The Bangladesh energy drinks market is projected to grow, witnessing a CAGR of 10.61% during the forecast period (2020-2025
NEW YORK, June 9, 2020 /PRNewswire/ -- The Bangladesh energy drinks market is projected to grow, witnessing a CAGR of 10.61% during the forecast period (2020-2025).
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- Increasing urbanization, growing number of young people, rising temperatures, and product innovation are the major factors that are driving the sales of energy drinks across the country.
- Most of the energy drinks are manufactured in the outlying districts, which is resulting in the wide availability of these products in every corner of the country. In addition, the affordability of these products is driving the sales in the rural areas as well.
- Based on distribution channel, the convenience stores segment accounted for the largest share in 2019. This is due to organized retail market in the country is still booming, with a smaller number of players and stores.
Key Market Trends
Rising Consumption Of Soft Drinks
The eating habits of the Bangladeshi people have changed significantly, over the past few years. There has been a major change in the consumption pattern of soft drinks, in the country. Even though the soft drinks market entered Bangladesh during the early 1990's, it has gained immense popularity among the younger generation and urban population, within a short period of time. In order to meet the market's requirements, the industry has been constantly changing and investing in product innovation. The industry now has a diverse product range that includes caffeinated drinks as well. The preference for soft drinks has been increasing, as there is a changed perception of the product, among the consumers. The sales of soft drinks across the country are powered by a growing young population, increasing temperatures, and a high rate of product innovation. This has increased the market potential for soft drinks, which is expected to register a CAGR of 12.5% between 2017 and 2024. This, in turn, has increased the demand for caffeinated energy drinks in the country, as the consumers perceive caffeinated drinks as soft drinks.
Supermarkets Channel Gaining Prominence In The Country
Modern Bangladeshi consumers have very well adapted to the concept of supermarkets and hypermarkets because of the versatile product availability under a single roof. Now they can buy healthiest groceries for the adults and pick up refreshing energy drinks, simultaneously. Thus, the diverse product offering through supermarkets is likely to boost the sales of energy drinks in the market. Supermarkets have dedicated sections for similar products from multiple brands. This gives an opportunity to the buyer to go through the labeling and compare the products and buy the best one in terms of price and quality. The self-satisfaction in this kind of comparative shopping is already gaining more customer attraction and increasing the supermarket count in the country, driving the market of energy drinks correspondingly. Energy drink is flourishing in the Bangladeshi market and there is scope of trying new flavors from a group of similar products that are available in dedicated sections in supermarkets. This also gives an opportunity to the manufacturers for developing new products to maintain their market position, guiding the market dynamics of energy drinks. Notably, the sales of energy drinks via supermarket channels is likely to witness a CAGR of 15.55% during the forecast period.
Competitive Landscape
The energy drinks market in Bangladesh is highly consolidated with the major share held by few players, such as Globe Soft Drinks Ltd, which remained to be the leader in the Bangladeshi energy drinks market with the highest share, followed by Akij Group. Ostospa Co. Ltd and Thailand (Shark) & PRAN Foods Ltd (Pran Power) are few other players, along with several domestic players in the country.
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