Maldives Energy Drink market size was estimated at $35.23 billion in 2020, growing at a CAGR of 4.8% during the forecast period 2021-2026. An energy drink contains stimulant ingredients, most commonly caffeine, and is advertised as giving mental and physical stimulation. It contains sugar, other sweeteners, herbal extracts, taurine, ginseng, guarana and amino acids, and it may be carbonated or not. Energy drinks are frequently mixed with alcohol to boost the good benefits of consumption while reducing the depressing effects. This can lead to increased alcohol use and an increase in alcohol-related adverse events. Athletes and sportspeople frequently consume energy drink, which helps them stay hydrated throughout the game. Energy drinks contain caffeine as over consumption of energy drinks cause health some problems. There are a variety of energy drinks available on the market, but Red Bull is the best energy drink. The increasing popularity of energy drink among consumer as it provides instant energy. Coupled with the growing disposable income of the people in this region are the major factors driving the growth of the market. Rising awareness about health benefits of energy drinks and changing lifestyle of the people are set to further enhance the overall market development of the Maldives Energy Drink Market for the period 2021-2026.
Maldives Energy Drink Market Segment Analysis – By Type
Based on type, the Maldives Energy Drink market is segmented into Alcoholic and Non-Alcoholic. Non-alcoholic held the largest share in the Maldives Energy Drink market in 2020. Non-alcoholic energy drinks contain less calories and compared to alcoholic alternatives, customers prefer calorie-free, zero-sugar, or diet drinks that are alcohol-free thereby increasing Maldives Energy Drink market. However, Alcoholic is estimated to register higher CAGR of 5.3% during the forecast period 2021-2026 owing to growing demand of alcoholic drinks from young population in parties and club.
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Maldives Energy Drink Market Segment Analysis – By Flavor
Based on flavor, the Maldives Energy Drink market is segmented into Unflavored and Flavored. Flavored held the largest share and also is estimated to register higher CAGR of 5.5% during the forecast period 2021-2026. Increasing preference of consumers towards flavored energy drinks as many flavors are available in the market such as mint, citrus, berries, mix and many others and also it enhance the taste of energy drink thereby increasing Maldives Energy Drink market.
Maldives Energy Drink Market Segment Analysis – By Distribution Channel
Based on distribution channel, the Maldives Energy Drink market is segmented into Supermarket/Hypermarket, Convenience Store, Specialty Store, Online Retailers and Others. Supermarket/Hypermarket held the largest share in the Maldives Energy Drink market in 2020. Supermarket/Hypermarket offer large variety of goods to customers at one place also offer better brand visibility, easy shopping experience thereby increasing Maldives Energy Drink market. However, online retailer is estimated to register higher CAGR of 5.1% during the forecast period 2021-2026 owing to Online Retail Stores provides more discounts and wider options to purchase.
Maldives Energy Drink Market Drivers
Increasing Consumption of Energy Drinks
Increasing consumption of energy drink among adolescents in this region is increasing the growth of the Maldives Energy Drink Market. Adolescents and athletes consume a lot of energy drinks because they claim to help them perform better, last longer, and be more attentive and also energy drink help to maintain a healthy level of taurine, an amino acid found in the body during excessive physical activity and acute stress, taurine levels are expected to drop dramatically. Long and erratic working hours as well as changing lifestyle of the people thereby increasing the growth of the Maldives Energy Drink Market during the forecast period 2021-2026.
Growing Product Innovation By Key Players
Increasing innovation in packaging of the product by key players in this region is increasing the growth of the Maldives Energy Drink Market. Packaging of energy drink such as sleek and colourful is attracting consumers since it is stylish and trendy. Manufacturers are focusing on expansion of products by introducing new flavors and categories thereby increasing the growth of the Maldives Energy Drink Market during the forecast period 2021-2026.
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Maldives Energy Drink Market Challenges
Health Issues
The major factor that is set to impede the growth of the Maldives Energy Drink Market is energy drinks contain caffeine and large amount of caffeine can cause heart and blood vessel problems. Another factor which hamper the growth of market is availability of alternative products in the market.
Market Landscape
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Maldives Energy Drink Market. In 2020, the Maldives Energy Drink Market share is consolidated by the top ten players present in the market. The Maldives Energy Drink Market, top 10 companies are, Red Bull GmbH, PepsiCo Inc., The Coca-Cola Company, Monster Energy, Hype Energy Drinks, XI Energy Drinks, Fraser and Neave Ltd., National Beverage Corp, Tenzing Natural Energy, and Royce Drink.
Recent Development:
In March 2020, Pepsico Inc. acquired Rockstar Energy Beverages, leading energy drink producer for $3.85 billion. This acquisition will expand Pepsico’s fast growing energy category.
Key Takeaways
Maldives Energy Drink Market is increasing in 2020 owing to increasing health and wellness awareness coupled with rise in number of affluent consumers in this region. The Maldives Energy Drink Market scope for different regions will be provided in the final report.
Increasing popularity among teenagers set to aid the market growth of the Maldives Energy Drink Market report.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Maldives Energy Drink Market report.
Health risks associated with energy drinks is poised to create the hurdles for the Maldives Energy Drink Market.
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