Are there evolving sociological patterns that could be driving the massive growth of energy and nootropic products? I’d argue that the consumer interest in caffeine has never been higher. I’ve seen a collection of recent surveys that state between three-fourths and more than four-fifths of American adults consume caffeine daily. While coffee has been powering Americans before America was even a thing, more recently consumers are increasingly grabbing some of the other “energy everything” product categories. It makes sense, right? We live in the “Age of the Endless Aisle,” where there are more options in every CPG category than during any other point in history. It’s that proliferation of caffeine-containing products and them being well-entrenched into the lives of most Americans that’s causing “energy everything” to become a certified consumer movement. Whether hitting the gym, staying at the top of your game during busy workweeks, or simply preparing for weekend activities, consumers continue to reach for energy drinks and energy supplement that are packed with caffeine and oftentimes nootropic ingredients to provide a physical and mental boost. I’ve recently mentioned that if 2022 quarter four is any indication of what will play out in 2023, the U.S. energy drinks market will likely hit an astounding $20 billion. Moreover, growth in pre-workout powders, more broadly with energy supplements, and the nascent cognitive enhancing nootropic market, we’d need to add in another handful of billions in U.S. consumer spending. While there are some obvious changing consumer dynamics causing this positive market activity, I’ll go much deeper than those and breakdown two hidden growth drivers (e.g. Hustle Culture and Keeping Up With the Joneses Effect) that I believe are accelerating the popularity of energy and nootropic products that are focused on improve physical and cognitive performance. For the final part of this content, I’ll consider the beforementioned shifting marketplace dynamics and hidden growth drivers to talk about what’s next within the energy and nootropic categories from a product attribute perspective.
#strategy #energydrink #supplements
Timecodes
0:00 – America Loves Its Caffeine
1:55 – Energy Drinks Market Changing Consumer Dynamics
4:30 – Hustle Culture Influence
6:04 – Keeping Up with the Joneses Effect
7:07 – What’s Next in Energy Drinks & Nootropics?
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About Joshua Schall of J. Schall Consulting:
Joshua is consumer packaged goods (CPG) Strategist and Entrepreneur that focuses on the product categories of value-added (or functional) food, beverage, beauty, and nutritional supplements. He was an early advocate for digital grocery optimization and is an expert at the entrepreneurial ideation to consumerization cycle. Recently, he has shifted that decade of knowledge into early-stage investments, board membership, and public speaking engagements. His YouTube channel is a walk through his daily life and a peek into his business musings. Enjoy a look into his life through the lens!
►EMAIL josh@jschallconsulting.com
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