Most people choose coffee as their daily morning pick-me-up, but sometimes, a single cup isn't enough to make up for the minimum seven hours of sleep some didn't manage to get the night before.

If you need an extra dose of caffeine to stay awake throughout the day or simply want to change things up, energy drinks are the next best option, with some containing more caffeine than the standard cup of Joe.

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Energy drinks are the second-most popular dietary supplement consumed by teenagers and young adults in the U.S., behind multivitamins.

This industry is growing rapidly in the U.S., reaching $19.2 billion in 2023, yet it's still projected to grow at a yearly rate of around 8% and be worth approximately $33 billion by 2030.

Energy drink companies battle for the top spot in a growing market

With such a profitable product, many companies have invested in creating their own energy drink imprint or acquiring pre-existing energy drink brands to hopefully profit from their popularity.

Related: PepsiCo makes desperate move to lure back fleeing customers

Red Bull has been leading the energy drink industry for decades, with Monster Beverage Corporation  (MNST)  coming in second and PepsiCo  (PEP)  in third.

Keurig Dr Pepper  (KDP)  is one of the top beverage companies in the U.S. It has an extensive portfolio of 25 brands spanning multiple beverage categories, including soft drinks, coffee, water, tea, and more.

The company has also tried to dabble in the energy drink industry with its brands Venom Energy and Xyience Energy, but the company has yet to land itself among the top ten in the U.S.

However, Keurig Dr Pepper looking to take the crown from its more popular energy drink rivals, as it has agreed to an acquisition that might soon land it among the top.

Keurig Dr Pepper agrees to acquire Ghost Lifestyle and Ghost Beverages

On Thursday, Keurig Dr Pepper announced it has agreed to acquire the sports nutrition business Ghost Lifestyle and its ready-to-drink energy drink brand Ghost Beverages.

Related: Coca-Cola's sales fall in key sector amid startling health concern

Founded in 2016, Ghost's sales have quadrupled over the past three years, reaching $500 million in annual sales. Its energy drink brand has become one of the fastest-growing brands in its category.

According to the agreement, Keurig Dr Pepper will initially purchase a 60% stake in Ghost for approximately $990 million. The transaction is expected to be finalized in late 2024 or early 2025.