Energy Drinks Market to Reach USD 97.6 Billion by 2028 Thanks to Rising Preference among Athletes and Health-Conscious Consumers
The energy drinks market was estimated at USD 68.3 billion in 2021. It is projected to reach around USD 97.6 billion by 2028, registering a CAGR of 8.4% during the forecast period (2022-2028).
Westford, USA, Jan. 17, 2023 (GLOBE NEWSWIRE) — Consuming energy drinks has become a status symbol, especially among young people. Such consumer behavior is anticipated to increase total product demand, supporting the market expansion for energy drinks. Brand names are trying to fuel this market growth with new drinks focusing on exciting fruity flavors while keeping healthy. In addition, energy drinks are becoming more and more popular as a way to enhance physical and cognitive performance. These factors will likely bring significant growth to the energy drinks market.
According to SkyQuest’s research insights, with an average of 27.5 liters per person, the United States had the highest per capita volume consumption of energy drinks in the world in 2022. With roughly 11.6, 10.2, and 7.4 liters each, the United Kingdom, Japan, and Spain have followed the pattern, respectively.
Increasing Consumption of Energy Drinks as a Rich Source of Immunity-Boosting to Drive Major Sales
SkyQuest’s research shows that consumption of sports and energy drinks has increased over the previous ten years in developed countries, with the most significant increases among young adults between the ages of 18 and 35. According to SkyQuest’s findings, 19.4% of young adults and 33.0% of athletes regularly drink energy drinks. Thus, the need for energy drinks is still present due to the surge in consumers who exercise and follow different exercise regimens in the convenience of their homes. In addition, rich sources of immunity-boosting foods and beverages that contain vitamins, minerals, and other crucial components that improve immunity are becoming increasingly popular. As a result, more players have entered the market for functional energy drinks.
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By introducing perceived ingredients or the idea of immunity boosters into their marketing initiatives, brands are attempting to capitalize on the “immunity-boosting” trend. In addition, the rising prevalence of diseases linked to a sedentary lifestyle, an increase in the population of health-conscious consumers, and consumer knowledge of active lives encouraged people to choose both nutritious and sugar-free drinks. However, the market expansion is hampered to a certain extent by growing concern over health issues, including obesity. As a result, consumers now favor calorie-free, sugar-free, natural energy drinks or diet beverages without alcohol as an alternative to the region’s heavily used alcohol.
The market report sheds light on key drivers, restraints, trends, and challenges for the energy drinks market by analyzing historical data, present dynamics, and market drivers. Furthermore, the levels of market growth for energy drinks throughout the forecast period will be determined by external factors explored in our research report’s analysis of market growth potential.
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Cans Segment to Register Remarkable Growth Rate owing to Growing Preference among Young Population
As per SkyQuest’s market analysis, the cans segment dominated the energy drinks market accounting for 55% share in 2021, and is projected to increase its lead in the coming years. Consumers’ preferences and tastes have evolved, and they increasingly prefer these beverages over canned wine and other alcoholic beverages. In addition, metal cans are favored by young consumers because they are more portable and do not shatter like glass.
According to SkyQuest’s research statistics, the sales volume of soft drinks in Europe reached over 50,000 billion liters in 2021, a 0.6% increase over the previous year. Energy drink consumption and the massive coffee culture in North America, Latin America, and Europe have pushed the concept of energy shots into the mainstream, a significant factor driving energy drink sales. In the major developed regions, energy drinks are essential to social gatherings, parties, and celebrations. Furthermore, the manufacturers are strategically expanding their distribution networks and geographical presence.
The energy drinks market report provides an overview of the market value structure, cost analysis, various driving factors, and an analysis of the industry atmosphere, followed by a global outline of industry size, demand, application, revenue, product, region, and segments. Furthermore, this research report provides an overview of various segments and applications that may impact the industry.
Key Developments in Energy Drinks Market
- PNW Beverage Co, a quality-focused clean-label beverage company, has released its potent, all-natural energy drink. All products are available at all Market of Choice Stores, numerous small convenience stores throughout the Portland-Salem-Keizer area, the Sunriver stores, and Ultra Life Cafe in Newport Oregon, and online with free shipping and local delivery.
- Prime Energy, a new energy drink with 200mg of caffeine and no sugar, has been released by Prime. The new drinks contain 300mg of electrolytes and ten calories and come in flavors such as blue raspberry, tropical punch, lemon-lime, orange mango, and strawberry watermelon.
- Gatorade by PepsiCo is entering the energy drink category with its first caffeinated beverage, Fast Twitch, the company announced in a statement. In addition, caffeine, electrolytes, and B vitamins are present in each 12-ounce bottle. The new drink is the latest in a series of product announcements in which beverage companies expand their existing brands’ reach into other rapidly growing categories.
- G7Force, a Sherman Oaks, California-based start-up, has announced the release of its new generation of energy drinks. The introduction of super-concentrated energy packs contributes to G7Force’s mission of providing diverse beverage options to its cosmopolitan customers. G7Force produces various beverage categories, flavors, and packaging options. Grapefruit Rose, Wild Berry, Cherry Lime, and Watermelon are among the new tastes introduced by the company.
The report examines the key players in the energy drinks market in detail, including capacity, market shares, and recent developments such as capacity expansions, mergers, and acquisitions. In addition, the market statistical study includes successful business strategies implemented by key vendors. The energy drinks market is fragmented, and vendors are competing by implementing organic and inorganic growth strategies. The market participant profiles are intended to help clients improve their market position. The report includes information on production and sustainability and a detailed analysis of several leading companies.
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Prominent Players in the Energy Drinks Market
- Red Bull
- PepsiCo. Inc.
- Taisho Pharmaceutical Co. Ltd.
- Lucozade
- Monster Energy
- Amway
- The Coco-Cola Company
- Living Essentials LLC
- AriZona Beverages USA
- Xyience Energy
Related Reports in SkyQuest’s Library:
Global Low Alcoholic Beverages Market
Global Alcoholic Beverages Market
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