The energy drinks sector is likely to see increased product diversification in the coming years, which is set to boost the sector by a CAGR of 7% between 2020 and 2030, a new study has found.
The study, by Future Market Insights (FMI), notes that as the COVID-19 crisis subsides, consumers are likely to demand products with increased health and wellness benefits, which in turn opens up opportunities for the energy drinks sector.
This is likely to lead to increased development of functional energy drinks that contain natural ingredients, antioxidants, vitamins and minerals.
According to the report, Europe is likely to lead the way in this regard, given that the region already has an established consumer demand for healthy beverage products.
“Manufacturers in the market are expected to focus more on their offerings and make them healthier due to increasing concern about sugar content among consumers. Besides this, innovation in flavour is enabling growth in the flavoured drinks category of the energy drinks market," a report analyst explained.
An examples of a product that could tap into this demand include PepsiCo's Propel Vitamin Boost, launched in April 2019, which contains daily recommended values of vitamin B3, B5, B6, C, and E, as well as electrolytes, and is available in three flavours.
Established producers, including brands like Red Bull, Monster, Gatorade, PepsiCo, Suntory and Rockstar are also likely to form strategic alliances via acquisitions, mergers and partnerships.as they seek to develop their geographical footprint in the energy drinks market.
© 2020 Checkout – your source for the latest Irish retail news. Click sign-up to subscribe to Checkout.