Red Bull needs to watch its back, according to analysts

cans of Monster Energy Beverage (Credit: Jakub Porzycki—NurPhoto/Getty Images)

For many years energy drink giant Red Bull has enjoyed dominating the market—but for the first time the European brand may have a serious rival across the Atlantic.

According to the bank HSBC, U.S.-based competitor Monster Beverage may be the underdog that could knock Red Bull from the top spot of the industry estimated to be worth $108.40 billion by 2031.