Global Sports Drink Market - 2021-2028
|出版日期||內容資訊||英文 180 Pages
|運動飲料的全球市場:2020∼2027年 Global Sports Drink Market - 2021-2028|
|出版日期: 2021年07月15日||內容資訊: 英文 180 Pages||
Sports drinks offer many benefits such as minimizing the risk of dehydration and electrolytes in sports drinks, removes sweat and maintains electrolyte balance within the body. Hence, the increasing awareness among consumers regarding the benefits offered by sports drinks is likely to increase the global sports drink market. In addition, demand for sports drinks is increasing at a rapid pace as it helps boost performance, endurance and allows rigorous exercise to be done by athletes. In addition, the growing population of athletes and sports players in developing countries are factors that propel the sports drink market during the forecast period. The number of NCAA athletes spiked high, according to the National Collegiate Athletic Association (NCAA). Around 0.495 million students participated in NCAA championship sports in 2017-2018, an of more than 3,000 students since 2016-2017. Migration from rural to urban life is a major change in population, affecting the buying patterns of sport drinks products. The global sports drink market valued USD XX million in 2020 and is forecasted to reach USD XX million by 2028, growing at a CAGR of XX% during the forecast period (2021-2028).
Market Dynamics: Increased focus on living a healthier lifestyle
With the growing prevalence of fitness services, due to the increased focus on living a healthier lifestyle, the intake of sports drinks is significantly increasing as they allow the body to be rehydrated. According to Statistics provided by RunRepeat, the worldwide growth of marathon running from 2008 to 2018 was +49.43%. The growth of sports drinks market flourished with the increasing inclination towards the fitness activities and increasing trend of participation in half and full marathons. Moreover, the growing inclination of the millennial population towards physical and fitness-related activities, rising buying power, and willingness to pay for healthier alternatives are some of the major factors accelerating the demand for sports drinks. For instance, the data published by the International Health, Racquet & Sportsclub Association in October 2019 states that 76 percent of millennials are assessed to exercise at least once a week.
Various sports drinks manufacturers are focusing on innovations and launching organic drinks with different flavours, which will meet up the nutritional value of customers. This breakthrough will simultaneously help many companies to increase their revenue and this in turn drives the sports drink segment. For example, in February 2021, a Chicago-based start-up, Good Sports, launched its natural sports drink, which is made out of 97 percent dairy. This possesses three times the electrolytes and 33 percent less sugar as compared to traditional ones. Powerade, a leading sports drink brand has come up with developments in the year 2018 for fuel and refueling athletes. Powerade has launched two additional zero-sugar technologies to its product line, providing functional hydration solutions and packaging designs. It is therefore projected that the development of sports drinks with natural components such as natural sweeteners will drive the global sports nutrition market.
However, the availability of counterfeit products at low prices is a key factor that holds back market growth. These products do not comply with the regulations on food safety. Increased numbers of contraband and counterfeit products impact the sales of reputable firms and hinder their role in the industry. Existence of such products and the food safety regulations will therefore continue to restrict the sports drink market growth.
Market Segmentation: Online retailers segment is expected to grow with highest CAGR of XX% during the forecast period
The global sports drink market has been segmented by distribution channel into supermarkets/hypermarket, convenience stores and online retailers among others. A rise in the number of self-directed customers is an important factor driving the adoption of online platforms for the purchase of sports drinks, as they provide discounts on a variety of supplements to attract customers to this platform. Online players in the market are building strategies to compete with growing specialty stores. For example, Amazon has its own private label brand 'OWN PWR' released in 2018, comprising eleven products including three elite formulations for pre-workout and eight general sports drink products. In addition, the easy availability of sports drink on online platforms is expected to fuel growth in the segment.
Geographical Penetration: North America is expected to dominate the sports drink market
By geography, North America is expected to dominate the global sports drink market in the year 2020, growing with a CAGR of xx% during the forecast period. U.S held the largest market share of over XX% in 2020, mainly owing increasing number of fitness centers and gyms and policy programs supporting sports-related practices in this country. According to The International Health, Racquet & Sportsclub Association (IHRSA), there were more than 6 billion gym visits to 41,370 facilities in 2019 in the U.S. At 41,370, the number of US health club facilities increased by 4.5% over the previous year, up from 39,570 locations. In 2019, U.S. gym industry revenue increased to USD 35 billion, up from USD 32.3 billion in 2018, an 8.4% growth. The rising inclination of the millennial population towards physical and fitness-related activities, increased buying power and willingness to pay for healthier alternatives are some of the major factors that drive the sports drink market in this country. For instance, according to a report by MyProtein, a sports and nutrition company, Americans spending in January 2018 has been more on fitness than any other pursuit. It has been found that average Americans spend USD 155 per month on their health and fitness, which is approximately equal to USD 112,000 in their entire lifetime. Hence, all these factors mean an increase in awareness among the U.S. population about physical fitness, thus driving the demand for sports drinks in the region.
Europe is projected to display significant growth, owing to fitness clubs progressively gaining more members who needed the drink to enhance their workout. For instance, the data released by Europe Active.eu states that in 2019, there were 65 million members in European health and fitness clubs which is a rise of 3.6 percent. Likewise, the escalating number of tourists visiting Europe led to spikes in consumption, as it helps to regain their energy while touring various places. For instance, the United Nations World Tourism Organization data declares that in 2019 Europe has 710 international tourist arrivals.
The global sports drink market is highly fragmented. The market is dominated by brands such as PepsiCo and Coca-Cola. Some of the key players such as Gatorade and PowerAde of PepsiCo and Coca-Cola respectively, prove to be profitable due to their wide product portfolio. Companies are focusing on different strategies to boost the market presence and eventually share of revenues. For example, in July 2019, Nutrishop announced that it will not charge monthly marketing fees or royalty, resulting in increased gross sales revenue per month by around 9%. In June 2019, Coco-Cola launched a Powerade sports drink in India to expand its portfolio and offer a number of choices to consumers in India. In July 2019, Gatorade launched BOLT24, a low-calorie electrolyte beverage for athletes.
COVID-19 Impact: Supply chain disruptions with respect to food and beverages industry to have a negative impact on the market
The effects of COVID-19 continue to ripple through the world's health, educational, financial, and commercial institutions, and also the sports ecosystem. This is because for majority period of during the year 2020, there were high restrictions imposed on any form of sports/outdoor activity pertaining to lockdowns. Moreover, several leagues, tournaments, and even Olympic Games were postponed eyeing the fears of the situation which restricted the sports and gaming activities, which certainly showed a negative effect on the sales revenues of sports drinks.
On the other hand, the outbreak of COVID-19 has resulted in hiking the consumption of the product, which is majorly contributed by the increasing number of people working out from their homes. For instance, the data released by the Food Business News in November 2020 mentions that the United States retail sales of non-aseptic energy drinks witnessed a rise of 15% to USD 3.51 billion during 52 weeks which ended on 12th July 2020. The prominent brands such as Red Bull North America, Inc. also experienced a growth of 11% to USD 1.39 billion in 2020, and Monster Beverage Corp., Corona, Calif., enlarged by 4.9% to USD 1.23 billion. In addition, the gradual lift of curfew and lockdowns in various countries all over the world would assist in increasing outdoor activity participation, which would further help to escalate the demand for sports drinks.