North America Sports Drink Market - Growth, Trends, and Forecast (2018 - 2023)
The North American sports drink market was valued at 1.45 billion in 2017 and is anticipated to be valued at 1.86 billion by the end of 2023, escalating at a CAGR of 4.6%. Sports and energy drinks include beverages, vitamin water, or highly caffeinated drinks with additives claiming to increase energy and boost nutrition. In order to stay hydrated consumers prefer sports and energy drinks. The sports drink market in North America is expected to witness a considerable growth during the forecast period, owing to the increasing number of consumers willing to spend a premium for synthetically tailored healthy beverages.
North America Sports Drink Market Dynamics
North America is one of the leading markets due to the increasing trend of athleticism, rising concern for health, and shift in dietary patterns due to changing lifestyles. The innovation of new flavors with health benefits is a major driving sector. North America sports and energy drinks market is driven by growing awareness, demand from young adults and athletes. With the growing concerns for diabetes and obesity in the region, consumers in this region are giving equal importance to nutritional value and taste profile.
The increasing demand for sports drink is majorly due to the wide customer base, greater detailing of manufacturers towards innovative products, and use of cross-marketing strategies by key players in the market.
North America Sports Drink Market Segmentation
Sports drinks are segmented into isotonic (fluid, electrolytes and 6 to 8% carbohydrate), hypotonic (fluids, electrolytes and a low level of carbohydrate), and hypertonic (high level of carbohydrate). The sports drinks market is also segmented on the basis of sales channels and brands.
North America is the largest global market in sports drinks category owing to the shortage of leisure time with the consumers driving the demand for energy drinks. The North American sports drinks market is a competitive market, with companies, such as the Coca-Cola enterprise (U.S) and PepsiCo Inc. (U.S), among others are focusing on escalating their market position in the concerned market. This is achieved successfully with the aid of various market strategies implemented by these players, which includes new product enhancements, alliances, and acquisitions.