific, Middle East and Africa, and Latin America.
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Global Energy Drinks Market:
- Based on the product type, the market has been segregated into alcoholic and non-alcoholic energy drinks. Currently, alcohol-based drinks are the most popular and hold the largest market share.
- On the basis of the type, the report finds that non-organic energy drinks dominate the market. They are followed by organic drinks.
- The market has also been divided based on the packaging type into bottles (PET/glass), cans and others. Amongst these, cans represent the most significant segment in the market.
- Based on the distribution channel, convenience stores enjoy the leading position across the globe. Other major channels include supermarkets and hypermarkets, online and others.
- On the basis of the target consumer, energy drinks are mostly consumed by adults. Other target consumers for energy drinks are teenagers and geriatric population.
- Region-wise, North America currently represents the leading energy drinks market. Some of the other major regions are Europe, Asia Pacific, Latin America, and Middle East and Africa.
Competitive Landscape:
The competitive landscape of the market has also been examined with some of the key players being Abbott Nutrition Co., AJE Group, Britvic PLC, Champion Nutrition Inc., D’Angelo, Extreme Drinks Co., Fraser & Neave Holdings BHD, GlaxoSmithKline Plc, Red Bull, Rockstar, Inc., Coca-Cola, PepsiCo, Arizona Beverage Company, National Beverage Corp, Dr. Pepper Snapple Group, Living Essentials, Cloud 9 and Vital Beverages Pvt Ltd.
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