Sunday, October 2

With 4.2% CAGR, Sports Drink Market to Hit USD 36.35 Billion by 2028

The global sports drink market is projected to grow during the projected period due to the increasing inclination toward physical fitness. Fortune Business Insights™ publishes this information in a report titled, “Sports Drink Market, 2021-2028”. As per the report, the sports drink market size was USD 26.24 billion in 2020. The market is projected to grow from USD 27.22 billion in 2021 to USD 36.35 billion by 2028 at a CAGR of 4.2% during the 2021-2028 period.

Virtual Workout Sessions Amid Pandemic Fostered Market Growth

Sports clubs and gyms were shut down during the pandemic as the government restricted the use of public places. This encouraged people to adopt a home workout culture, bolstering the sports drink market growth during the pandemic. Also, the workout sessions were conducted virtually and were highly adopted by the population.

Fortune Business Insights™ lists out all the sports drink market companies that are presently striving to reduce the impact of Covid-19 pandemic on the market:

  • PepsiCo Inc(U.S.)
  • The Coca-Cola Company (U.S.)
  • BA Sports Nutrition (U.S.)
  • AJE group (Peru)
  • Britvic PLC. (U.K.)
  • MyDrink Beverages(U.S.)
  • Kraft Heinz Company (U.S.)
  • Nestle SA (Switzerland)
  • GlaxoSmithKline plc. (U.K.)
  • Abbott Nutrition co (U.S.) 

Report Coverage: 

The report sheds light on current industry trends and key developments introduced by the leading market players. Drivers and restraints that affected global market growth during the forecast period are highlighted further in this report. The impact of COVID-19 pandemic on market growth and development is discussed, along with some beneficial growth strategies adopted by the leading market players. Furthermore, a list of key market players along with regional insights on segmented market areas is given further in this report.

Drivers & Restraints:

Rising Awareness of Physical Fitness To Augment Growth

The market is anticipated to grow significantly during the forecast period due to the increasing production of healthier products with higher nutritional values. Also, the increasing inclination of the population toward physical fitness is expected to fuel the market growth in the coming years.

However, high sugar levels in the drinks may hamper the market growth.

Regional Insights:

Asia Pacific Holds Highest Market Share Due To Rising Conduction of Fitness Activities

Asia Pacific dominates the global sports drink market share due to the increasing sports activities and rising player population. Also, the emerging trend of several fitness activities among different age groups is expected to drive the market.

North America is expected to grow at a substantial CAGR during the forecast period due to the increasing population participation in outdoor sports activities. The regional market stood at USD 8.80 billion in 2020.

Segments:

Isotonic Segment To Hold Largest Share Due To Increasing Demand

By type, the market is trifurcated into isotonic, hypotonic, and hypertonic. The isotonic segment is expected to lead the market as this type of drink is mainly preferred by athletes and sports players.

Rising Demand For Gatorade Among Athletes To Ensure Segmental Growth

Based on brands, the market is divided into Gatorade, PowerAde, and others. The Gatorade segment is anticipated to hold a dominant market share due to its increasing demand from players and athletes.

Metal Packaging Segment To Dominate Market Due To Its Durability

On the basis of packaging type, the market is classified into metal, PET/plastic, and glass. Metal packaging is expected to dominate the market in the coming years due to the property’s durability.

Offline Segment To Lead Global Market Due To Instant Purchase Offering

By distribution channels, the market is segregated into offline channels and online channels. The offline distribution channel is expected to lead the market due to its instant offering and purchase.

Geographically, the market share is segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.

Competitive Landscape:

Launching New Drinks Allow Companies To Propel Growth

The key market players focus on launching new products to improve their business performance and attract global customers. Also, the leading companies focus on targeting their potential customers by considering nutritional factors and launching new sports drinks per customer preferences.

Key Industry Developments:

  • June 2019: Coca-Cola declared the introduction of its PowerAde sports beverage in India to expand its portfolio and offer several options to consumers in India.
  • July 2019: Gatorade announced the launch of BOLT24, a low-calorie electrolyte beverage for athletes. This product includes no artificial sweeteners or flavors and is designed for hydration.

Browse Detailed Summary of Research Report:

https://www.fortunebusinessinsights.com/sports-drink-market-102083

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