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1. Sports Drinks in India
Euromonitor International
February 2022

2. S P O R T S D R I N K S I N I N D I A P a s s p o r t i
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LIST OF CONTENTS AND TABLES
KEY DATA FINDINGS.................................................................................................................. 1
2021 DEVELOPMENTS............................................................................................................... 1
Lack of outdoor events, particularly sports events, prevents high per capita consumption....... 1
The perception of sports drinks being harmful and non-essential and the threat from
substitutes are roadblocks ........................................................................................................ 1
Coca-Cola India struggles to compete with the dominant leader, PepsiCo India Holdings....... 2
PROSPECTS AND OPPORTUNITIES......................................................................................... 2
Government initiatives and the pandemic bring focus to the importance of being fit ................ 2
Time is ripe for the introduction of healthier variants ................................................................ 2
Increasing health awareness may result in A shift to bottled water .......................................... 3
CATEGORY DATA....................................................................................................................... 3
Table 1 Off-trade Sales of Sports Drinks: Volume 2016-2021................................... 3
Table 2 Off-trade Sales of Sports Drinks: Value 2016-2021 ..................................... 3
Table 3 Off-trade Sales of Sports Drinks: % Volume Growth 2016-2021.................. 3
Table 4 Off-trade Sales of Sports Drinks: % Value Growth 2016-2021..................... 3
Table 5 NBO Company Shares of Off-trade Sports Drinks: % Volume 2017-
2021............................................................................................................. 4
Table 6 LBN Brand Shares of Off-trade Sports Drinks: % Volume 2018-2021.......... 4
Table 7 NBO Company Shares of Off-trade Sports Drinks: % Value 2017-
2021............................................................................................................. 4
Table 8 LBN Brand Shares of Off-trade Sports Drinks: % Value 2018-2021 ............ 4
Table 9 Forecast Off-trade Sales of Sports Drinks: Volume 2021-2026.................... 5
Table 10 Forecast Off-trade Sales of Sports Drinks: Value 2021-2026....................... 5
Table 11 Forecast Off-trade Sales of Sports Drinks: % Volume Growth 2021-
2026............................................................................................................. 5
Table 12 Forecast Off-trade Sales of Sports Drinks: % Value Growth 2021-
2026............................................................................................................. 5

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SPORTS DRINKS IN INDIA
KEY DATA FINDINGS
▪ Although COVID-19 hits sporting activities, sales of sports drinks rebound in 2021, but per
capita consumption remains low
▪ In 2021, off-trade sales of sports drinks see current value and volume growth of 27% and
22%, to reach INR4.2 billion and 35 million litres, respectively
▪ PepsiCo India Holdings Pvt Ltd dominates off-trade sales of sports drinks in 2021, with an
88% value share
▪ Sports drinks is set to see an off-trade current value CAGR of 18% (12% CAGR at constant
2021 prices) and a volume CAGR of 14% over the forecast period, to stand at INR9.5 billion
and 69 million litres in 2026
2021 DEVELOPMENTS
Lack of outdoor events, particularly sports events, prevents high per
capita consumption
In 2021, off-trade consumption of sports drinks remained low, as these are not perceived to
be essential items and consumers remained price-sensitive. Meanwhile, on-trade sales
remained negligible. Although a rebound to growth was seen in sports drinks in India in 2021,
this year still saw the cancellation or rescheduling of many sporting events for a second
consecutive year due to COVID-19, therefore, the lack of outdoor activities continued to hinder
growth in the category. Twice in 2021, during the wave of COVID-19 due to the Delta variant in
the summer, and then a wave at the end of December due to the Omicron variant, forced
organisers to pull the plug on various types of events – including sporting, entertainment and
auto events. The second wave coincided with the summer, the peak period for the consumption
of such products. Many outdoor events attract a younger population, which is the target
segment for sports drinks. Similarly, schools and colleges, particularly in metropolitan areas and
tier 1 cities, continued to embrace online learning, taking away the opportunities for students to
go outside. Although being a cricket-crazy nation, the concerned authorities in India had to bring
a halt to domestic tournaments, which also limited consumption. The lucrative Indian Premier
League (IPL) was even stopped midway due to the Delta wave, and was rescheduled for later in
the United Arab Emirates.
The perception of sports drinks being harmful and non-essential and the
threat from substitutes are roadblocks
Sales of sports drinks remain low in India compared with many other soft drinks categories.
Consumers in India continue to link sports drinks with energy drinks, and therefore associate
them with some of the perceived harms of the high consumption of energy drinks. Meanwhile,
since 2020, consumers have started placing more importance on their health. There has been
demand for products with added benefits and functionalities, boding well for sports drinks.
However, hampering growth is the lack of availability of healthier variants such as Gatorade
Zero, which is not available in India. The sports drinks available in India in their present formulae
do not feature amongst the list of essential purchases for consumers. They instead prefer
bottled water and even fortified and functional juices for hydration during exercise. Categories

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within bottled water, such as functional bottled water, are considered better equipped to cater to
health-conscious consumers in the region, hampering sales.
Coca-Cola India struggles to compete with the dominant leader,
PepsiCo India Holdings
From its launch in 2013, Gatorade has continued to be the dominant sports drink in India. The
brand has leveraged its global popularity to attract consumers in the country. Over the last few
years, considering the lack of outdoor events, the company launched a new marketing
campaign. Its objective was to highlight that during “work-from-home”, consumers should not
neglect their health and should adopt “work-out-from-home” as well. It encouraged people to
exercise at home and place equity on their health in these uncertain times. The company also
understands that e-commerce has become an important distribution channel for consumers,
particularly in bigger cities. Therefore, it directs consumers from its product page to four grocery
e-tailers on its product page for consumers who want to buy its sports drinks. In 2019, rival
Coca-Cola India also launched a sports drink, its Powerade brand, to much fanfare, by
employing a famous cricketer as its brand ambassador. However, the product was met with
subdued demand and has an uncertain future. Nevertheless, in 2021 Coca-Cola acquired the
famous sports drinks brand BodyArmor. With its natural positioning, the brand could help Coca-
Cola to compete with Pepsi if it decides to launch in India.
PROSPECTS AND OPPORTUNITIES
Government initiatives and the pandemic bring focus to the importance
of being fit
India has a young population, and on an individual level, the pandemic has forced individuals
to pause in their busy lives and focus on prioritising health. Concurrently, the government
believes that the country needs to ensure that its citizens are fit to ensure continuous progress.
With this objective in mind, Prime Minister Narendra Modi started the Fit India movement in
September 2019, which is a long-term initiative focused on improving the fitness level of the
population. The campaign has a platform, fitindia.gov.in, to access all the necessary information
to stay fit and stay updated on the various initiatives. Even during 2020 and 2021, events were
listed and conducted to promote fitness. On the first anniversary of the movement in September
2020, the Prime Minister interacted with prominent sporting personalities, highlighting the
importance of fitness and health during the pandemic. The Fit India campaign is also being
promoted by many eminent personalities from the sporting world and other walks of life, which
also resonates with the marketing strategies of the major sports drinks brands, which employ
sporting personalities in their promotional activities. These external and internal factors will
ensure ample opportunities for companies in sports drinks in the forecast period, helping to drive
double-digit off-trade volume and current value growth.
Time is ripe for the introduction of healthier variants
At the start of 2022, India is combating the third wave of COVID-19, caused by the Omicron
variant. However, like in other parts of the world, the population in India is learning to live with
the pandemic. Restrictions have progressively eased off in subsequent waves, and many
outdoor activities will resume during the forecast period. Consumers continue to prioritise their
health by preferring products with functional benefits and low sugar content. The demand for
sugary soft drinks, including sports drinks, is therefore expected to slow down over time. Hence,
there is a potential gap in the market for zero and reduced sugar variants of sports drinks. The

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most popular brands available in India also contain artificial colourings and flavours, highlighting
a need for products with a natural positioning. Pepsi, through its Gatorade Zero, and Coca-Cola,
through its recently acquired BodyArmor, remain best-placed to address this gap. BodyArmor
precisely fits the bill with its premium positioning and formulation devoid of artificial colourings or
flavours.
Increasing health awareness may result in A shift to bottled water
As a result of the COVID-19 pandemic, with health at the forefront of consumer
consciousness, the threat from rival products and concerns about artificial ingredients could limit
the growth of the category in the forecast period. The stronger growth of sports drinks will
potentially be prevented by rival products offering functional benefits, such as functional bottled
water, which has the capacity to ride the general rise in demand for bottled water. Functional
bottled water is likely to prove more compatible with the trend towards more natural products.
CATEGORY DATA
Table 1 Off-trade Sales of Sports Drinks: Volume 2016-2021
million litres
2016 2017 2018 2019 2020 2021
Sports Drinks 22.6 25.8 29.6 33.9 28.8 35.2
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 2 Off-trade Sales of Sports Drinks: Value 2016-2021
INR million
2016 2017 2018 2019 2020 2021
Sports Drinks 2,041.1 2,500.7 3,127.1 3,837.1 3,348.8 4,243.4
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 3 Off-trade Sales of Sports Drinks: % Volume Growth 2016-2021
% volume growth
2020/21 2016-21 CAGR 2016/21 Total
Sports Drinks 22.2 9.3 55.7
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 4 Off-trade Sales of Sports Drinks: % Value Growth 2016-2021
% current value growth
2020/21 2016-21 CAGR 2016/21 Total
Sports Drinks 26.7 15.8 107.9

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Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 5 NBO Company Shares of Off-trade Sports Drinks: % Volume 2017-2021
% off-trade volume
Company 2017 2018 2019 2020 2021
PepsiCo India Holdings 86.4 90.2 88.2 88.5 88.5
Pvt Ltd
ATC Beverages Pvt Ltd 2.3 1.0 0.8 1.0 0.9
GlaxoSmithKline - - - - -
Consumer Healthcare Ltd
Others 11.3 8.8 11.0 10.6 10.6
Total 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 6 LBN Brand Shares of Off-trade Sports Drinks: % Volume 2018-2021
% off-trade volume
Brand (GBO) Company (NBO) 2018 2019 2020 2021
Gatorade (PepsiCo PepsiCo India Holdings 90.2 88.2 88.5 88.5
Inc) Pvt Ltd
100 Plus (Thai ATC Beverages Pvt Ltd 1.0 0.8 1.0 0.9
Beverage PCL)
Lucozade GlaxoSmithKline - - - -
(GlaxoSmithKline Plc) Consumer Healthcare Ltd
Lucozade (Suntory GlaxoSmithKline - - - -
Holdings Ltd) Consumer Healthcare Ltd
Others Others 8.8 11.0 10.6 10.6
Total Total 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 7 NBO Company Shares of Off-trade Sports Drinks: % Value 2017-2021
% off-trade value rsp
Company 2017 2018 2019 2020 2021
PepsiCo India Holdings 86.3 90.3 88.3 88.4 88.4
Pvt Ltd
ATC Beverages Pvt Ltd 1.8 1.2 0.9 1.1 1.0
GlaxoSmithKline - - - - -
Consumer Healthcare Ltd
Others 11.9 8.5 10.7 10.5 10.6
Total 100.0 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 8 LBN Brand Shares of Off-trade Sports Drinks: % Value 2018-2021
% off-trade value rsp

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Brand (GBO) Company (NBO) 2018 2019 2020 2021
Gatorade (PepsiCo PepsiCo India Holdings 90.3 88.3 88.4 88.4
Inc) Pvt Ltd
100 Plus (Thai ATC Beverages Pvt Ltd 1.2 0.9 1.1 1.0
Beverage PCL)
Lucozade GlaxoSmithKline - - - -
(GlaxoSmithKline Plc) Consumer Healthcare Ltd
Lucozade (Suntory GlaxoSmithKline - - - -
Holdings Ltd) Consumer Healthcare Ltd
Others Others 8.5 10.7 10.5 10.6
Total Total 100.0 100.0 100.0 100.0
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 9 Forecast Off-trade Sales of Sports Drinks: Volume 2021-2026
million litres
2021 2022 2023 2024 2025 2026
Sports Drinks 35.2 40.2 45.9 52.4 60.0 68.8
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 10 Forecast Off-trade Sales of Sports Drinks: Value 2021-2026
INR million
2021 2022 2023 2024 2025 2026
Sports Drinks 4,243.4 4,749.8 5,333.9 5,992.6 6,744.3 7,584.5
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 11 Forecast Off-trade Sales of Sports Drinks: % Volume Growth 2021-2026
% volume growth
2021/22 2021-26 CAGR 2021/26 Total
Sports Drinks 14.1 14.3 95.5
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 12 Forecast Off-trade Sales of Sports Drinks: % Value Growth 2021-2026
% constant value growth
2021/2022 2021-26 CAGR 2021/26 Total
Sports Drinks 11.9 12.3 78.7
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources