Sri Lanka and Maldives Energy and Sports Drinks Market to Attain Revenues of $67.99 Million by 2023

The busy lifestyle of people in Sri Lanka and Maldives has led to an incremented demand for the ready-to-eat food, and sports and energy drinks happen to suffice the calorie demand for long hours of working. This significant change in the food and beverages sector of the countries have led to an increase in the cumulative market size of Sri Lanka and Maldives energy and sports drink market which will attain an impressive value of $67.99 million by the end of 2023 as the demand is projected to grow with a healthy compound annual growth rate (CAGR) of 5.38% during the forecast period of 2018 to 2023, according to a market intelligence report by IndustryARC’s analyst. 

Sri Lanka and Maldives energy and sports drinks market research report contain insights pertaining to market in the regions along with the forces and trends that are poised to disrupt the market conditions. Furthermore, it provides valuable information about the pricing environment with an in-depth strategic analysis of the market. The report is titled, “Sri Lanka and Maldives Energy and Sports Drinks Market: By Type (Alcoholic, non-alcoholic), By Composition (Carbonated, Non-carbonated), By Distribution (Supermarkets, Online Stores, Convenience Stores, Vending Machines), Geographical Analysis - Forecast (2018-2023).”

In Sri Lanka, 2017 witnessed revenue of $15.81 million in 2017, and the energy drinks had a better revenue as compared to sports drinks. This is much attributed to the fact that energy drinks are more famous in bourgeois. On the other hand, sports drinks are consumed lesser in quantity. However, the people in Sri Lanka that are affiliated with sports are opting for sports drinks, and the market for the same will observe a demand influx in the future. 

Maldives observed a similar market condition with energy drinks reaping more revenues than sports drinks. However, the dearth of people playing sports will lead to very stagnant growth for sports drinks in the region. The soaring sales of energy drinks are attributable to the diseases caused due to lack of proper nutrition and unhealthy diet which is supplemented by these energy drinks. 

The market is segmented on the basis of the content of alcohol and lack thereof in the energy and sports drinks. According to the segment study by the analyst, the non-alcoholic energy and sports drinks bear leading share in Sri Lanka and Maldives energy and sports drinks market and will observe CAGRs of 6.75% and 4.82% through to 2023 in Sri Lanka and Maldives respectively. 

X2 Ginseng Energy Drink and 100 Plus sports drink are new products that are gaining traction in the Sri Lanka energy drinks market. 

Earlier, the Sri Lanka sports drinks market was depended only on the sales attributed to the consumption by athletes. However, the health and fitness wave that is proliferating across the globe is creating a market for sports drinks as teenagers and young adults that are on a fitness pursuit are consuming it. 

The pubs now offer energy and sports drinks with alcohol, and the trend is well-received by young customers across the country, which is significantly supporting the Maldives energy and sports drinks market. 

Monster energy drinks are gaining ground in the Maldives energy and sports drinks market, because it is consumed by sportsmen that are into Motocross, MotoGP, and dirt car rallies. Sports branding in the region has created a market for monster drinks. 

Some of the key companies identified in the Sri Lanka energy and sports drinks market intelligence report that are crusading for greater market share are Redbull GmbH, Ceylon Cold Stores Plc (Elephant House), XL Energy Marketing s.p.zoo, Monster Beverage Corporation, and others. 

The prominent players Maldives energy and sports drinks market are Redbull GmbH, Naughty G, XL Energy Marketing s.p.zoo, Monster Beverage Corporation, and others.