Sri Lanka Energy Drinks Market size was estimated at 421.5 million in 2020, projected to grow at a CAGR of 5.4% during the forecast period 2021-2026. The growing health consciousness and rising awareness towards wellness products are expected to drive Sri Lanka Energy Drinks Industry. Energy Drinks contain amino acids, Sweeteners and herbal extracts, among other things. Sports drinks, on the other hand, are used to replenish electrolytes and water during or after physical exercise. They're also distinct from tea and coffee, which are brewed, have fewer ingredients, and decaffeinated. Manufacturers of energy drinks say that their products increase energy levels. One of the primary reasons for their growing popularity is that energy drinks provide instant energy as well as mental and physical stimulation. Taurine, an amino acid another important component, is required for cardiovascular function as well as skeletal muscle growth. Energy drinks are beverages that contain high amounts of caffeine and other legal stimulants. These beverages are mostly used to complement one's diet. Owing to the beverages' potential to replenish energy while also helping to reduce the effects of alcohol, the industry is quickly expanding. These beverages come in a variety of ingredients, tastes, and quantities, giving customers a wide range of options. As a result, the acceptance of these beverages is growing, supporting the expansion of the energy drinks industry. Amino acids like taurine, as well as herbal extracts including ginseng and green tea extracts, are found in energy beverages.
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 Segment is accounted for the largest revenue market share in 2020. Nonalcoholic beverages increase energy levels through enhancing physical and cognitive function. Furthermore, caffeine in nonalcoholic energy drinks increases alertness, improves memory, and improves mood. This is owing to the fact that nonalcoholic energy drinks have gone from being a niche product category to one of the fastest expanding product categories in the industry over the last few years. During the forecast period, the nonalcoholic energy drinks category is expected to develop owing to a rise in popularity among teens and an increase in health consciousness. Splenda, also known as sucralose, is a popular artificial sweeteners included in sugar-free Rockstar, Bang, and Monster drinks. Alcoholic Energy Drinks are predicted to grow with the fastest CAGR of 5.7% in the forecast period 2021-2026 owing to the rising popularity for these products. Over the last decade, these alcoholic energy drinks have become increasingly popular among partygoers. In addition, the market for alcoholic energy drinks is likely to be driven by a lack of understanding about the many types of beverages.
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Sri Lanka Energy Drinks Market Segment Analysis – By End User:
Based on End User, Sri Lanka Energy Drinks market is segmented into Kids, Teenagers, and Adults. Adults Segment is accounted for the largest revenue market share in 2020. A rising number of athletes and businesses are turning to these items for an extra boost of energy to help them perform better. This is likely to help the future expansion of these items. The energy drink industry is anticipated to increase significantly, with strong sales among sportsmen and athletes looking to improve their performance. Energy drink consumption is high among athletes, which is attributed to increasing training and practice sessions. Furthermore, a growing number of athletes are using energy drinks to improve their performance and energy levels. Unlike sugar and other artificial sweeteners, erythritol will not promote tooth decay. Teenagers Segment is projected to grow with the fastest CAGR of 6.0% in the forecast period 2021-2026. Teens are expected to have modest growth and penetration in the Sri Lanka Energy Drinks Market, and the use of energy drinks by teenagers is a status symbol for the population, which boosts market growth over the forecasted year.
Sri Lanka Energy Drinks Market Segment Analysis - Drivers
Growing Alcohol Usage:
Rising alcohol usage, particularly among millennials, is a significant driver of Sri Lanka Energy Drink Industry. Mixing alcoholic beverages with energy drinks is a common occurrence, especially at permitted establishments and music festivals. Demand for on-the-go and functional foods and beverages is also rising, which is fueling the energy drink market's expansion. Recent product introductions from well-known energy drink companies such as X2 Ginseng Energy Drink and 100PLUS Sports Drink are helping to drive the industry in this region forward. In addition, the trend of serving straight energy drinks in pubs, bars, and restaurants, and combining it with alcohol, is fueling the market's expansion.
Health Promoting Components in Energy Drinks is Boosting the Market Growth:
The market for energy drinks is also witnessing the benefits of customer preference owing to numerous components in these energy drinks that have substantial health benefits. These beverages are high in vitamin B, which aids in the prevention of heart disease and cancer. Owing to the high niacin content, these energy drinks help those with low blood lipids and arthritic symptoms. These beverages also include pantothenic acid, which aids in the treatment of skin disorders, stress, allergies, and anxiety. The rise in riboflavin content, which aids in the treatment of blood problems and muscle cramps, is largely responsible for the growth of the energy drinks industry. Herbal extracts are essential in both the sensory assessment of energy drinks and the enhancement of their health benefits. Ginseng and Ginkgo Biloba are two of the most popular herbal extracts included in energy beverages. Bee pollen and guarana are two more herbal extracts. Currently, consumers are becoming more mindful of their diets, as a result of which they are investing in a holistic approach to health and wellbeing, which includes an increase in demand for energy drinks, sports drinks. The amino acids tyrosine, L–phenylalanine, and taurine, which all play a role in energy metabolism, are found in several energy drinks. Tyrosine is a non-essential amino acid that is required for the production of brain neurotransmitters that aid nerve transmission and mood regulation. Furthermore, customers are increasingly engaging in physical activities that improve their well-being, such as utilizing goods, eating natural and organic foods and drinks, taking health supplements, and adhering to a particular diet. As a result of a rise in health and wellness consciousness, as well as a growing number of extremely affluent customers interested in the trend for healthy food, the market for sophisticated beverages such as energy drinks is fast gaining up steam internationally.
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Sri Lanka Energy Drinks Market Segment Analysis - Challenges
Amplified Harmful Effects
Large amounts of caffeine, added sugars such as high fructose corn syrup, low-calorie sweeteners, and herbal extracts have a greater impact on adolescents and teens owing to their smaller bodies. Advertisements for energy drinks are found on children's websites, video games, television, supermarkets, and sporting events. According to studies, adolescents who lack maturity are more likely to engage in dangerous behavior, making them vulnerable to risky behaviors portrayed in energy drink marketing.
High Caffeine Content:
Too much caffeine from any beverage, especially when drunk often throughout the day, induces anxiety, insomnia, heart problems such as irregular heartbeat and high blood pressure, and, in severe cases, seizures or cardiac arrest in sensitive individuals. Caffeine levels in certain energy drinks reach 500 mg per can. Owing to their high sugar content, energy drinks, like other sugar-sweetened beverages, pose the same health risks.
Caffeine is the main component in energy drinks, and it has been proven to improve physical performance in adults by boosting endurance and strength, enhancing response speed, and postponing tiredness, however, the benefits vary greatly across people. Children and teenagers have not been subjected to these impacts. Since there is a risk of caffeine addiction or toxicity in youngsters, the American Academy of Pediatrics recommends that children aged 12 to 18 consume no more than 100 mg of caffeine per day. The International Society of Sports Nutrition (ISSN) issued a policy statement after researching the safety and efficacy of energy drinks. Owing to the caffeine's effects, they discovered that drinking energy drinks 10-60 minutes before exercise improves mental focus, alertness, anaerobic performance, and endurance in adults. Other ingredients in these beverages, on the other hand, require further study to verify their safety and effectiveness. ISSN cautioned that high-calorie energy drinks lead to weight gain owing to the artificial sweeteners and a high glycemic load, which causes blood glucose and insulin levels to increase. Energy drinks should not be consumed by children or teens unless they are closely monitored by their parents, as well as people with diabetes or cardiovascular disease who are negatively affected by the stimulant components. The higher caffeine level of these beverages is one of the main factors restricting industry development. Caffeine isn't considered an addictive substance, and it's typically considered safe to use.
Sri Lanka Energy Drinks Market Segment Landscape:
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Sri Lanka Energy Drinks Market. Sri Lanka Energy Drinks Market top 10 companies are The Coca-Cola Company, Monster Beverage Corporation, Red Bull, Arizona Beverage Company, Rockstar Inc., PepsiCo, National Beverage Corp., Cloud 9, Dr. Pepper Snapple and Group, Living Essentials
Acquisitions/Product Launches:
In March 2021, MTN DEW announced the debut of RISE ENERGY, an energy drink particularly created with ingredients to kick off the morning with a brain boost, immunological support, and zero grams of added sugar, in collaboration with NBA legend, businessman, and philanthropist LeBron James.
In October 2020 Monster Beverage introduced a range of new Monster Energy brand energy drinks, as well as Reign Total Body Fuel high-performance energy beverages, in several domestic and foreign regions.
Key Takeaways
Sports drink use aids in the health of nerve cells and red blood cells. Energy drinks, which include vitamin B6, assist to improve the neurological system, immunity, and cardiovascular functions of the body.
According to the World Health Organization, increased consumption of energy drinks jeopardize public health, particularly among the young. Energy drinks are expected to grow in popularity as people seek for beverages that help them regain their energy.
On the other side, the high caffeine content of energy drinks has had a detrimental impact on customers' health. As a consequence of these reasons, demand for energy drinks is expected to remain constant in the market.
Related Reports:
A. Sri Lanka Energy drinks Market
https://www.industryarc.com/Report/18325/sri-lanka-energy-drinks-market.html
B. Sri Lanka and Maldives Energy and Sports Drinks Market
https://www.industryarc.com/Report/18640/sri-lanka-and-maldives-energy-and-sports-drinks-market.html
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