Overview of Energy Drink Market Growth
The energy drink market is growing rapidly. Global energy drink sales reached $53.1 billion in 2022 and are expected to grow at a 7.1% compound annual growth rate (CAGR) to $86.1 billion by 2027. This growth is mainly driven by rising incomes, urbanization, and increased health and wellness consciousness amongst consumers. Both adults and adolescents are consuming more energy drinks to support their busy, active lifestyles.
Market Growth Trends
- Global energy drink sales reached $53.1 billion in 2022, expected to grow at a 7.1% CAGR to $86.1 billion by 2027.
- The market reached $42.5 billion in 2022 and projected to reach $63.4 billion by 2028, with a 6.8% CAGR during 2023-2028.
Market Size in 2023
The global energy drinks market grew from $58.48 billion in 2022 to $62.89 billion in 2023 at a 7.5% CAGR. Growth slowed due to the Russia-Ukraine war disrupting global economic recovery from COVID-19. The market is expected to reach $83.83 billion in 2027 at a 7.5% CAGR. Growth is predominantly driven by modernization and increasing health consciousness among different age groups. Youth highly prefer energy drinks due to their mood-boosting, performance-improving, and alertness-heightening properties.