Red Bull—the oldest of the energy drinks—is 37 years old this year. Launched in Austria in 1987, it enjoys the highest market share among energy drinks at 43 percent. Last year alone, customers worldwide bought 12 billion cans of it.

The “secret ingredient” of Red Bull and most other energy drinks? The not-so-secret plant-derived stimulant called…caffeine. Red Bull contains around 150 mg of caffeine per 16-ounce can. (As a comparison, a Starbucks cup of coffee contains about 195 mg of caffeine.)

Red Bull’s main competitor, Monster Energy, arrived in 2002. Today it controls 30 percent of the energy drink market. Monster Energy got real good real fast at marketing campaigns featuring male sports celebrities and male-dominated sporting events. To compete against its main rival, Monster Energy upped the caffeine ante. Its drinks normally contain around 160 mg of caffeine per 16-ounce can.

For years, Red Bull and Monster Energy pitched their products primarily to males. Extreme sports and motorsports often dominated the promotions. Celebrities who endorsed Monster included male BMX bikers, NASCAR drivers, and snowboarders. Same for Red Bull, which has a huge sponsorship stake in Formula 1 racing and many other motorsports.

At a certain point, energy drink companies realized there was untapped user potential among........

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