The power struggle in the lucrative sports drink market
By Julio Cesar Rivas
Toronto, Canada, Apr 16 (EFE).- Sports drinks are competing to gain a larger share of the market, as several companies wage an underground war to unseat the current top brand, PepsiCo’s Gatorade.
In early March, BioSteel appointed Dallas Mavericks star Luka Doncic as global chief hydration officer in a long-term partnership, which the sports hydration company called “historic.”
Days later, the brand sealed another deal with NBA legend and Brooklyn Nets head coach Steve Nash to be the company’s newest ambassador partner.
These latest agreements have made BioSteel the official drink for all US soccer teams, as well as several NBA franchises such as the Dallas Mavericks, the Philadelphia 76ers and the Toronto Raptors.
The company has not revealed the financial details of these deals, but market analysts estimate that Doncic’s partnership alone was worth tens of millions of dollars.
The Canadian brand, co-founded by former ice hockey player Michael Cammalleri in 2009, is looking to rapidly expand in the US market.
“It’s important to us that our partnerships are authentic as we continue to grow our brand,” said Cammalleri after Doncic was signed. “We’re thrilled to announce a new partnership with Luka, who believes in our product, to amplify our story and accelerate our growth.”
The deal has also seen the 22-year-old Slovenian star acquire an equity stake in the sports drink company, similar to other athletes the company sponsors like NFL quarterback Patrick Mahomes and wide receiver DeAndre Hopkins.
By offering the athletes shares in the company to sweeten their agreements, BioSteel is following a formula for success developed by Bodyarmor, another sports beverage brand.