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“We see a real growth opportunity in the sports market," Coca-Cola North America President of Stills Shane Grant told FOX Business’ Stuart Varney. "You know, it’s been consistently growing at 2 to 4 percent. We see that only accelerating in the future.”
The sports drink market, Grant argued, is evolving “pretty quickly” and there are a couple of big changes at work in the industry. One such change is caused by a growth in casual athletics such as biking, walking and jogging, he said.
Coca-Cola, which owns the Powerade brand, is launching two new platforms for the first time in 13 years in response to these trends, according to Grant.
Power Water and Powerade Ultra are the latest editions to the beverage giant’s line of drinks, Grant said. Power Water is “a genuine sports drink” with zero calories, zero sugar, electrolytes and vitamin B, he explained.
Powerade Ultra is intended to replenish athletes with sodium, potassium, calcium and magnesium electrolytes, according to the company.
The global sports drink market was valued at more than $27.3 billion in 2018, according to Grand View Research. The research organization also estimated that 60 percent of American men and 40 percent of American women are consistent sports drink consumers.