中金 | 软饮料系列报告三——运动饮料：全民运动开拓赛道新风向

Core Viewpoint - The sports drink industry in China is experiencing significant growth, with a projected market size exceeding 25 billion yuan by 2024, driven by increasing health awareness and the development of the sports industry [2][8][11]. Industry Overview - The sports drink market in China is closely linked to the sports sector, with a market size projected to exceed 25 billion yuan by 2024, growing at a CAGR of 6.6% from 2015 to 2024, outpacing the overall soft drink industry [2][8]. - Per capita consumption of sports drinks in China is only 2.0L, significantly lower than the 21L in the US and 9.6L in Japan, indicating substantial growth potential [2][8]. Competitive Landscape - The concentration of the sports drink market is relatively high, with the top five brands expected to account for 67.1% of the market share by 2024, showing an increase of 5.6 percentage points from 2019 [1][14]. - The top three brands in China are Alien, Scream, and Jianlibao, with the market share of Scream and Alien surpassing Jianlibao for the first time in 2024 [14][15]. Future Growth Potential - The sports drink industry is expected to grow steadily, with a projected market size of 39-40 billion yuan by 2030, and a CAGR of approximately 7-8% from 2024 to 2030 [3][11]. - The rapid development of China's sports industry, which reached a total scale of 300.8 billion yuan in 2022, is anticipated to be a key driver for the growth of the sports drink market [11][12]. Product and Marketing Trends - The industry is witnessing a shift towards sugar-free and specialized products, with brands focusing on sports event marketing and expanding their product matrices [3][22]. - The market is characterized by a need for effective channel strategies, with traditional retail channels still dominant, but online and emerging channels gaining traction [3][22]. International Comparison - The US sports drink market is the largest globally, with a projected size of over 14 billion USD in 2024, accounting for nearly half of the global market [23][55]. - The concentration in the US market is also high, with the top three brands holding an 81.8% market share, indicating a trend towards brand loyalty driven by functional product needs [23][102].