— Allied Market Research
PORTLAND, OREGON, UNITED STATES, November 23, 2023 /EINPresswire.com/ — Growing inclination of the millennial population toward physical and fitness-related activities, the expansion of wellness and fitness centers, demand for healthier beverage alternatives, rise in the number of athletes and sports persons, and a rise in the buying power of consumers drive the growth of the global sports drink market. Region-wise, the market in North America is likely to maintain its leadership in terms of revenue during the forecast period.
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Some of the key players profiled in the sports drink market analysis include Abbott, AriZona Beverages USA, Dr Pepper Snapple Group, GNC Holdings, LLC, GU Energy Labs, Jel Sert, Monster Energy Company, Nestlé S.A., PacificHealth Labs, PepsiCo, Inc., Red Bull GmbH, Suntory Holdings Limited, The Coca-Cola Company, The Kraft Heinz Company, and Xtreme Energy Group Limited.
Energy drinks, one of the popular energy supplements, are commonly available as supplementary products in convenience stores alongside other food grocery products. As a result, growth in retail infrastructure has given sports drinks the momentum to grow. Furthermore, the expansion of wellness and fitness centers as well as exercise parks resulted in an increase in the intake of sports drinks for energy-building purposes. In addition, the surge in the availability of sports drinks among online retailers has attracted more consumer base toward online retail, as it is easier for consumers to compare similar items and choose the drink with appropriate ingredients. In addition, the rise in marketing & advertising strategies for such items on television and digital media is expected to propel the sports drink market growth and contribute to substantial revenue generation during the forecast period.
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The global sports drink market is segmented into type, packaging type, application, distribution channel, and region. By type, the market is divided into hypotonic, hypertonic, and isotonic. As per packaging type, the market is divided into PET bottles and cans. On the basis of application, the market is divided into athletes, casual consumers, and lifestyle users. According to the distribution channel, the market is divided into online and offline. The offline distribution channel is further divided into hypermarkets & supermarkets, convenience stores, specialty stores, and others. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, Italy, Spain, UK, Russia, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, Thailand, Malaysia, Indonesia, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Argentina, and rest of LAMEA).
Based on type, the isotonic segment accounted for more than 45% of the sports drink market share, in terms of revenue, in 2021 as isotonic sports drink is being widely consumed & popular among consumers. A massive number of people living in the metro and Tier-2 cities are concerned about their health and have started hitting the gyms, which fuels the growth of the isotonic drinks market. Moreover, governmental initiatives to promote sports in developing countries are anticipated to provide lucrative opportunities for the stakeholders of isotonic drinks.
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On the basis of packaging type, the PET bottles segment led the market and accounted for 75% of the global sports drink market in 2021 and is expected to maintain its dominance during the forecast period.
Depending on the application, the athletes segment led the market and accounted for 67.4% of the global sports drink market in 2021 and is expected to maintain its dominance during the forecast period. Sports drinks improve the performance of athletes by helping their bodies recover faster from dehydration to increase their duration of practice which is expected to fuel the sports drink market demand.
By distribution channel, the offline segment led the market and accounted for 84.6% of the global sports drink market in 2021 and is expected to maintain its dominance during the forecast period. This is owing to the fact that consumers, mostly athletes, are paying more attention to the overall shopping experience while buying sports drinks at hypermarkets & supermarkets, convenience stores, and specialty stores.
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Key findings of the study
By type, the hypotonic segment is projected to witness the highest CAGR of 5.6%, in revenue terms, during the forecast period.
As per packaging type, the cans segment is expected to grow at a significant CAGR during the forecast period.
On the basis of application, the casual consumers segment is projected to witness the highest CAGR of 5.7%, in revenue terms, during the forecast period.
Based on country, the U.S. was the largest country, in terms of revenue generation for the sports drink market in 2021.
According to the region, LAMEA is anticipated to witness the highest growth rate, registering a CAGR of 5.9% from 2022 to 2031.
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