Sri Lanka Energy Drinks Market size was estimated at $12.4 million in 2020, projected to grow at a CAGR of 6.75% during the forecast period 2021-2026. Energy drinks are the beverages that contain high amount of stimulants, usually caffeine, as well as sugar and sometimes supplements like vitamins or carnitine that is advertised as the substance capable of improving mental alertness and physical efficiency. Energy drinks vary from sports drinks that are used to supplement water and electrolytes before and after physical exercise, and they are made from coffee and tea that rare blended and contains less additives and can be decaffeinated.
The busy lifestyle of people in Sri Lanka has contributed to increase demand for ready-to-eat food and sports and energy drinks are happen to satisfy the calorie demand for long hours of work. The major improvement in the food and beverage industry of the country has led to rise the market growth. However, the sports associated consumers in Sri Lanka are choosing for sports drinks and the market for the energy drinks will be hindered.
Sri Lanka Energy Drinks Market Segment Analysis – By Product Type
Based on product type Sri Lanka Energy Drinks Market is segmented into Alcoholic and Non-Alcoholic. Non-alcoholic energy drinks accounted for largest market share owing to the fact that non-alcoholic energy drinks boosts energy by increasing physical performance and also that the caffeine present in the non-alcoholic energy drinks improves alertness and memory and enhances mood. Alcoholic energy drinks is estimated to be the fastest growing segment and is anticipated to grow at 7.25% CAGR owing to the easy availability of alcoholic energy drinks in pubs attracting the young customers.
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Sri Lanka Energy Drinks Market Segment Analysis – By End User
Energy drinks are commonly marketed as products that increases energy and improves mental alertness and physical activity. Next to multivitamins energy drinks are most consumed dietary supplement. Based on End Use Sri Lanka Energy Drinks Market is segmented Kids, Teenagers and Adults. Adults segment accounts for the largest market share owing to the growing working population of adults and their longing to boost their energy levels in an increasingly busy lifestyle and Teenagers segment is estimated to be the fastest growing segment owing to the increase in health consciousness and increasing popularity among teenagers.
Sri Lanka Energy Drinks Market Drivers
Product launches and increased offering at the Bar & Restaurants:
The recent product launches from the popular energy drinks brands like as X2 Ginseng Energy Drink, 100PLUS Sports drink and Monster Energy Drink is boosting the markets growth in this region. Along with that the trend of offering direct energy drinks in pubs, bars and restaurants or by mixing it with alcohol is fuelling the markets growth.
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Sri Lanka Energy Drinks Market Challenges
Health effect and imports of energy drinks:
The scientific studies have showed that there is negative health effect of energy drinks mostly among teens and sports athletes who take energy drinks. According to a recent study, 16 ounce tin of energy drinks contains 54 to 62 grams of sugar which far exceeds the ideal amount of sugars recommended by the healthcare professionals for a whole day, thereby acting as constrain to the markets growth. Moreover the growing imports of energy drinks is also predicted to hampering the market growth.
Sri Lanka Energy Drinks Market Industry Outlook
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Sri Lanka Energy Drinks Market. In 2020, Sri Lanka Energy Drinks Market share is fragmented by the top ten players present in the market. Sri Lanka Energy Drinks Market players are: Monster Beverage Corp, Red Bull GmbH, Ceylon Cold Stores Plc, XL Energy Marketing s.p.zoo, NDurance, as X2 Ginseng Energy Drink and others.
In October 2020, Monster Beverage launched a number of new Monster Energy® brand energy drinks, Reign Total Body Fuel® high performance energy drinks in various domestic and international markets.
On November, 2019 Redbull GmBH re-launched it winter edition plum twist that has taste of plum and cinnamon.
In February, 2016 Monster Beverage Corporation announced acquisition of flavor supplier and business partner, American Fruits & Flavours (AFF).
The increasing trend of mixing energy drinks with alcohol is attracting many young customers across the country and is boosting the market for energy drinks.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market is provided in the U.S. Relaxation Beverages Market.
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A. Sri Lanka and Maldives Energy and Sports Drinks Market
B. Ready To Eat Food Marke
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