Rise in product consumption by working individuals to maintain a healthy lifestyle, increase in consciousness regarding diet & intake among sports athletes & working individuals to maintain nutritional balance, and surge in disposable income of individuals are expected to propel the growth of the global energy drink market.
The energy drinks market was valued at $45.80 billion in 2020, and is estimated to reach $108.40 billion by 2031, growing at a CAGR of 8.2% from 2022 to 2031.
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The adults segment accounted for maximum share in 2020. Energy drinks are beverages that contain caffeine, taurine, vitamins, & other stimulants, and are marketed as products that boost mental alertness and physical stamina. They may or may not be carbonated. The demand for energy drinks and related items has increased at an alarming rate, according to reports. This is due to the advantages that these beverages provide, such as improved performance, focus, weight loss, stamina, and so on.
Furthermore, consumers, particularly men, positively link energy drink intake with risk-taking activities and masculinity. Furthermore, energy drinks have more caffeine than a cup of coffee and can help with alertness and concentration. Owing to surge in demand for items that provide rapid energy, manufacturers create a variety of products with distinct flavors and tastes. This, in turn, is expected to support the global energy drinks market growth.
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According to energy drinks market analysis, by region, Asia-Pacific is expected to witness the highest growth rate of 8.8% during the forecast period, owing to increase in disposable income and change in consumption & lifestyle pattern as well as demographics and energy drinks market trends.
Covid-19 scenario:
The Covid-19 pandemic disrupted the supply chain. Dearth of labor and prolonged lockdown created challenges in manufacturing facilities and procurement of raw materials.
Moreover, as several sport activities postposed due to pandemic, the demand for energy drinks declined.
The nonalcoholic segment to manifest the highest CAGR through 2031.
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The major companies profiled in the report include are Red Bull, Monster Beverage Corporation, Rockstar Inc., The Coca-Cola Company, PepsiCo, Arizona Beverage Company, National Beverage Corp., Dr. Pepper Snapple Group, Living Essentials, and Cloud 9.
KEY FINDINGS OF THE STUDY
Region wise, Asia-Pacific is anticipated to lead the market in 2031, growing at a CAGR of 8.8%, from 2022 to 2031.
By type, the nonalcoholic segment occupied nearly 53.9% of the energy drink market share in 2020.
By end user, the adult segment dominated the overall energy drinks market size in 2020, and is expected to grow at a CAGR of 46.1% during the forecast period.
The kids segment is anticipated to grow at a significant CAGR of 14.4%.
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