Energy Drink Sales Grew 11% in Q3, But Retailers See 2027 Slowdown

By James Calloway

Convenience retailers reported 11% year-over-year energy drink sales growth in Q3, up slightly from 10% in Q2, according to a new Goldman Sachs report on beverage sales in c-stores.

The investment bank surveyed leaders representing 15,000 stores. Their answers paint a more complex picture than the upbeat mood at the 2026 NACS Show, where major brands and newcomers showcased new flavors, formulations and marketing angles.

The Q3 strength lifted expectations for the full year. Retailers now expect overall year-over-year growth of 12% in 2026. That is one point above the 11% full-year growth they forecast in Q2.

Shelf space tells a different story for this fall. Fewer than 10% of retailers told Goldman Sachs they expect to significantly increase shelf or cooler space for energy drinks. Most stores plan to keep their current allocations.

What do retailers expect for 2027?

Growth is set to cool. Retailers expect energy drink sales to rise 7% in 2027, down from this year's double-digit pace.

The report called the 7% figure a "healthy" level of growth. It noted the decline is partly a function of this year's strength, which sets a high comparison base.

Space commitments look stronger next year than this fall. Some 74% of surveyed retailers said they expect to increase energy drink shelf and cooler space in 2027. One retailer said they plan to make more room for up-and-coming brands, naming Gorilla Mind and Monster's Flrt line specifically.

Which brands won and lost in Q3?

Most brands tracked by Goldman Sachs posted strong quarters at the surveyed stores:

• Monster: sales up 16% year over year
• Red Bull: up 10%
• C4: up 9%
• Alani Nu: up 47%

Two brands bucked the trend. Celsius sales fell 1% year over year in Q3. Retailers cut their full-year growth expectation for Celsius to 3%, down from their Q2 forecast, and they expect roughly 3% growth again in 2027.

Bang fared worse. Retailers reported a 9% Q3 sales decline for the brand, whose parent company filed for bankruptcy in 2022 before Monster acquired it in 2023.

The survey's structure matters for context: Goldman Sachs gathered the figures from leaders representing 15,000 stores, making the 12% full-year projection a broad read on the convenience channel rather than a single-chain view.

For marketers, the numbers point to a category still growing but tightening. Brands that win 2027 shelf space — as Gorilla Mind and Monster's Flrt line aim to do — will compete for a market expanding at half this year's rate.