SOUTH KOREA: Energy drinks sales slump on health fears - report
South Korea is turning away from energy drinks
Energy drinks in South Korea have suffered a sharp slowdown in store sales because of health concerns, according to a local report.
7-Eleven reported a 1.1% sales rise in May compared to last year, while Ministop saw sales drop by 2% in the first half of the year, Yonhap news agency reported today (18 June). In January, 7-Eleven energy drinks sales surged by 123% over a year prior, the report said.
Meanwhile, discount retailer E-Mart Co said that, over the past five weeks, energy drinks sales increased by 7.5% compared to a 97.5% rise for the first four months of the year.
"The energy drinks market is losing steam,” a 7-Eleven official was quoted as saying. “There is a growing awareness that drinking the high caffeine beverage carries health risks, which has put a damper on its sales.”
The slump comes despite Red Bull slashing prices in the country by about 35% over the past year.
The CEO of Monster Beverage Corp said this month that he would not get pulled into a price war with Red Bull in South Korea and warned that the price cuts are unsustainable.
According to the global company website, Red Bull is focusing on the core markets of Western Europe and the US, as well as the growth markets of Brazil, Japan, India and China. The company is also con...
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