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Rise in health consciousness, change in consumer lifestyle, surge in demand for health wellness products have boosted the growth of global energy drinks market.
PORTLAND, OR, UNITED STATES, September 26, 2022 /EINPresswire.com / -- 'Energy Drinks Market by Type (Alcoholic, Nonalcoholic), by End User (Kids, Adults, Teenagers), : Global Opportunity Analysis and Industry Forecast, 2020-2031'. As per the report, the global energy drinks industry was pegged at $45.8 billion in 2020, and is estimated to reach $108.4 billion by 2031, growing at a CAGR of 8.2% from 2022 to 2031.
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Drivers, restraints, and opportunities
Rise in health consciousness, change in consumer lifestyle, and surge in demand for health wellness products have boosted the growth of the global energy drinks market. However, caffeine overdose may cause nausea, hypertension, and restlessness. This factor hinders the market growth. On the contrary, consumer preference toward consumption of beverages would open new opportunities in the future.
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
By type, the nonalcoholic segment is estimated to register the highest CAGR of 8.3% during the forecast period. In addition, the segment dominated the market in terms of revenue, contributing to more than half of the global energy drinks market in 2020, due to presence of caffeine in nonalcoholic energy drinks that increase alertness and elevate mood. The report includes an analysis of the alcoholic segment.
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The adults segment held the largest share
By end user, the adults segment held the largest share in 2020, contributing to nearly half of the global energy drinks market. In addition, the segment is estimated to register the highest CAGR of 8.5% during the forecast period, owing to increase in consumption of energy drinks by working adults to maintain a healthy lifestyle. The report includes an analysis of the kids and teenagers segments.
North America held the lion's share
By region, the market across North America held the largest share in 2020, accounting for around one-third of the market, due to rise in health concerns and surge in awareness toward the benefits of consuming energy drinks. However, the global energy drinks market across Asia-Pacific is projected to portray the highest CAGR of 8.8% during the forecast period, due to easy availability of energy drinks in several platforms from modern trade to online sales channel.
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Major market players
Monster Beverage Corporation
The Coca-Cola Company
Arizona Beverage Company
National Beverage Corp.
Dr. Pepper Snapple Group
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