饮料产业研究系列（二）：以美日为鉴，看我国运动饮料行业发展脉络

Investment Rating - The industry rating is "Outperform the Market" [5] Core Insights - The sports drink market is currently a key focus for major beverage companies, particularly in the electrolyte water segment, due to low category awareness in China. The report reviews the development history of the category in the US and Japan to predict future trends in China's sports drink market [1][4] Summary by Sections 1. United States: Mergers and Acquisitions Lead the Market, Diverse Product Development Aligned with Sports Needs - The US sports drink market has evolved through three stages: the emergence phase (1960-1980), the competitive phase (1980-2000), and the rapid development phase (2000-present) [8][9] - The current market is characterized by a strong brand loyalty and high repurchase rates, with Gatorade holding a dominant position. Mergers and acquisitions have been effective strategies for traditional beverage giants to capture market share [10][13] - The market is projected to reach 7.725 billion liters by 2028, with a CAGR of approximately 3.34% from 2024 to 2028 [9][10] 2. Japan: Daily Consumption Scenarios and Marketing Shape Market Dynamics - The introduction of Pocari Sweat in 1973 marked the beginning of Japan's sports drink market, which has since positioned itself as a daily beverage rather than just for sports [21][22] - The market is currently dominated by two major brands, Pocari Sweat and Coca-Cola's Aquarius, which together hold 72.4% of the market share [22][23] - The trend towards innovative products that cater to new consumption scenarios, such as combining energy drinks with sports drinks, is crucial for maintaining market vitality [29] 3. China: Significant Growth Potential in the Sports Drink Market - In 2023, China's sports drink market volume reached 2.004 billion liters, with a per capita consumption of only 1.42 liters per year, indicating substantial room for growth compared to the US and Japan [4][30] - The report suggests that while short-term growth will be driven by sports demand, long-term potential lies in daily consumption scenarios. Brands should focus on enhancing functional and health-oriented product formulations to solidify their market position [4][30][37] - The rise of health consciousness among consumers is expected to shift preferences towards low-sugar or sugar-free products, which may become the main trend in future category development [4][30][37]