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The global sports drink market size is expected to reach USD 36.35 billion in 2028. The rising emphasis on improving the body’s performance and endurance level by athletes will fuel demand for sports drinks. Fortune Business Insights mentioned this in a report, titled, “Sports Drink Market Size, Share & COVID-19 Impact Analysis, By Type (Isotonic, Hypotonic, and Hypertonic), Brand (Gatorade, Powerade, and Others), Packaging Type (Metal, PET/Plastic, and Glass), Distribution Channel (Offline Channel and Online Channel), and Regional Forecasts, 2021 - 2028.” As per the report, the market value stood at USD 26.24 billion in 2020 and USD 27.22 billion in 2021. It is expected to exhibit a CAGR of 4.2% between 2021 and 2028.
Launch of Powerade by Coca-Cola to Spur Lucrative Business Opportunities
Coca-Cola, an American manufacturer of beverages, announced the launch of its sports beverage Powerade. The company has diversified its product portfolio in India by offering new innovative healthy drinks, apart from fizzy sugary beverages. Indian cricketer Mahendra Singh Dhoni will endorse the drink that is priced at ₹50 for 500 ml and comes in two flavors, namely, mountain blast and orange surge. The $2 billion brand, Coca-Cola Powerade, is also the official sports drink of the ICC Cricket World Cup 2019.
Furthermore, the launch of this new beverage is expected to accelerate the sports drink market revenue in India during the forecast period owing to the growing population of sports and fitness enthusiasts in the region. Anoop Manohar, director, emerging categories, Coca-Cola India, said, “The launch reiterates our strategy to drive growth by expanding our category play and offering consumers more of the sports drinks they want for every occasion in their lives.”
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Inclination towards Healthy Lifestyle to Encourage Market Expansion
The increasing inclination of the millennial population towards fitness-related activities will aid the expansion of the market in the foreseeable future. The surge in the buying power of people and the willingness to pay for healthier alternatives will fuel the demand for sports beverages. Furthermore, increasing awareness regarding the benefits of sports beverages such as low risk of dehydration, replacement of sweat, and maintenance of the balance of electrolytes in the body would aid growth. The focus of manufacturers to launch organic drinks with different flavors will further accelerate the sports drink market growth.
For instance, Powerade expanded its product portfolio with two new zero-sugar innovations that offer functional hydration solutions and packaging designs. A POWERADE ULTRA product includes branched-chain amino acids (BCAAs), creatine, vitamins B12, B6, and B3, and +50% more ION4 electrolytes compared to the original POWERADE. These factors together are expected to spur new business opportunities for the market in the forthcoming years, declares our lead analyst at Fortune Business Insights.
Adoption of Various Marketing Strategies to Benefit Key Players and Market Consequently
The rising concentration of key players towards the launch of healthy and energy-boosting drinks would support the market in the forthcoming years. Moreover, to cater to the requirements of consumers, companies are launching various advanced products. Additionally, they are also adopting multiple marketing strategies such as partnerships, mergers, expansions, collaborations, agreements, and acquisitions. Nonetheless, the growing competition among leading players will spur new opportunities for the market in the forthcoming years.
Some of the Major Companies in this Market Include:
Further Report Findings:
The Market is Segmented into:
Value (USD Billion)
By Packaging Type
By Distribution Channel
North America (By Type, Brands, Packaging Type, Distribution Channel and by Country)
Europe (By Type, Brands, Packaging Type, Distribution Channel and by Country)
Asia Pacific (By Type, Brands, Packaging Type, Distribution Channel and by Country)
South America (By Type, Brands, Packaging Type, Distribution Channel and by Country)
The Middle East and Africa (By Type, Brands, Packaging Type, Distribution Channel and by Country)