The global sports and energy drinks market reached a value of US$ 102.9 Billion in 2018. Sports and energy drinks refer to beverages which replenish electrolytes and carbohydrates in the body while engaging in sports and fitness activities. Sports drinks are widely consumed by athletes and sports enthusiasts as these drinks are rich in chlorides, calcium, sodium, magnesium and potassium. On the other hand, energy drinks contain sugar and stimulant compounds which provide mental and physical stimulation to consumers. Energy drinks can be both aerated and non-aerated which may contain caffeine, amino acids, herbal extracts and sweeteners. As these drinks offer an instant boost of energy, their demand is proliferating across the globe, especially among millennials. Looking forward, the market value is expected to reach US$ 169.7 Billion by 2024, expanding at a CAGR of around 9% during 2019-2024.
Global Sports and Energy Drinks Market Drivers:
The growing popularity of unconventional fitness activities like yoga and aerobics along with the rising trend of participation in half and full marathons has propelled the demand for energy drinks worldwide. Additionally, as consumers are becoming conscious about the health issues caused by the regular consumption of non-organic sports and energy drinks, several manufacturers are launching drinks containing natural ingredients such as organic guarana and raw green coffee bean extracts. Moreover, they are developing their products by including varied ingredients and different packaging techniques like pill-shaped bottles. Apart from this, companies are investing in innovative marketing and advertising strategies to widen their product portfolio. They are also introducing tailor-made flavors and limited-edition products, for instance, Monster Beverage Corporation launched its Valentino Rossi special edition citrus-flavored energy drink in 2014 which targeted a specific consumer-base. Some of the other factors that are contributing to the growth of the sports and energy drinks market include changing lifestyles, altering food preferences and long working hours of consumers.
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