Red Bull GMBH in Soft Drinks - World: June 2010

Red Bull GmbH in Soft Drinks -
World
June 2010
Scope of the Report Soft Drinks: Red Bull GmbH © Euromonitor International
Scope
• 2009 figures are based on part-year estimates.
SOFT DRINKS OFF-TRADE RTD

VOLUME
471 billion litres
Carbonates Fruit/Vegetable Bottled Water Functional RTD

RTD Tea RTD Coffee
152 billion Juice 177 billion Drinks Concentrates
24 billion litres 4 billion litres
litres 55 billion litres litres 13 billion litres 42 billion litres
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2
Soft Drinks: Red Bull GmbH © Euromonitor International
Strategic Evaluation
Competitive Positioning
Market Assessment
Energy Drinks Opportunities
Brand Strategy
Production and Operation
Recommendations
3
Strategic Evaluation Soft Drinks: Red Bull GmbH © Euromonitor International
Key Company Facts

Red Bull GmbH Red Bull – energy drinks pioneer
Headquarters Fuschl am See, Austria • Austrian company Red Bull has created the global market
Regional Involvement Western Europe, Eastern for energy drinks, and the pioneering Red Bull brand
Europe, North America, became synonymous with energy drinks for a large
Latin America, Asia Pacific, number of consumers.
Australasia, Middle East & • Despite rising competition, Red Bull continues to
Africa comfortably lead the global energy drinks market by both
Category Involvement Functional drinks, cola volume and value. Since 2005, the company’s shares
carbonates have stabilised; 2008-2009 saw Red Bull’s global share
World soft drinks share by 0.1% dip slightly due to the increasing competition from
off-trade RTD volume (2009) Monsters which benefits from The Coca-Cola Company’s
distribution network.
Off-trade RTD volume 5.4% • In terms of value, the premium-priced Red Bull
growth (2008-2009) commands an even stronger lead, although the company
saw a fall in US dollar growth (y-o-y ex rate) in 2008-2009
amidst the recession in developed Western markets and .
Red Bull slowdown in the recession
• Red Bull is produced at a single facility in Austria and then
distributed around the world via a network of local
subsidiaries and external importers and distributors. The
expansion of international distribution has been central to
Red Bull’s growth strategy, with the brand now available
in more than 130 national markets around the world.
• Despite the recession, North America remained the most
important region in 2009, accounting for 38% of the
company’s off-trade volume sales, closely followed by
Western Europe with 32% of sales. Latin America and
Australasia managed double-digit volume growth in 2008-
2009, albeit from low bases.
4
Red Bull Under-performs Hansen Natural

• According to the company’s report, Red Bull saw its sales fall by 2% in 2008-2009, chiefly due to the weakened consumer
purchasing power in developed Western markets and the increasing competition from Hansen Natural. The influx of energy
shots brands has widened energy solutions to consumers, which inevitably are pressurising more established brands such as
Red Bull. To combat the new stream of competition, Red Bull introduced Red Bull Energy Shot in late 2009.
• In terms of revenues at corporate level, Hansen Natural outperformed Red Bull in 2008-2009. Hansen Natural’s geographic
coverage expanded rapidly following the distribution agreements with The Coca-Cola Company. Hansen Natural is quickly
establishing shares in Europe, and the US-based company has plans to expand its global reach in 2010, especially Europe,
the Middle East and South America in the short term.
5
SWOT – Red Bull GmbH

Broad geographic Vulnerable to Regulatory
Strong brand image Limited product portfolio
presence Control
Red Bull has been the Red Bull has a broad Within the soft drinks The relatively high caffeine
pioneer in energy drinks and geographic presence, which market, Red Bull has a content of Red Bull makes
has established a strong, should ensure positive long- limited product portfolio the brand highly vulnerable
consistent brand image (an term growth even if certain compared to the rising to regulatory control. The
independent, edgy brand in markets reach maturity. number of rivals with a product is still controversial
tune with young consumers) plethora of flavour variants. in a few markets.
globally. To many consumers,
The company can be
Red Bull is synonymous with
vulnerable to this limited
energy drinks.
offering.
Strengths Weaknesses
Opportunities Threats
Fickle nature of Major soft drinks players
New Markets Hybrid products
“Generation Y” muscle in
The US and Western Hybrid energy drinks that also “Generation Y”, Red Bull’s key Competition from major soft
Europe are traditional contain juice or tea extract may audience, are fickle and highly drinks multinationals, keen to
offer better longer-term growth fashion-conscious consumers. capitalise on the growth
markets for Red Bull’s
opportunities than extending the This explains the huge opportunities afforded by this
global revenue. The Red Bull brand into unrelated
company should increase marketing expenditure needed, dynamic category, is likely to
product categories (i.e. cola
its presence in high-growth carbonates), and may help
which needs to remain high to intensify in upcoming years.
attract new consumers to the keep the brand strong, which These rivals have extensive
markets such as Latin
category. could become an issue if Red distribution networks and can
America, which has a large
Bull’s margins are squeezed secure a prominent product
youth population. with intensifying competition. positioning in stores.
6
Key Strategic Objectives and Challenges

Extending the brand’s reach to new audiences Reconciling mass-market success with
without diluting the brand image “edgy” roots
The core market for energy drinks is young consumers Long-term focus has to remain relevant with the core
(specifically males) aged 16-25 years. Demand within this target audience and retaining its edgy image with this
market appears far from saturated, as evident from the continuous consumer group, which may become increasingly
dynamic growth achieved by energy drinks (the fastest-growing difficult with the brand’s status as a major global
soft drinks category globally). However, competition is also brand that achieved mass-market success. New
intensifying and to maximise long-term growth potential, market entrants may become more attractive to the
expanding the consumer base beyond its “hard core” of energy new generation of young consumers who want to be
drinks consumers will become more important. Red Bull has different and for whom the mass-market Red Bull
already started to extend the brand’s reach to new consumer may no longer be “cool” or “trendy” enough. If the
groups not attracted to the brand’s image or the concept of energy brand becomes too mainstream, energy drinks
drinks generally. An audacious attempt at extending the reach of consumers may turn their backs on it. However, its
its brand has been the extension of Red Bull into the cola dominance in the on-trade, specifically in the
category, with the positioning of an “all natural” cola alternative. nightclub circuit, where it is a popular mixer with
With this extension the company aims to capitalise on the current spirits, may preserve Red Bull’s “cool factor” also in
consumer trend towards “natural” ingredients, and the company the off-trade, at least in the short term. On the other
clearly targets an older consumer group that is typically more hand, the expansion of its non-impulse off-trade
interested in product ingredients than younger consumers. While presence (in particular within non-impulse channels
the product has achieved initial success, it remains doubtful such as supermarkets/hypermarkets) carries a
whether such a move proves to be successful in the long term in significant risk of undermining the brand’s
some markets, as it does not tie in with the brand image of the fashionable image. In any case, retaining an all-
original Red Bull energy drink, and may in fact end up alienating essential “cool image” will become increasingly
existing Red Bull consumers from the brand. Developing new difficult with ever rising competition from a plethora of
brands and clearly differentiating them from the Red Bull core smaller, and potentially trendier, brands. Remaining
brand may be a more successful way of expanding the consumer relevant among the core of younger consumers while
base in the long term (as The Coca-Cola Company has done expanding its presence in the mass market will be a
successfully with its Diet Coke and Coca-Cola Zero brands). major challenge for the company going forward.
7
Market Assessment
Brand Strategy
Recommendations
8
Competitive Positioning Soft Drinks: Red Bull GmbH © Euromonitor International
Red Bull Continues to Outperform Global Soft Drinks Market

• Red Bull consistently outperformed the overall soft drinks market throughout the 2004-2009 period. The recession affected
the pace of growth of energy drinks generally, but energy drinks has proved the most resilient category. The company enjoys
the admirable position as the strongest player in one of the most dynamic soft drinks categories, energy drinks. Indeed, the
company continues to reap the rewards of essentially having created the global energy drinks category.
• Growth peaked in 2004 due to a particularly strong volume performance in the US. Since then, growth rates have remained
dynamic in the US market – which became a key contributor to the company’s global growth – but have slowed down
considerably. In 2008-2009, Hansen Natural largely outperformed Red Bull in the US, with off-trade volume sales growing by
25% and 4%, respectively. Comparatively, the lower retail price of Monster is one of the winning factors.
• Since 2006, Red Bull’s growth rates have also been slowing down at a global level. While growth remains far above the soft
drinks average, the dynamism of energy drinks has attracted a large number of soft drinks players, including major
multinationals such as The Coca-Cola Company and PepsiCo looking to seize growth opportunities outside their mature core
categories.
• The rapid growth of functional water has somewhat diverted consumer attention from energy drinks. The demand for diversity
of drinks has diluted the intense need for energy drinks.
9
Top 10 Soft Drinks Companies by Off-trade RTD Volume

2009
• The Coca-Cola Company and PepsiCo jointly accounted Global Soft Drinks Top 10 Companies by Off-
for around 31% of the global soft drinks market by off- trade RTD Volume 2009
trade RTD volume in 2009. Although both saw a marginal
drop in share in 2008-2009, the two cola giants are Rank Company Off-trade RTD
immovable, and the economic downturn has had only a volume %
minor impact on the rankings, while major acquisitions share
have been the key contributor to improving global 1 Coca-Cola Co, The 20.8
position.
• The Coca-Cola Company, PepsiCo and Kraft Foods all 2 PepsiCo Inc 10.6
maintained their positions in terms of off-trade RTD
volume in 2009. In 2008-2009, The Coca-Cola Company 3 Nestlé SA 4.1
(1.9%) is expected to outperform PepsiCo (-0.3%) thanks
to its more balanced geographic spread. It is noteworthy 4 Danone, Groupe 3.8
that both cola giants are set to achieve double-digit
growth in the key developing markets of China and India, 5 Kraft Foods Inc 2.1
thanks to the two countries' swift recovery from the global
economic slowdown, which started in late 2008. 6 Dr Pepper Snapple Group Inc 1.4
• The Coca-Cola Company, for example, will see over 50%
of its global off-trade RTD volume growth come from one 7 Tingyi (Cayman Islands) 1.3
single market, China, indicating the pace of growth and Holdings Corp
the growing importance of the country to the company’s
scale. This is further evidence of the benefits of 8 Suntory Ltd 0.9
geographic diversification.
• As consumers are increasingly demanding a diversity in 9 Hangzhou Wahaha Group 0.9
drinks, many multinationals are working to broaden their
offerings to grow share of throat. It is getting hard for Red 10 AJEGROUP 0.7
Bull to uplift its share if it continues with its limited offer.
10
Japanese Companies Gain Through Acquisition

• On the world stage, 2009 has been a triumphant and eventful year for Japanese companies. In their domestic market,
these companies are faced with a deep recession and a saturated marketplace; internationally, they are aggressively
buying assets across continents. Suntory has moved up to eighth place as a direct result of the acquisition of Frucor
in Australasia and Orangina-Schweppes in Europe. Suntory paid an estimated US$4.6 billion for the two acquisitions,
which enabled it to gain a mere 0.3 percentage points share increase in terms of off-trade RTD volume, indicating the
severity of competition among the top tier multinationals.
• Asahi has made the most spectacular jump in 2009, overtaking five players to reach 14th place following the
acquisition of Cadbury Schweppes‘s business in Australia. Armed with a substantial war chest, major Japanese food
and beverage companies are preying on overseas targets and are moving in fast in Asia, Oceania, Europe and North
America. The cessation of merger talks between Suntory and Kirin demonstrates the complexities in M&A activities
and the difficulties of integrating different corporate cultures and strategic objectives even within the same country.
• Nestlé has swapped positions with Danone, moving up into third place in 2009. While the Swiss giant is struggling
with its bottled water business in developed markets, its Nestea powder concentrates are performing exceptionally
well in the key emerging market of the Philippines, thanks to the successful launches of Nestea Litro and Nestea Fit.
And which have gone down?
• Separation from its Chinese partner Wahaha has resulted in Danone dropping to fourth place in the global soft drinks
rankings. The world's top dairy player's change in overall business strategy has had a profound impact on its ranking
in soft drinks. The company sold Frucor to Suntory in 2009 to fund its dairy expansion.
• The Chinese beverage conglomerate Hangzhou Wahaha has started to showcase its strength for the first time on the
global stage as a global brand owner and a powerful soft drinks company.
• Finally, off-trade RTD volume sales of private label grew by 3.4% in 2008-2009, slightly outperforming the overall soft
drinks market (2.9%). The segment's main source of growth will essentially be the developed markets, in which
consumers are tightening their belts and looking for cheaper alternatives. In North America, for example, private label
sales are estimated to grow by 4.3% in 2008-2009 compared to 1.1% in 2007-2008. Nevertheless, many companies
have reacted to the poor economic climate by introducing budget products for recession-weary consumers.
11
Red Bull Retains its Premium Status

• Red Bull does not rank among the top 10 players in off-trade Global Soft Drinks Top 10 Companies by Off-
volume terms, but its ranking has improved considerably over the trade RTD Value 2009
last five years.
• Unsurprisingly, with Red Bull being a premium-priced soft drink, the
Rank Company Off-trade value %
company plays a much more important role in the soft drinks share
market when measured in value terms. Quite surprisingly however, 1 Coca-Cola Co, The 25.2
considering that the company’s sales stem from a very narrow
product portfolio, Red Bull ranks number 10th in 2009 in the global
soft drinks market by value. The Coca-Cola Company’s and 2 PepsiCo Inc 12.0
PepsiCo’s distribution with Hansen Natural and Rockstar,
respectively, will effectively raise the profile of Monster and
3 Nestlé SA 3.1
Rockstar and consequently, may impede Red Bull’s rise into the
top five companies by value in the short to medium term.
• Suntory is ranked number four by value and number seven in 2009 4 Suntory Holdings Ltd 2.5
by off-trade volume, suggesting the company is focusing on the
value market. Suntory’s strong position in domestic Japan and the
acquisition of Frucor and Orangina-Schweppes will improve both its 5 Dr Pepper Snapple Group 2.3
volume and value positions substantially. Suntory’s bold and Inc
aggressive penetration of the affluent European and Australasia 6 Danone, Groupe 2.0
markets has somewhat shocked existing players.
• Contrary to Suntory’s value position, Tingyi and Wahaha,
prominent players in volume terms, are both outside the top 10 7 Kirin Holdings Co Ltd 1.3
companies by value, showing China is a typical low-value and high-
volume market. The two companies concentrate their sales in
China.
8 Asahi Breweries Ltd 1.1
9 Ito End Ltd 1.1
10 Red Bull GmbH 1.1
12
Red Bull – Undisputed Leader in the On-trade

• The on-trade has played a major role in Red Bull’s growth Functional Drinks Major Players:
strategy. Even though the product is not actively marketed as a Combined Company % Share by On-trade
drink to be consumed as a mixer, it has established itself as a Volume in Key Markets
popular mixer with spirits in bars and nightclubs, and whether Company 2005 2009
this was intentional or not, it certainly helped Red Bull attract a
following among the core youth demographic, which in turn Red Bull GmbH 25.3 28.8
accelerated its success rate in the off-trade.
• On-trade sales are significant, but the bulk of sales today are PepsiCo Inc 22.5 20.6
derived from the off-trade. Red Bull has consolidated its Coca-Cola Co, The 4.9 6.3
position in the on-trade channels over the 2005-2009 period in
functional drinks. It has kept a large gap between itself and MBG International Premium 2.2 3.0
PepsiCo. The Coca-Cola Company improved its market share Brands GmbH
substantially thanks to the strong brand Aquarius, which TC Pharmaceutical Industry 2.1 2.7
performed particularly well in Spain. Co Ltd
• One issue in the on-trade is reportedly that Red Bull is only Uni-President Enterprises 3.6 2.5
available in cans, whereas rival products are available as Corp
syrups which can be used with a beverage gun. Red Bull thus Suntory Holdings Ltd - 1.1
takes up more inventory space, as well as producing more
waste. Dark Dog Trading GmbH 0.2 0.8
• Red Bull vigorously protects its on-trade business, and has filed
suits against bars and clubs serving other brands to customers Lizur Trading GmbH 0.5 0.4
requesting Red Bull, without making customers aware of this. In GlobalBev Bebidas e - 0.2
the long term, this may not be sufficient to keep the competition Alimentos Ltda
out of the on-trade, as bars will be increasingly attracted to
HMM International Inc 0.1 0.2
lower-priced alternatives, and energy drinks may have matured
sufficiently for customers to perhaps demand Red Bull (which Note: Key markets refer to China, India, Russia, Brazil,
became synonymous with energy drinks), but also accept Mexico, USA, France, Germany, Italy, Spain, United
alternatives, as long as they taste similarly. Kingdom
13
Market Assessment
Brand Strategy
Recommendations
14
Market Assessment Soft Drinks: Red Bull GmbH © Euromonitor International
Energy Drinks Carry Value Prospects

• Red Bull is in an enviable position as the leading player in one of the most dynamic soft drinks categories. Energy
drinks is predicted to grow at a CAGR of 5% in both off-trade volume and value terms over the 2009-2014 period,
compared to a much more modest outlook for the large but mature carbonates (1% CAGR for both volume and
value). Going forward, Red Bull needs to continue to strengthen its brand image and distribution in order to defend its
position in the face of the growing competition from The Coca-Cola Company and PepsiCo systems.
• Red Bull entered carbonates in 2008 with some success, but there is no sign yet if Red Bull will diversify into other
categories such as high-growth RTD tea and fruit/vegetable juice.
15
Market Assessment Soft Drinks: Red Bull GmbH © Euromonitor International
Red Bull: Newer Markets Gain in Weight

• Red Bull is a truly global player, having a presence and indeed
having created the energy drinks category in many markets
worldwide. The top six markets account for just over 60% of the
company’s global off-trade volume sales, with the remainder
stemming from a large number of smaller but (in most cases)
dynamically growing markets with plenty of further growth
potential. In fact, newer markets have gained weight on the
corporate scale in the last few years.
• Compared to Rockstar and Hansen Natural and other Japanese
players, Red Bull started with its geographic expansion strategy
relatively early; however, its home Austrian market remains key
to the company, accounting for a similar share of off-trade
volume sales as neighbouring market Germany, despite the
country’s much smaller size. Indeed, Austria has the highest per
capita consumption of energy drinks in the world, which is
undoubtedly linked to Red Bull’s Austrian heritage. However,
with consumption reaching maturity, both Austria and Germany
saw their share in Red Bull’s global sales shrinking. There is
also a great deal more competition in mature energy drinks
markets than in new markets. High affordability is one of the
attractiveness of mature markets.
• With no other country yet to reach the per capita consumption
figures of Austria, there remain growth opportunities in all
geographic markets for Red Bull. The US became of major
importance to the company. Having entered the market in 1997,
effectively creating the energy drinks category there, sales in
this market grew dynamically in recent years.
16
Market Assessment
Brand Strategy
Recommendations
17
Energy Drinks Opportunities Soft Drinks: Red Bull GmbH © Euromonitor International
Latin America Offers Exciting Potential

• Energy drinks is a comparatively high-growth soft drinks category, which continues to have potential in all world
regions. Most regions therefore hold growth opportunities for Red Bull. In off-trade volume and value terms, North
America and Western Europe remain the most important contributors to the global growth of energy drinks. Indeed,
North America will contribute nearly half of the global absolute increase by off-trade volume over the 2009-2014
period, showing that all energy drinks players cannot afford to compromise the mature consumers market. The
current recession and fragile recovery should not put major players off from the US.
• Ostensibly, Asia Pacific’s growth potential for energy drinks is discounted upon Japan’s predicted decline over the
2009-2014 period. Japan has the world’s most established energy drinks market and consumption of energy drinks
has reached maturity. Energy drinks has an old-fashioned image and it has to compete against a wide range of drinks
with functional attributes across all soft drinks categories. However, the maturity in Japan does not necessarily mean
doom for a strong powerful brand like Red Bull. Other markets such as China, the Philippines and Thailand are
growth engines for the region.
• Latin America represents a good growth opportunity for Red Bull, and Mexico is currently the largest market for Red
Bull in the region. The consumer switch from carbonates to other beverages will create good opportunities for Red
Bull to expand. However, in functional drinks, in Latin America, Red Bull has to face competition from more
established players such as PepsiCo (67% off-trade volume share, 2009) and The Coca-Cola Company (10%).
Opportunity Zone
18
Red Bull Continues to Lead in Global Volume Terms

• Red Bull remained the leading player in the global energy Global Energy Drinks: Top 10 Players
drinks market with an off-trade volume share of nearly 20% 2005/2009 by Off-trade RTD Volume
in 2009. However, there is significant activity in the market Company % Rank % Rank
which is attracting investment from many major soft drinks company 2005 company 2009
players. share share
• Rankings below Red Bull are therefore not static, and there 2005 2009
have been major changes among the top five over the
Red Bull GmbH 18.4 1 19.6 1
2005-2009 period. Hansen Natural has been a rising star in
the market, consistently moving up in the rankings and has Hansen Natural 5.3 6 10.4 2
now claimed the number two spot by volume. Corp
• Hansen Natural has had enormous success with its GlaxoSmithKline 10.7 2 7.9 3
Monster energy drink in its home US market, where it Plc
became the number one energy drinks brand, ahead of
PepsiCo Inc 8.3 4 7.6 4
Red Bull, in volume terms. The distribution deal with The
Coca-Cola system will further benefit the global reach of Coca-Cola Co, The 5.0 7 6.6 5
Hansen Natural. At the time of writing, there was
speculation that The Coca-Cola Company may be looking TC Pharmaceutical 8.4 3 6.5 6
to buy a stake or fully acquire Hansen Natural. Industry Co Ltd
• Additionally, rival brands such as Rockstar have also been
successful at building a brand image that connects with
Osotspa Co Ltd 7.4 5 5.0 7
young consumers and have been building share by offering
larger can sizes at a lower unit price compared to Red Bull, Rockstar Inc 3.5 9 4.7 8
thus offering more value for money.
Suntory Holdings 2.4 10 2.6 9
• While Red Bull is in no immediate danger of losing its
Ltd
number one spot, rising competition in the maturing US
market as well as in Western Europe may force Red Bull to Otsuka 4.4 8 2.5 10
adjust its pricing strategy and sacrifice some of its margins Pharmaceutical Co
to be able to defend its volume share in these markets. Ltd
19
Shots Refreshes the Look of Energy Drinks

• One of the big obstacles to the stronger global development of energy drinks is their comparatively narrow
consumption base. Specifically, the youthful profile of mainstream brands works well for their fan base, but alienates
it from many adult consumers who might otherwise be receptive to energy-boosting beverages. Energy drinks are not
an obvious category from which to build a strong segmentation strategy, but a new generation of so-called energy
shots have opened a potentially lucrative window of opportunity.
• Energy drink shots, packaged in miniature servings of 1-2 ounces, might fairly be described as the soft drinks
equivalent of an espresso coffee, only smaller and often with a higher head-spinning dose of caffeine. The upside
argument for heavier investment in this category is that the concept is more firmly focused on functionality than
mainstream energy drink brands. Energy shots are a quick fix pick-me-up that could appeal to anyone from bankers
to postmen to bus drivers, and they have a more daylight occasion profile compared with the hedonistic nocturnal
profile of energy drinks. Recent launches include Coca-Cola's Relentless in the UK and Red Bull's Energy Shot
Dietary Supplement in the US.
• To date, the world's best-selling miniature size, non-alcoholic liquid beverage is Yakult, a probiotic drinking yoghurt
that, according to Euromonitor International, had a worldwide annual retail value of over US$2.5 billion in 2008.
Notwithstanding its good-for-you credentials, Yakult is typically consumed because of its energy-boosting effect.
Small size functional drinking yoghurts and vitamin supplements are a competitive playing field, but there is room for
an innovative soft drinks shots market. Energy drinks could also leverage a revitalised shots market to build more
stable positions outside the US.
• A new, high-profile shots market will, of course, only intensify the health debate on energy drinks, but that is unlikely
to deter the category. Of more pressing importance is the need for deeper international penetration and a quick return
to the double-digit growth rates of the past 10 years. The energy drinks growth story is far from over.
20
Monster Overshadows Red Bull by Volume in North America

• North America became a key market for Red Bull, accounting for
nearly 40% of the company’s global off-trade volume sales of
energy drinks. Energy drinks is a relatively recent development in
the region, with the category having been created by Red Bull’s
1997 entry into the US market. As in other markets, Red Bull’s
entry strategy focused on establishing a presence in the on-trade
which opened opportunities in the off-trade for the company. This
strategy proved very successful also in North America, and the
company’s sales in the region grew very dynamically.
• However, the dynamic category attracted the attention of other
players, both large and small, all looking to get a share of this
attractive market. Competition has greatly intensified, so much
so that Red Bull lost its number one spot in volume terms in the
region, with Monster, which is sold at a lower unit price, having
ousted the company from the number one position in 2008.
Monster has furthermore benefited from widened distribution
through distribution deals with major players in the beverages
industry (The Coca-Cola Company, Anheuser-Busch).
• Apart from the higher price, another issue contributing to the
gradual fall in Red Bull’s share is the fact that rival brands are
available in a much wider range of flavour variants, offering
consumers choice, as well as (perhaps even more importantly)
occupying larger shelf space due to the larger number of SKUs.
• Although Red Bull has created the energy drinks category and is
thus able to position itself as “the real thing”, this fact may
become less and less relevant to the new generation of energy
drink consumers, and Red Bull certainly can no longer take its
first-mover advantage as a guarantee for long-term success in
the market
21
Red Bull Continues to Outweigh Monster by Value in NA

• Globally, North America remains the key battleground for energy drinks players as the region has a large population
and affordability of energy drinks remains high even during the recession. Specifically, energy drinks maintained
positive growth in both volume and value in 2008-2009 contrasting to declines in carbonates, fruit/vegetable juice and
bottled water. Although Red Bull was outdone by Hansen Natural by volume, the Austrian company continues to lead
by value due to its relatively high unit price. However, capturing further share in the US will also be a far more difficult
task as there is a high degree of innovation from competitors in terms of flavours, pack sizes and designs.
• Outside of North America, Red Bull is also facing competition on all fronts. The alliance between Suntory and
Rockstar represents a real threat for Red Bull in the Pacific Rim. In April 2010, Suntory’s Frucor Beverages Ltd
announced a deal to assume the licence to manufacture and distribute Rockstar Energy in Australia and New
Zealand. Adding such a proven brand is a rare opportunity in energy drinks, where hundreds of brands around the
world are created and discontinued each year and few have been able to build sustained momentum. From Frucor's
perspective, the move allows it to compliment its primary energy drink brand V, and further diversify its beverage
portfolio beyond juices and waters.
22
Coca-Cola Represents a Threat in Western Europe

• Red Bull’s major development in Western Europe has been its entry into the French market, where the sale of the
drink was finally allowed in 2008, and where the company should theoretically be able to achieve significant growth
over the next few years. However, in 2008-2009, the company saw sales significantly slow down amidst the
recession due to the weakened consumer purchasing power.
• Smaller players such as MBG and Dark Dog performed well, albeit from low levels. MBG was a star performer in
2008-2009 thanks to its brand Effect, which ranked second and achieved an 8% volume share in the five years since
its introduction in Germany.
• The Coca-Cola Company has been very active in energy drinks in the region, undoubtedly attracted to the category
as it offers better growth prospects – and margins – compared to its core carbonates business. The company has
had some success, with growth rates well ahead of Red Bull’s in the last few years. Currently, however, Coca-Cola
seems to still be going through an “experimentation” phase with its energy drinks business, as it has a range of
brands in different markets, and has not yet put its full weight behind one single brand. This is a very different brand
strategy from that in fruit/vegetable juice and carbonates. 2008-2009 saw Coca-Cola push hard on Relentless, with
Relentless outshining its sister brand Burn in Western Europe. The distribution deal with Hansen Natural will help
Coca-Cola increase revenues in the region.
23
Red Bull Under-performs in Eastern Europe in 2008-2009

• Energy drinks recorded dynamic growth in Eastern Europe, with off-trade volume sales increasing by nearly 471% over the
2004-2009 period. However, the economic downturn impeded the pace of growth slightly in 2008-2009. Eastern Europe has a
consolidated energy drinks market, with the top three companies accounting for nearly half of off-trade volume sales in 2009.
However, Red Bull has under-performed the market in recent years, with its share declining by 600 basis points over the 2005-
2009 period.
• A key energy drinks market is Poland, which accounts for nearly half of total off-trade volumes in the region. In Poland, Red Bull
is coming under intense pressure from rival brands, in particular the new domestic Tiger Energy Drink, which carried on its
strong growth momentum during the economic slowdown. The lower unit price of Tiger Energy Drink has no doubt played a role
in the brand’s rising popularity in the country. Importantly, the brand also receives strong marketing support.
• In Russia, another key market, Red Bull ranked second, to PepsiCo. However, Red Bull performed better than PepsiCo during
the recession. The focus for Red Bull in the region has to be to stop the further erosion of its share in the key markets.
24
Private Label Gathers Growth Momentum in Europe

• In contrast to North America, private label plays a Energy Drinks: Private Label % Market Share by
significant role in Europe’s energy drinks market. In both Off-trade Volume
Western and Eastern Europe, the off-trade volume share
held by private label rose dramatically over the 2001-
2009 period. In Western Europe, private label now holds
a 13% share of the market (off-trade volume), and in Region 2006 2007 2008 2009
Eastern Europe private label’s share reached 7% in
2009, an impressive rise from 4% in 2006.
• Private label is a major part of Europe’s fmcg market
World 2.6 2.7 3.0 3.2
overall. Price-sensitive consumers in the region, and in
particular in countries such as Germany, are attracted to
the lower price offered by private label products, but they
also trust the products as being of comparable quality to Eastern Europe 3.8 4.9 6.2 6.5
the branded equivalents. In Germany, private label held
a massive 40% off-trade volume share of energy drinks
in 2009.
Latin America 0.0 0.1 0.1 0.1
• The rising penetration of private label in energy drinks is
also an indicator of market maturity, and suggests that
“brand image” is no longer the ultimate factor influencing
consumers’ purchasing decisions (at least for a North America 0.3 0.3 0.4 0.5
significant proportion of consumers). Red Bull is all
about image rather than superior taste or higher quality
ingredients. It is image that justifies its price premium.
With this factor becoming gradually less important to Western Europe 10.7 11.3 11.8 12.6
European consumers, its superior positioning (and thus
higher price) may not be sustainable in the region in the
long term.
25
Red Bull Focusing on Mexico and Regulatory Challenge

• Energy drinks grew dynamically in Latin America over the review period. Mexico is the largest energy drinks market in the
region by volume and Brazil is set to be the main contributor to overall regional growth over the 2009-2014 period. Red Bull
has a very strong position in Mexico, with an off-trade volume share of 61% in 2009. Despite the economic slowdown, energy
drinks continued to grow at a dynamic rate in 2009 in Mexico, chiefly due to an increased consumer base. The product is
mainly targeted at teenagers and young adults and is substituting cola carbonates for providing an energy boost before a
lecture or early morning class. Also, its mixing with alcoholic drinks remains popular – but also increasingly controversial, with
the Ministry of Health seeking to ban the practice of mixing energy drinks and alcohol at least in on-trade outlets. While
stricter regulation would negatively impact growth, energy drinks thrive on being controversial and the core youth
demographic is unlikely to turn its back on energy drinks anytime soon – provided it stays within their reach in terms of price.
• Overall, Red Bull enjoys a dominant position in most Latin American markets and with first-mover advantage and no strong
competition as yet, it has been the main benefactor of growth in energy drinks volumes in the region.
26
Coca-Cola a Growing Threat to Red Bull in Latin America

Major Energy Drinks Companies by Off- • Although Red Bull dominates energy drinks in Latin America, it
trade Volume % Share 2005/2009 in Latin has lost some market share to Starzinger and The Coca-Cola
America Company over the review period. The latter has increased its
investment in this lucrative category, with Burn and Gladiator
2005 2009 benefiting in particular.
• In Brazil, for example, The Coca-Cola Company is ranked
second in energy drinks and the newer brand Gladiator is one of
Red Bull GmbH 53.7 51.3 the fastest growing soft drinks brands. As the company has
massive distribution infrastructure, it can become the toughest
rival to Red Bull in the medium term when The Coca-Cola
Starzinger GmbH & Co KG 1.9 5.4 Company is expanding into this category seriously. Marketing
activity and optimisation of logistics and distribution channels
are likely to be explored by the main players in functional drinks
Coca-Cola Co, The 3.9 5.1 over the forecast period. Within functional drinks, AmBev and
The Coca-Cola Company will go head to head with their sports
drinks products, Gatorade and i9 Hidrotônico, respectively. Red
Bull and GlobalBev are likely to focus their marketing efforts on
Danone, Groupe - 3.5
strong markets such as the southeastern and southern regions
of the country, mainly in cities such as São Paulo, Rio de
Janeiro and Belo Horizonte.
Bomba Energia 3.9 3.1
• Red Bull needs to continue to expand its geographical coverage
Getraenkevertriebs GmbH
in Latin America and increase its brand profile. Considering the
long-term benefit, Red Bull is advised to consider setting up a
PepsiCo Inc 0.3 3.1 production facility in Mexico to produce the drink locally for the
Latin America region and to supply North America. In this case,
the production and transportation costs will be largely reduced
and the price can be more affordable to local consumers.
Note: - refers to no market share or negligible share
27
Red Bull Slows Down in Asia Pacific in 2008-2009

• Asia Pacific (specifically Thailand) is the birthplace of Red Bull, as Red Bull founder Dietrich Mateschitz adopted it
from the Thai beverage Krating Daeng in 1984. He reformulated and repackaged the product to adapt to European
tastes (e.g. the original version was not carbonated and was sweeter).
• However, despite the historic importance of the region for Red Bull, Asia Pacific accounts for a small portion of the
company’s global sales, of just 5% of off-trade volume. Red Bull is a rather minor player in the region, ranking in sixth
position, with a very modest volume share of less than 4% in 2009.
• The dominant player is TC Pharmaceutical Industry, with its version of Red Bull – based on the original Krating
Daeng. The company is highly successful in the region, and it will be a challenge for Red Bull to compete with this
energy drinks giant, not least because its Red Bull drink had been reformulated to suit Western consumers’ tastes
and is thus arguably not in the best position to compete with a brand that is tailored for Asian consumers’ palates. In
China, for example, TC Pharm’s Red Bull (a share of 81% by off-trade volume) has deep penetration in first- and
second-tier cities. Lucozade’s expansion into China also represents a threat to the Austrian Red Bull.
• Another challenge for Red Bull is the fact that energy drinks in the region have to compete against many other
functional beverages, such as functional RTD tea or RTD coffee or traditional tonics.
• In 2009, Red Bull signed an agreement with F&N Beverage Marketing for the sales and distribution of Red Bull in
Malaysia, and F&N’s strength and strong local knowledge should help Red Bull’s further penetration in the country.
28
Major Energy Drinks Growth Markets in Asia Pacific
7.8
7.1 31.4
18.3
9.3 8.3
9.6
Note: figures: Energy drinks - 2009/2014 absolute off-trade volume growth mn litres
29
Red Bull Emerging in Japanese Sunset Energy Drinks

• One key target market for Red Bull over the coming Japan - Major Energy Drinks Companies by Off-
years is reported to be Japan. In this market, trade Volume and Performance 2006-2009
energy drinks have traditionally targeted male
Company % growth % growth % growth Company
working professionals in their 20s and 30s to 2006-2007 2007-2008 2008-2009 share %
revitalise their minds while at work. Therefore there off-trade
may be potential for a more youth-focused energy volume
drink such as Red Bull, despite the fact that the 2009
outlook for energy drinks overall is bleak in the
country (the category is expected to record a Otsuka -2.4 -0.9 -1.3 35.1
decline in sales). Pharmaceutica
l Co Ltd
• In 2008-2009, most major players suffered a severe
decline in sales in Japan. The recession makes the Suntory 0.2 -1.6 -1.4 19.6
trading environment worse in which the Holdings Ltd
consumption of energy drinks has reached maturity Coca-Cola Co, -1.8 -3.3 -2.8 14.6
and the demographics is unfavourable to the The
development of youth-oriented drinks. However,
Red Bull bucked the trend and performed Asahi -2.5 -8.2 -6.2 6.4
exceptionally well since its official launch, albeit Breweries Ltd
from a very low base. Its ability to weather the Yakult Honsha -3.1 -8.6 -0.2 3.1
financial storm and the harsh competition shows the Co Ltd
viability of the product and the brand. The challenge
is to grab the market shares from existing players
Red Bull 4.4 6.4 8.0 2.5
when there is little room to grow the market size.
GmbH
The marketing message should be focused on
differentiation. Red Bull’s experience in Japan is Others -7.6 -10.1 -4.3 18.7
also encouraging, meaning mature markets are not
definite no-go areas for ambitious and financially TOTAL -2.8 -3.9 -2.2 100.0
strong players.
30
Changing Competitive Landscape in Australasia

• Red Bull ranked second in energy drinks in Australasia and the company is facing competition from Japanese
companies Suntory and Asahi. Suntory assumed leadership in energy drinks in 2009 with its acquisition of Frucor (V
brand). Asahi has also expanded its operation in the region with its acquisition of Cadbury Schweppes’s beverage
business. Both Suntory and Asahi are strong and active players in energy drinks in Japan.
• In 2009, Red Bull changed its distribution model in Australia and started to handle and operate its own distribution by
selling direct and through a network of independent wholesales. This will allow Red Bull to closely monitor its sales
and respond swiftly to the retailers.
• Despite the economic slowdown, energy drinks managed
high double-digit off-trade volume growth in 2008-2009,
which is an impressive situation, chiefly due to the increase
in sales through supermarkets. Albeit from a low base, this
trend is reflective of energy drinks moving from impulse-
dependent purchasing to planned consumption. Hence, it
signals the prospect of further strong growth across the
forecast period. However, with supermarket pricing well
below that of the impulse channels, and made even more
attractive through multipacks, this move will see a
diminution in average unit price.
• Red Bull should strive to establish contacts with key retail
clients and secure shelf space for the market change.
31
Market Assessment
Brand Strategy
Recommendations
32
Brand Strategy Soft Drinks: Red Bull GmbH © Euromonitor International
Red Bull New Brand Extension - Energy Shot

• Red Bull’s success is essentially built from one single product, i.e. the 250ml slimline can which is, in combination
with the pack design, easily noticeable and instantly recognisable on store shelves.
• The brand was first extended in 2003 with the introduction of a sugar-free variant, clearly an attempt to attract more
female consumers who are put off by the original version’s high-calorie content.
• More recently, the brand has been extended to include new pack sizes, i.e. larger 355ml, 473ml cans and multipacks.
The new pack sizes are in response to consumer demand for more value for money, in combination with rising
competition from rival products offering larger can sizes at a lower unit price. Red Bull appeared hesitant in
introducing new pack sizes of its Red Bull product, but rising consumer price sensitivity and growing competition from
lower-priced alternatives have clearly made the move to new pack sizes a necessity, even though they carry lower
profit margins.
• The company has, until recently, shied away from extending its brand into new product categories. However, this
attitude is slowly changing, as evident from the company’s recent launch of Red Bull Cola, which represents the first
extension of the brand outside its core category. Since its launch, the brand has not been doing badly given the
saturation of the consumption of carbonates and the harsh competition of existing brands. Despite the negative
headlines regarding the possible traces of cocaine, Red Bull Cola recorded a market share in a few markets including
the UK and Spain. Whilst it is unclear if the consumers for Red Bull Cola are new recruits or Red Bull’s hardcore
followers, the brand extension seems to be taking off.
• Apart from its Red Bull brand, the company also has a number of other brands which do not enjoy the same high
profile as Red Bull, and which currently are much more niche-positioned. This includes Carpe Diem, a “New Age”
drink based on natural ingredients that is available in a number of European markets, or Sabai wine spritzer in the
UK.
• While the company does not appear to be averse to the introduction of new brands, and indeed already has other
brands in its portfolio, the Red Bull brand is likely to be eating up most of the company’s (already large) marketing
budget, and at present there are no signs that the company is looking to build another mega brand alongside Red
Bull.
• In 2009, the company introduced Red Bull Shot to compete against other shots such as Relentless and Lucozade.
These products are normally displayed side by side near the checkout counter. The high unit price of these drinks
may restrict the volume sales, but it is still too early to judge.
33
Naturally Attractive - Red Bull Cola Creates Little Buzz in UK

• In 2008-2009, the cola carbonates category in the UK saw a Major Markets for Red Bull Cola by Off-trade
little makeover in terms of ingredients used. To capture Volume mn litres in Cola Carbonates
consumers’ aspiration for health and wellness products,
manufacturers continued to focus on naturalness after the
Country 2008 2009
launch of Red Bull and Pepsi colas with natural ingredients.
• In the recessionary UK, some consumers switched back to
sugarised cola carbonates, which actually pushed up the off- United Kingdom 6.1 8.3
trade volume sales growth of cola carbonates to 2% in 2008-
2009. A tracker survey by the Foods Standards Agency,
which is responsible for promoting healthier lifestyles, Spain - 1.8
showed that in 2009 awareness of the existence and role of
the agency had not significantly increased since the previous
year. However, consumers who are interested in leading a Switzerland 0.8 1
healthy lifestyle were more inclined to opt for more natural
products and natural cola brands Red Bull Cola and Pepsi
Raw, launched in 2008, benefited from this. These products Ireland 0.5 0.5
led to speciality regular colas being the fastest-growing
category in 2009. However, Red Bull Cola caused
controversy in Germany in 2009, which was reported to Italy 0.4 0.4
contain traces of controversial ingredients.
• The lessons learnt from the UK means that manufacturers
Azerbaijan 0.2 0.2
should not be deterred by the maturity of consumption and
the stiff competition. If a product is right for the market and
has the right price backed by a wide distribution network, it is Note: - refers to negligible sales
still able to stand out from the crowd. The marketing strategy,
however, has to be shrewd.
34
Red Bull Thrives on Notoriety Among Core Following

• Red Bull’s eponymous brand has achieved remarkable global success. Marketing remains central to the brand’s
success, with up to 40% of sales invested in marketing and promotion activity. Red Bull’s marketing has historically
been built on a 3-pronged approach incorporating buzz marketing, sponsorship and TV advertising. Buzz marketing,
including handing out free samples at campuses and events where under 30s gather, is often used as a way of initially
raising consumer awareness when entering new markets. This helps to generate a sense of underground excitement
about the brand, in contrast to more mainstream approaches to advertising. The launch of the Red Bull Magazine helps
the Red Bull community to connect and engage and it is a clever strategy to retain consumer loyalty.
• The brand’s sponsorship of cultural and sporting events builds on this image, targeting non-mainstream areas, including
cutting-edge electronic music and extreme sports.
• An image of notoriety, danger and controversy has always been actively sought by the company, and any reference to
any potentially dangerous ingredients have certainly helped to make the product an even bigger hit among the core
youth demographic. Its popularity in the nightclub circuit as a mixer with spirits has also played a major part in the
brand’s success among its target audience.
• In energy drinks, an association with “danger” is not a bad thing – at least not for its core base of young consumers. On
the contrary, the opposite will be the case – the more controversy it causes among older generations, the more younger
consumers will embrace the product. It is, however, very likely that this image of “notoriety” works against the brand’s
expansion beyond its core youth demographic, while on the other hand, trying to attract older consumers to the drink
through a more traditional positioning may alienate its core audience, as the drink may lose its “street cred” as a result.
• There are consequently limitations on how far the brand’s reach can be extended to other consumer groups without
risking losing the core audience. The introduction of stand-alone brands would allow more specific targeting and would
allow more flexibility in the positioning of the products without risking alienating parts of the consumer base, and may be
a better option for the company to reach out to new consumers.
• Red Bull has a number of brands in its portfolio, which currently have a very low turnover and have certainly not
reached the level of success the Red Bull brand has, such as Carpe Diem in the UK, a “New Age” drink positioned on
the basis of “natural ingredients”. With the right positioning and a more mainstream flavour profile (e.g. as a
“sophisticated adult” carbonate), marketing support and targeting, the brand may have potential to reach a wider
consumer base and grow beyond its current niche – thus reaching health-conscious consumers that cannot be reached
and indeed, should not be targeted, with the Red Bull brand.
35
Market Assessment
Brand Strategy
Recommendations
36
Production and Operation Soft Drinks: Red Bull GmbH © Euromonitor International
Rethink Single Production Facility?

• Red Bull has a single production facility located in Austria. The company exports its product around the world, which
incurs high transportation costs. The company reported that around four billion cans of Red Bull are consumed every
year.
• The company has 6,900 employees around the world. Red Bull’s headquarters is in Fuschl am See, not far from
Salzburg, Austria.
• The company handles its distribution differently in different markets. In some countries, it has a wholly-owned
subsidiary which distributes and markets its own products. In some countries, the company has agreements with
major distributors.
• While many soft drinks companies are tying to build their production facilities closer to consumers, Red Bull seems to
be sticking to its production strategy of one single production facility. The high energy costs and logistics costs has
rendered a high selling price for Red Bull, which makes it unaffordable for some low-income consumers particularly in
emerging markets. In the long run, Red Bull should consider building a manufacturing hub to serve a wide geographic
area. For example, production in Mexico to serve the Americas and a facility in China to serve Asia.
37
Market Assessment
Brand Strategy
Recommendations
38
Recommendations Soft Drinks: Red Bull GmbH © Euromonitor International
Being “The Original” Will Not Guarantee Long-Term Success
Be prepared for Monster’s European onslaught Erosion of share in US is a concern

The US is a key contributor to Red Bull’s global revenues, Monster overtook Red Bull as the number one energy drink
and furthermore the main contributor to global growth of brand in its home US market, and its owner Hansen Natural
energy drinks over the forecast period. In this key market, has ambitious international expansion plans. In 2008/2009,
Red Bull’s share has been gradually declining, and in the company started to roll out the Monster brand in
volume terms, it has been relegated to the country’s European markets (including the key UK market), as part of
number two energy drink, behind dynamic rival Monster. a distribution agreement with The Coca-Cola Company. In
Red Bull needs to dedicate a major proportion of its global the US, Monster’s success was, in addition to strong
marketing budget on defending its share in this key market branding, due to its lower unit price, with consumers being
where being “the original energy drink” no longer offered better value for money through larger cans. In
guarantees the leadership position. mature Western European energy drinks markets this
positioning may also find a receptive audience, in particular
during the current economic downturn.
Is one-location production sustainable in the Do not attempt to reconcile Red Bull with the
long term? “health trend”
Energy drinks are arguable the “antithesis” of the health and wellness Red Bull’s premium positioning is in part a conscious decision
trend. Targeted at Generation Y consumers, the drinks are about by the company to differentiate the brand from carbonates, but it
“living life to the max”, and are appreciated by this young consumer is also a necessity due to the fact that the product is produced
group keen to set themselves apart from older generations. Health is at only one location in Austria and exported to all other markets,
not top of this consumer group’s mind – on the contrary, the more which also raises the product’s price in those markets. Premium
controversial a product (and the more it is criticised by older
pricing may become more difficult to sustain with ever
generations), the more attractive it becomes to young consumers.
Retaining an edgy image is vital for success with this core group of intensifying competition in the category. In the long term, Red
consumers, and while a healthier positioning (as that attempted with Bull may need to reassess its one-location production strategy
the Red Bull Cola line extension) may attract older consumers, it risks and spread production across regions to retain its profit margins
damaging the brand’s “street cred”. even if it comes under greater price pressure from rival brands.
39
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Red Bull GmbH in Soft Drinks -

SOFT DRINKS OFF-TRADE RTD

Carbonates Fruit/Vegetable Bottled Water Functional RTD

Disclaimer Learn More

Energy Drinks Opportunities

Production and Operation

Key Company Facts

Red Bull Under-performs Hansen Natural

SWOT – Red Bull GmbH

Key Strategic Objectives and Challenges

Energy Drinks Opportunities

Production and Operation

Red Bull Continues to Outperform Global Soft Drinks Market

Top 10 Soft Drinks Companies by Off-trade RTD Volume

Japanese Companies Gain Through Acquisition

Red Bull Retains its Premium Status

9 Ito End Ltd 1.1

10 Red Bull GmbH 1.1

Red Bull – Undisputed Leader in the On-trade

Energy Drinks Opportunities

Production and Operation

Energy Drinks Carry Value Prospects

Red Bull: Newer Markets Gain in Weight

Energy Drinks Opportunities

Production and Operation

Latin America Offers Exciting Potential

Red Bull Continues to Lead in Global Volume Terms

Shots Refreshes the Look of Energy Drinks

Monster Overshadows Red Bull by Volume in North America

Red Bull Continues to Outweigh Monster by Value in NA

Coca-Cola Represents a Threat in Western Europe

Red Bull Under-performs in Eastern Europe in 2008-2009

Private Label Gathers Growth Momentum in Europe

Red Bull Focusing on Mexico and Regulatory Challenge

Coca-Cola a Growing Threat to Red Bull in Latin America

Red Bull Slows Down in Asia Pacific in 2008-2009

Major Energy Drinks Growth Markets in Asia Pacific

Red Bull Emerging in Japanese Sunset Energy Drinks

Changing Competitive Landscape in Australasia

Energy Drinks Opportunities

Production and Operation

Red Bull New Brand Extension - Energy Shot

Naturally Attractive - Red Bull Cola Creates Little Buzz in UK

Red Bull Thrives on Notoriety Among Core Following

Energy Drinks Opportunities

Production and Operation

Rethink Single Production Facility?

Energy Drinks Opportunities

Production and Operation

Being “The Original” Will Not Guarantee Long-Term Success

Be prepared for Monster’s European onslaught Erosion of share in US is a concern

Global Briefings Global Company Profiles Country Market Insight Reports

Interactive Statistical Database Strategy Briefings Learn More

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