Sri Lanka and Maldives Energy and Sports Drink Market Overview
Energy drinks are a type of beverages containing stimulating drugs, such as caffeine, which is marketed as a product that provides mental health and physical stimulation. Energy drinks are also termed as ready to drink (RTD) beverages, which are meant to provide additional supplements and rehydration to sportspersons during the practice. The best source of vitamin and other necessary nutrients required by the body is through a balanced diet, but for people who lead a fast-paced life, vitamin drinks are the second best option as they provide them with required nutrients. Since there is no definite regulation on the production, labeling, marketing, or advertising in Sri Lanka and Maldives, large number of these drinks were distributed and these energy drinks are easily accessible by the consumers in this region.
Maldives is the highest revenue generator compared to Sri Lanka for the Energy Drinks market owing to the busy lifestyle of the people and the innovation in packaging that drives the market in this region. The Maldives Energy Drink market was valued at $32.2m in 2016 and is estimated to reach $40.5m by 2021, growing at a CAGR of 4.77% during the forecast period 2017–2021.
Sri Lanka and Maldives Energy and Sports Drink Market Outlook
This report incorporates an in-depth assessment of Sri Lanka & Maldives Energy and Sports Drinks Market by type, by ingredients, by purpose of intake, and by end user. The major product of energy drink includes non-alcoholic beverages, which helps to boost the immune system and provides re-hydration. These non-alcoholic energy drinks consists of various ingredients, such as vitamins, which includes B vitamins (B2, B3, B6, B12) that help to regulate human metabolism minerals, antioxidants, electrolytes, and others.
The Sri Lanka Energy Drink Market is estimated to surpass $20.4m by 2021 growing at an estimated rate of 6.75% during 2017–2021, whereas the Maldives Energy Drinks Market is estimated to surpass $40.5m by 2023 growing at an estimated rate of 4.77% during 2017–2021. The growth of this market is mainly attributed to the availability of product in different variants. The packaging innovation which resulted in the launch of energy shots and re-sealable cans in Sri Lanka and Maldives is another major driving factor for the market.
Sri Lanka and Maldives Energy and Sports Drinks Market Growth Drivers
Recent product launches from the branded sports and energy drinks companies such as X2 Ginseng Energy Drink, 100PLUS sports drink in Sri Lanka, and Monster Energy Drink in Maldives among others boosted the market growth in these regions. The increased offering of energy drinks in bar and restaurants will also drive the market.
Most people, from professionals and young students to fitness enthusiasts and athletes today, are living fast-paced lives with busy working hours. Hence, the desire to boost their energy levels amidst an increasingly busy lifestyle is set to contribute to exponential growth of the Sports and Energy Drinks market in Sri Lanka and Maldives.
Sri Lanka and Maldives Energy and Sports Drinks Market Challenges
Scientific studies have revealed the negative health effects, especially among teens, children, and sports athletes who use energy and sport drinks. This acts as a constraint for the growth of Energy and Sports Drinks market in Sri Lanka and Maldives.
Around 99% of energy drinks sold in Maldives are imported. The Maldives government has introduced few fiscal policies, such as an increased tax of 33.64 MVR/Liter on the energy drink to promote a healthy diet in the Republic of Maldives. The increase in import traffic on the energy drinks acts as a restriction for the growth of Energy and Sports Drinks market in Maldives.
Sri Lanka and Maldives Energy and Sports Drinks Market Research Scopes
The base year of the study is 2016, with forecast done up to 2021. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of energy drinks that will be used by end users. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the type of energy drinks, purpose of intake, and their ingredients.
Sri Lanka and Maldives Energy and Sports Drinks Market Report: Industry Coverage
By Type: Alcoholic and non-alcoholic
By Ingredients: Electrolytes, carbohydrates, sodium, caffeine, vitamins, and others
By Purpose of Intake: Energy and sports nutrition
By End User: Consumer and sportsman/athletes
The companies referred to in the market research report includes Monster Beverage Corp, Ceylon Cold Stores PLC, Fraser and Neave Ltd., Rockstar Inc., and others.
Sri Lanka and Maldives Energy and Sports Drinks Market Trends
- Packaging will be a significant trend in the energy drinks market: Cost and environmental factors continue to play a significant role in the energy drinks packaging sector. It appears that pre-recession packaging trends might start to re-surface with the rise in the disposable income of the consumers.
- Marketing and branding will remain a crucial aspect to the success of energy drinks to target the audience: Marketing is the biggest investment for any energy and sports drink manufacturing company. Many companies use a progressive marketing strategy. The heavyweight promotions and targeted marketing campaign will set a strong image of stimulation drinks to the western market.