The energy drinks market is set to see the strongest growth in the US soft drinks sector in 2024, according to forecast data.
GlobalData, Just Drinks’ parent, is predicting a 4.2% increase in the sales volumes of energy drinks this year to 4.02bn litres, or 708.5m unit cases.
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The data and analytics group is forecasting a 1.3% rise in overall soft-drinks sales volumes in the US to 138.65bn litres.
According to GlobalData, energy drinks was one of the few soft-drinks categories in the US to see volume growth in the first quarter of the year. Volumes rose 3% to 915.6m litres, against a 0.1% increase for the total soft-drinks market (to 33.45bn litres).
Demand from younger consumers in the US helped drive energy-drink sales in the opening three months of the year, according to GlobalData.
“The introduction of new products and an uptick in consumption frequency will enable growth,” the research group noted. looking into the rest of the year. “Energy drinks’ functional benefits will appeal to consumers and help the category expand.”
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By GlobalDataGlobalData pointed to the launch of products in the US that brand owners said can offer additional benefits. It cited the launch in January of Rockstar Focus by PepsiCo. “The company claims that the product helps in enhancing mental focus, along with giving an energy boost.”
Across the wider US soft-drinks market, the largest category – packaged water – saw volume sales rise 1.9% in the first quarter, with GlobalData forecasting a 3% increase for the year as a whole.
The sales volumes of carbonates dipped 0.7% in the opening three months. GlobalData is predicting a 0.2% decline for 2024.
