The Breeze With Beverage Digest
The Breeze With Beverage Digest
Episode 22: Monster, Celsius, C4 and the Energy Drink Pioneer Who Fears No Challengers
Beverage Digest Editor & Publisher Duane Stanford and industry expert & regular podcast contributor John Sicher discuss Rodney Sacks’ announced retirement as CEO of Monster Beverage. When Rodney Sacks and Hilton Schlosberg spotted the emerging energy drink trend in the early 2000s, few could have predicted they'd build a $53 billion global empire. Yet that's exactly what they did with Monster Energy, creating a brand that now rivals corporate giants like Ford and DuPont in market value.
The announcement of Sacks' upcoming retirement as Co-CEO (transitioning to chairman until 2026) marks a pivotal moment in beverage industry history. His legacy? Transforming a small juice company into a dominant force commanding 35% of the US energy drink market, with 35 brands sold in 159 countries and $7.5 billion in annual revenue.
As leadership transitions to Schlosberg amid a flurry of industry consolidation (Celsius acquiring Alani Nu, Ghost Energy joining Keurig Dr Pepper), Monster's future success will depend on maintaining the competitive edge and strategic discipline that defined the Sacks era while adapting to an increasingly crowded marketplace.
This is the Breeze with Beverage Digest. I'm your host, dwayne Stanford, the editor and publisher of Beverage Digest. The Breeze is where we bring you into the kinds of industry conversations we have every day at Beverage Digest. We dissect what's happening, connect the dots and ask the most important question what does this mean? I'm joined by my podcast collaborator, john Sitcher, a former editor and publisher of Beverage Digest, who has since consulted for companies including Coca-Cola, body Armor and sweetener company Pure Circle. John, it's great to talk to you Now.
Speaker 1:We're recording this on Tuesday, and we just this morning learned the timeline for the retirement of an icon in the global energy drink business. Of course, that's Monster Beverage co-founder Rodney Sachs. Now, this was not a surprise. He's telegraphed just such a transition since last year. In fact, monster recruited Coca-Cola's wire CEO, rob Gehring, to Monster as chief growth officer last year, and he's an obvious contender for the CEO spot one day. But, as we learned today, sachs will step down as co-CEO in June. His longtime friend and partner-at-arms Monster co-founder, hilton Schlossberg, will then assume the CEO role in full. Sachs will remain on the board as chairman until December of 2026, at which time he will retire. John, you've watched Sachs build the global monster energy empire since the very beginning, way back in the days of Hanson Beverages. I'm wondering what goes through your mind as this Sachs era comes to an end and we transition to a new phase at Monster.
Speaker 2:You know, dwayne, what goes through my mind is so much. I mean, watching Rodney over the years has been amazing. I mean, back in the mid-90s I visited Hanson when it was a very sleepy juice company and I think Rodney had already made his investment, but it was still a juice company back then and, of course, they launched Monster, I believe in 2002, you know, a short 23 years ago and what they've done has been remarkable. I mean, in the beverage industry, in the consumer products business, people talk about brand building, brand value. You know, what Rodney's done has been really historic. What Rodney's done has been really historic. In 23 years he basically has built a very powerful global beverage brand. Not only that, but he's built a very, very valuable public company.
Speaker 2:I was looking when you asked me to do this podcast with you, I was looking up some numbers. When you asked me to do this podcast with you, I was looking up some numbers and Monster today has a market cap of $53 billion, dwayne, which is bigger than Ford or DuPont. That's incredible. It is incredible. I mean, you know, rodney really basically did what people talk about doing, which is building a brand, a very big and a very successful brand, and hats go off to him.
Speaker 1:You know, john, you talked about the $54 billion market cap. You talked about where they came from. I mean a juice company. You know, back in the early 90s, a small company they began to, you know, try to build the Hanson brand. At some point they saw this phenomenon overseas happening brand. At some point they saw this phenomenon overseas happening called Red Bull, a growing energy drink sector. They created their own brand and, you know, 10 years after that original investment and now not only have you got that $54 billion market cap, but you've got a company that's earning. You know, earned $7.5 billion in revenue last year. They have about 35 brands. Their Monster Energy alone is in 142 countries. All their brands, you know, between all their brands they're in 159 countries and territories globally. They've got eight brand families. They have a 35 share of the US energy drink market by retail dollars in the US, which is about the same as Red Bull. It really is an incredible innovation and growth story.
Speaker 2:And what a fast-moving story. Back in 1998, beverage Digest, back in the dark age when I still owned it we had a conference in 1998 in Dallas, texas, and one of the people who was on the program was a senior executive from Red Bull, I think in the UK, and most of the audience back in 1998 barely knew about energy drinks and audience members were trying the Red Bull and going out and seeing what would happen if they had a Red Bull and drinks at night. But you know, the energy drink business as recently as 1998 was really not a business yet in the US. Red Bull had some distribution and then boom.
Speaker 2:And I'm sure, as with the case with you, dwayne, back in the early 2000s when energy drinks started catching people's imagination I mean as editor of Beverage Digest back then I, as I'm sure you do today, get samples of energy drinks or samples of products from companies that want coverage. There was a time when my desk was covered with energy drinks. So many people are trying to get into the energy drink business. But you know, today there are some new entrants in it. You know, as you've talked about and we've talked about and you've written about like celsius, but it's still basically a business dominated by monster and red Bull. Monster leads in volume, red Bull leads in dollars, but in roughly a quarter century this energy drink business and Monster have gone from almost nothing in the US to be a very big and important business, and a lot of that is due to Rodney.
Speaker 1:It's shocking to me that Monster Energy was created in 2002.
Speaker 1:I started covering Coca-Cola at the Atlanta Journal-Constitution on the business desk in 2006.
Speaker 1:And that was, you know, when energy drinks were very fast growing.
Speaker 1:Everyone was waiting to see if this was going to be a fad. Everyone was waiting to see if there was going to be one of the boom splats that you wrote about all the time, with various products that would rise and fall, and I remember Coca-Cola Enterprises sending me a box full of a bunch of different energy drink brands just to try, because I mentioned on the phone that I had never had an energy drink before. And it is incredible to me now to think back to that, given the fact that energy drinks are so incredibly ubiquitous today. At the same time, there are still a lot of people in the US who don't drink energy drinks and haven't, and what's incredible is that's part of what these new crop of companies are tapping into now. So I think you know, as a credit to Rodney who's you know obviously him and Hilton Schlossberg and that whole team there have really helped put this category on the map over these 20 years. They've also set up an industry that likely still has a lot of runway.
Speaker 2:You know so much has changed, wayne. When I bought and was editing Beverage Digest back in the late 90s, the word caffeine was very scary to the beverage companies and a couple of states I think California were considering caffeine labeling requirements and I remember a PR person from a certain large beverage company asking me if I basically could avoid using the word caffeine and beverage digest. But you know so what happened was the two biggest beverage companies in the world, coke and PepsiCo, because of their concerns about caffeine and because of their concerns about energy drinks. Neither of them own today a major energy drink brand, which is amazing. I mean, these companies have carbonated soft drinks, bottled water, sports drinks, juices, ready-to-drink teas, but neither owns a major energy drink brand.
Speaker 2:You know they tried many years ago but did not succeed. They each today distribute major energy drink brands. But I think part of what in many ways may have helped Monster and Red Bull gain the domination in this category is the caution and wariness of Coke and Pepsi about going into this category. I think they found that a little bit scary. And when Coke did their monster deal I'm not sure what year it was, you probably remember I remember people saying that you know, coke maybe is more comfortable in distributing an energy drink than they would be owning an energy drink. But the bottom line today is that the two main, the two or three or four main entrants in this category, which I guess today are what Monster Red Bull Celsius.
Speaker 1:Alani knew that. We wrote about today. That's an up-and-comer and you know any number of other brands.
Speaker 2:Right, these are not owned by Coke or Pepsi or Dr Pepper and you know they missed a very big growth opportunity and Rodney drove. He took advantage of that as a Red Bull and built huge, successful businesses.
Speaker 1:I mean, I think it's really interesting that you know how you're mentioned of caffeine, because I really do think that's been a, you know, quite an interesting journey for the energy drink sector. I mean, the whole sector is built on caffeine. Of course, that's the key functional ingredient, that's, you know, in part, one of the key ingredients that gets you the premium pricing, along with things like taurine and some of those other classic energy ingredients, and then you know some of the newer ingredients now. But one of the things that's been very interesting to watch over the last couple of decades is how they've actually navigated a few, you know, pretty challenging times when it came to caffeine. When it came to caffeine, I mean, there was a point at which there was a you know scare about kids drinking too much of the caffeine and having, you know health consequences and you know stories of, you know heart attacks and things like that that were never really directly tied to the products but caused quite an environment that could have led to, you know, adverse regulatory actions.
Speaker 1:One of the really interesting things that I remember, you know I was at Bloomberg at that time when.
Speaker 1:Interesting things that I remember, you know, I was at Bloomberg at that time when some of that was happening and the company was very candid and determined to make sure people did not put these drinks in a context that was inaccurate, meaning they pointed out the fact that one of the biggest drinks out there was Starbucks coffee, which contained as much caffeine or more, depending on the size as an energy drink, and they were very pointed in making sure that was clear on analyst calls and in some of their communications and it was an entirely true statement.
Speaker 1:That actually was very contextual and I remember once that sort of really landed with reporters, analysts and people who are watching the industry, it really made a difference in terms of how people viewed those products. Now it's still absolutely true that you have to be responsible. Make sure these don't get in the kids' hands, to, you know, young children's hands. Make sure they're not ever consumed just as you would. Coffee, you know, really shouldn't be treated much different than coffee necessarily. Coffee, you know, really shouldn't be treated much different than coffee necessarily. But being able to navigate those waters and be able to come through that was, you know, sort of to me, one of the hallmarks of Rodney Sachs' time at the company.
Speaker 2:Right, I mean you know. Going back to what we were talking about a minute ago, I mean the beverage industry changed an awful lot in the late 90s and early 2000s and energy drinks were a large part of that. Before, probably the mid-1990s, the beverage business was really carbonated soft drinks and two things happened in a very few years. And two things happened in a very few years Energy drinks basically were introduced in the US and other markets and really gained some traction, and bottled water in soft drink-like packaging also was introduced in the late 90s, early 2000s. I guess Aquafina was introduced in the mid-90s. Aquafina was introduced in the mid-90s.
Speaker 2:But the introduction of those two products bottled water and portable soft drink-like packaging and energy drinks with a functional benefit of caffeine and energy I think really helped slow the carbonated soft drink business. It has been basically down in volume for a couple of decades right now and I think part of that reason is the growth of energy drinks and water and you know energy drinks are. I think part of the popularity of energy drinks relates to what you were just talking about and that is the fact that you can drink an energy drink and feel the energy boost you get. The immediate payoff is what partially makes these things so popular, and I think consumers like that a lot.
Speaker 1:What's interesting is the category has also just moved beyond caffeine into many different functional ingredients. You've got your performance drinks with creatine and any number of other ingredients that will help you build muscle mass and help you with weightlifting, and all the claims that are made in that regard. You've got nootropics, tropics. I mean you've got, you know, just a category now that has blossomed way beyond, just simply, you know, taurine and caffeine, which has made for a very dynamic environment. I mean, we just, you know, wrote today in our newsletter about, you know, just this very dynamic 2025 that we're going to see. Now that Celsius has acquired Alani New, now that Ghost Energy is with Couric Dr Pepper and they'll be ramping up that distribution this year. Anheuser-busch is looking to create a replacement for Ghost, which went to KDP. They're creating a new collaboration with First Form for a form energy drink. There's going to be a ton of activity this year and then, on top of that, you've got a management transition at Monster as well. So there's going to be a ton of activity this year, and then, on top of that, you've got a management transition at Monster as well. So there's going to be a ton to watch and you know, speaking of that competition.
Speaker 1:A number of years ago you had a Bang Energy that came forward, created by Jack Owok you know very colorful character, created by Jack Owak, a very colorful character and really forged this performance energy category that now is being played in by the likes of C4 and other competitors. And I think another credit to Rodney and Hilton and that team is how they handled that competition, because they never cowled from it. They didn't, you know, they weren't arrogant enough to say, oh, this thing will go away, we're not going to respond because we're the big bad monster energy. They actually took it on head on, you know, once they realized what was happening with it and that it truly was resonating with a certain set of consumers, they created Rain Energy and they went toe-to-toe.
Speaker 1:As we know, that led to a lot of lawsuits between the two companies, a lot of bad blood and Rodney Sachs and Hilton. They ended up coming out on top and eventually buying Bang out of bankruptcy. But you see that time and time again from that group over there that when they are challenged even now they've got a challenge by Celsius and Alani New and you know, on the call you'll hear. You know, even this past recent call which we wrote about today. You know you had Rodney kind of going. Oh yeah, it's, you know it's they're attracting some women.
Speaker 1:It's pretty interesting, it's real. But you know we'll see. But you know behind the scenes what their counter is going to be, to that they're not going to sit there and just take it. Take it sitting still, which I think is a real credit to that company and the kind of competitor they've been over the years.
Speaker 2:I agree, and I think also related to that, dwayne, is they've stuck to their knitting, as my mother would say. They are in the energy drink business and I guess some slightly related categories to that. I guess that alcohol business they've got, which I haven't followed too closely, but they've stayed with their knitting. They are an energy drink business. They understand their consumer. They understand their customer. They understand the bottlers, they understand the retailers.
Speaker 2:I have rarely heard anybody complain about a retailer or a bottler complain about having you know about an energy drink. I think they've done a very good job. They've done a very good job with that core business has been a very helpful ingredient of their growth. Because for many, many years the data that I saw showed that the energy drink business was growing but household penetration was not growing much. And I think that staying with that understanding their consumer, staying with that core product from recent data I've heard about and seen, household penetration is now starting to grow. If that's true and household penetration of energy drinks is now starting to grow, if that's true and household penetration of energy drinks is now starting to grow, I think the growth runway for these drinks over the next 5, 10, 15 years is really going to be a good story. I think that if they had not been able to grow household penetration and they were growing basically by having existing consumers drinking more you could have argued that their growth might be topping out but I don't think that's going to happen.
Speaker 1:Let's take a quick break from the conversation so I can tell the audience about a brand new product the Keurig Dr Pepper System Map Book. This just-released guide offers detailed territory by territory maps covering both Keurig Dr Pepper's company-owned distribution system and the US distribution territory structure specifically for brand Dr Pepper. We also detail where flagship Dr Pepper is handled by Coca-Cola and Pepsi bottlers. Think of this as three guides in one. And don't forget, you can get equally detailed territory by territory maps of the Coca-Cola and PepsiCo systems as well in our the Coke and Pepsi Systems Resource Guide. Understand the critical Coke, pepsi and Dr Pepper distribution networks from the ground up. If you're interested in going deeper on the topics that we discuss on this podcast, I encourage you to subscribe to our Beverage Digest digital newsletter and archive. Here you will unlock exclusive insights that you won't read anywhere else. Plus, you'll get valuable data snapshots for the industry's most critical categories. See where growth is happening before anyone else. And let me tell you about our Beverage Digest Factbook, which gives you a detailed look at annual category, company and brand sales trends covering all channels dating back to the 1980s. That includes retail fountain up and down the street everything. And don't forget our Beverage Digest, future Smarts Conference, where top industry leaders discuss and debate the most critical industry topics all in a single day. This is your ticket to network with industry thought leaders and get set for your next critical deal. Yeah, I mean, look, if they're able to keep doing what they've done in the last couple of decades, which is, you know, have the discipline, as you say, to kind of stay in their lane, not to panic when some of these you know new brands come along, that you know either broaden out the category or begin to take sales away from you and they, you know they don't panic but yet they actually respond and they respond in a smart way. I mean that's going to be those reflexes and those muscles are going to be very important to them. You know, in the next 10 years, as you have so many more challenges and the category broad very important to them. You know, in the next 10 years, as you have so many more challenges and the category broadens out. But, you know, if they play this right and they really take care of their core but take really smart shots in terms of the future of energy drinks, you would think they would have plenty of success in front of them as the entire category pie grows. And so that's what these next leaders, what you're going to have to do as a management team now in Hilton Schlossberg taking over the reins, he's going to have to make sure they don't lose that sort of mentality going forward and that new leaders like Emily Thierry and Rob Gearing are able to take the best of what Rodney brought to the table and keep that intact at the same time that you're nimble enough to react to this new frontier, a place where it's going to be harder and harder and harder to have the kind of dominance that they do now. That's really what the company faces, and I think they're set up pretty well for that, especially if they can kind of adhere to their DNA. You know, john, let me ask you this too. You know it occurs to me as we talk that if you think about, like you talked about them staying in their lane Now they've tried some things too.
Speaker 1:They had a hydration product in a plastic can a few years ago. They've done some interesting things in some new categories. They've got a tour water now. That kind of started out as just a way to allow musicians to be able to drink something that said monster on stage, but it'd be water instead of an energy drink. And of course, that inspired Mike Cesario at Liquid Death to create his product, because he kind of saw that, was intrigued by it and took it a whole other step forward. They've tried some things. I almost feel like they were kind of failing fast because they pulled back on things when they didn't work and it seems like they were fine. Just, you know, okay, that didn't work, let's try something new. True North a couple years ago, when sparkling water was all the rage and they tried to create kind of an energized sparkling water. I almost feel like they were failing fast before it was cool.
Speaker 2:I think they understand the idea of risk. I mean, they've largely stayed with their core product. They've innovated a bit around the edges. When hasn't worked, they pull it back quickly, which is, I think, I think, which is, I think, a very small, a very smart thing to do. But you know the impact they've had on this business. You know, when I bought beverage by digest back in the mid-1990s and a lot of your subscribers and podcast listeners will remember this the energy drink was Mountain Dew and when I used to talk to Coke bottlers back in the mid-90s, their main request was I wish Coke would bring us a competitor to Mountain Dew. That's how successful it was.
Speaker 2:There were jokes about PepsiCo renaming the company the Mountain Dew Company and it was the drink. It had more caffeine than the colas and it was a drink that young people basically would use to stay up and study late. I think it was probably used as a mixer to some degree. And then along came these energy drinks and it really took the Mountain Dew core positioning away from it. And I think the reason why Mountain Dew is struggling right now is you can, you can ascribe to, you know, three words Red Bull and Monster. It's Red Bull and Monster. But again, I think that it's hard to basically overstate the impact that these products have had. And so one question I'll throw out to you now, duane acquisitions. What do you think the chances are that in the next few years, coke basically has the equity investment in Monster and distributes it. Pepsi has a relationship with Celsius. The founder of Red Bull died, I guess, a year or two ago. Do you foresee changes in ownership for the big and mid-sized successful energy ring companies?
Speaker 1:I mean I guess my question would be what's not working now? And when you look at a monster Coca-Cola relationship, I mean, look, it's had its ups and downs. There was a point in which Coke did Coke Energy and sort of challenged. You know the agreement was challenged but they worked through it. What would be the impetus for it? Would be my first question. I mean, it's going so successful but also Monster is so valuable.
Speaker 1:Now what sort of massive deal would that be and would anybody want to really bite that off? It's almost like if it's not broke, don't fix. It is sort of my gut reaction to that. So I don't see that happening anytime soon. I mean, I do think you still have the. You know we wrote about today the fact that you know Coca-Cola being the biggest soft drink maker in the world. You know clearly, from an activist standpoint, you know people will target that brand because it's a great way to get attention, for you know what you're trying to get attention for and you know they've got some stuff going on with Fair Life in terms of you know more of the dairy farm. You know stuff going on and you know they've had this Hispanic boycott related to a false video, some accusations that were put out there. I think if you, you know, if you own an energy drink company, it just creates a different sort of target now for that brand, and why would you want that? I mean, what are your thoughts on that? I mean, that's my initial reaction.
Speaker 2:I guess the reason why you might want it is two words profitable volume. But I tend to agree with you. I think that, look with you. I think that, look, coke and Pepsi do a good job marketing great, big, powerful brands like Coke Sprite, pepsi, gatorade. You know and I say this with great love and respect for Coke and PepsiCo I'm not sure that their cultures are consistent with the edgy kind of marketing that energy drinks need or the kind of innovation that energy drinks need, and you know so I think the temptation to buy a big energy drink brand would be there because of the profitable volume that a big company would gain. But I'm not sure it's going to happen. I think that our friends down in Texas, kdp, might look at it differently. You know they don't have a big traditional non-car business and I think you might see them go more into energy drink ownership than you do Coke and Pepsi.
Speaker 1:Yeah, they've got their hands in a lot of energy drink pie right now, c4, ghost, black Rifle Coffee they kind of got their hands full. But never say never, right? I mean, right now, coke owns almost 20% of Monster and it seems like it's pretty nice to be able to have that be once removed. In terms of just, you know people, you know targeting that brand. It seems like a pretty, pretty nice situation to be in. So I don't know if I'm going to see if we'll see anything on that front anytime soon. I mean, you know, as the market changes and you know different things happen, you know, never say never. But that's kind of where I am on it Now.
Speaker 1:You know, let me ask you this before we close, john.
Speaker 1:You know it's occurring to me and tell me if this is just sort of an off the wall theory here.
Speaker 1:But it just I was just thinking through what you were saying and you know, one of the big things that happened in that Coke and Monster relationship is the 2015 agreement where Coke became the global distributor for Monster, and it's been a highly successful relationship.
Speaker 1:It's been really great for the bottling networks in the US and globally and in fact, I think that the success of Coca-Cola's refranchising was enabled in, maybe even a large part, by the fact that the bottling network had Monster, and what I mean by that is that you had a period where soft drinks were trying to regain their footing. They were transitioning their pricing model to a revenue-based pricing model instead of just volume. You know, price pack architecture was being rewritten, the bottlers were taking on these new franchises and the system was figuring out Coke and the bottlers were figuring out how to finance those systems. Well, it had to be quite a great benefit that you had this lucrative energy drink business and the cash that that created for the bottlers to help you kind of bridge the gap to where we are now, where you have this vibrant, healthy bottling system that was, you know, a number of years ago taken back in by Coca-Cola, rehabbed, sold back off to the bottlers, invested in heavy to create what we have today.
Speaker 2:Is that an under theory? I totally agree with you. Something else occurred to me when you were talking. You work for Bloomberg. You're a business finance maven. Let me ask you this question fact that coke owns about 20 percent of monster and monster is almost entirely distributed by the coke bottling system creates some kind of valuation cap on monster, meaning that it would be surprising to me or be hard for me to imagine anyone else buying Monster other than Coke. So does that create some kind of? I mean, we should all be so unfortunate to have Monster's market cap, but do you think that it creates some kind of impediment or cap in terms of the valuation of the company? Because you could make the argument that it could almost only be bought by Coke, so it's not available to be acquired by another beverage company, a brewer, some other kind of strategic buyer. Do you think there's anything to that?
Speaker 1:Just because it would be such a massive transaction value. That would be made more palatable by the fact that Coke already owns 20% of the company, versus a player from the outside who would have to come and swallow the whole thing.
Speaker 2:And the fact that there's this integration between Coke, Monster and its bottlers. If XYZ company were to buy Monster, how does that alter the relationship between Monster and the Coke bottlers? I'm just throwing that out. I'm not sure I have an answer. But if Coke did not have that 20%, Coke is obviously very encouraging of its bottlers investing in and building Monster because Coke owns 20% of the brand. What if it didn't? What if it didn't?
Speaker 1:Yeah, I think it's a great point, john. And also just think about talk about execution risk. If someone else were to come along and acquire an Anheuser-Busch, or somebody would come along and acquire that brand. I don't think that's going to happen, but again, never say never, but just imagine the execution risk then of you know pulling that out of that Coke system and trying to do something else with it I don't know how that would work.
Speaker 1:Do they create an agreement with Coke? I don't know. But yeah, I think it kind of locks it in.
Speaker 2:I mean, the flip side of the argument is Monster probably wouldn't have a $53, $54 billion market cap but for Coke. I mean, you know the Coke bottling system globally is arguably the most powerful distribution system in the world and Monster's there, and so maybe there's a value, maybe there's no other company that can realistically take, acquire Monster. But you know we should all be so unfortunate to have Coke invest in us and put us in their bottling system.
Speaker 1:Yeah, I mean, those kind of relationships always have their push and pull and there's always the friction, but that seems to have been a marriage made in heaven and I think the results beat for themselves. So, uh, yeah, I think it's a great point. And you know, john, we'll keep watching it. And uh, you know, just from beverage digest, um, we uh congratulate uh Rodney on his uh, you know pending retirement. It's weird, I want to congratulate him, but then I think I don't know that that guy wants to. I don't know if retirement's like some big carrot for him. I don't know, maybe it is, but I'm sure he's going to. You know he'll be chairman for the next couple of years, but I'm sure he's not going to be running off into the sunset, so investors could probably rest comfortable about that. But, john, hey, thanks again for joining us. It's great to talk to you again.
Speaker 2:Wayne, thanks for having me Talk to you soon.
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