The coronavirus or COVID-19 (formerly 2019-nCoV) broke out in December 2019, which has been imposed as a medical emergency worldwide. More than 183 countries and territories have reported cases of coronavirus to date. This is the latest report, covering the current coronavirus impact on the Energy Drinks Market.
According to a new report published by FastMR titled, “Energy drinks Market by Product, Target Consumer, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2016–2027,” the global energy drink market was estimated at around USD 51.2 billion in 2019 and is expected to grow with the CAGR of 6.5% during forecast period 2023-2027. Rising popularity of the beverage among young individuals is driving market growth.
Rising disposable incomes among young aged population of the globe is likely to drive the market demand for energy drinks over the forecast period. The hectic worklife coupled with changing lifestyle is positively influencing market growth. More than 53% of the global population lives in urban centers of the globe. The product consists of high caffeine content which assists in re-energize the body while providing physical stimulation.
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The product has widely gained prominence as an important ingredient to prepare alcoholic cocktails. The use of the product along with popular alcohols such as gin, vodka, and whisky is aiding the market growth. Owing to their usage along with alcohol, the product is widely appearing as an integral portion of parties, social gatherings, and celebrations. However, effective substitutes of the product is likely to hamper the market growth over the predicted timeline. The low cost of substitutes as compared to energy drinks is prominent challenge for industry participants.
Asia Pacific region is likely to dominate the market share over the forecast period. The rising popularity of the product among young working professionals is anticipated to drive its demand in the region. Moreover, representation of the product as a functional drink among young aged individuals is likely to aid market growth in countries such as China, India, and Thailand.
Key vendors of the industry are Amway Global, Taisho Pharmaceutical Co. Ltd., Coca Cola, Rockstar Inc., PepsiCo Inc., Monster Energy, and Red Bull GmbH. The industry players are focused towards developing health effective products to cater growing demand of the product.
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