Rising disposable income, change in tastes and preferences, and increasing health awareness among people are the leading factors driving the global hot drinks market during the forecast period.
According to TechSci Research report, “Global Hot Drinks Market, By Product Type (Coffee, Tea, Others (Hot Chocolate, Apple Cider, etc.), By Distribution Channel (Supermarkets/Hypermarkets, Departmental Stores, Coffee Shops, Online, Others (Drink Stores, Specialty Stores, etc.)), By Region, Competition Forecast & Opportunities, 2016 – 2026F”, the global hot drinks market size was valued at USD180.31 billion in 2020 and is projected to grow at a CAGR of over 6% during the forecast period to reach USD257 billion by 2026 on account of continuous changes in consumer preferences. Additionally, changing consumption habits have paved the way for changes in the sector.
Moreover, factors such as metropolitan life, speedy and on-the-spot consumption, as well as demand for organic drinks has further fueled the growth of the hot drinks market globally. Tea, coffee, hot chocolate, apple cider, and other beverages are commonly included in this category. Hot drinks have numerous health benefits, such as coffee, which is regarded as a psychoactive substance due to the presence of the stimulant caffeine. Coffee contains essential nutrients such as vitamin B2, B3, B5, manganese, and potassium, etc. It also lowers the risk of diabetes and can fight depression and uplift mood instantly. Moreover, various areas of brain function are improved by drinking a hot beverage.
Improved memory and mood, increased energy levels, and improved overall cognitive abilities are just other benefits provided by hot drinks. Beverage sales are increasing, and practically every category of the food and beverage industry is growing at an exponential rate, owing to shifting customer tastes and preferences. Companies are improving the quality of hot drinks and launching products with enhanced flavors and nutrients as demand grows, such as recently Nestlé, and Starbucks collaboration announced to launch a new range of ready-to-drink coffee products by 2022.
Furthermore, manufacturers of hot beverage products are pursuing new distribution and marketing tactics as well as opting for a sustainable supply chain in order to expand their market share. These activities assist them in increasing their sales and popularity among consumers, allowing them to stay ahead of the competition. For instance, JDE Peet’s (JDE) has become the first company to implement the new supply chain sustainability solution SourceUp, as part of their goal to provide 100 percent responsibly sourced coffee by 2025.
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The global hot drinks market is segmented into product type, distribution channel, region, and company. Based on product type, the global hot drinks market can be split into coffee, tea, and others. Among these, the coffee segment accounted for the largest market share in 2020. This is due to the factors such as consumers becoming conscious about their health and hygiene.
In 2021, Nestlé claimed that customer demand for at-home coffee products had been strong around the world, with sales growth in the “mid-to-single digits” for its Nescafé and Starbucks brands, with the latter generating higher sales.
Moreover, innovation in the packaging of hot drink products makes the products more appealing and convenient to consume. Companies are also focusing on making their product packaging more attractive and sustainable, as it adds a visual value to the product and compels customers to purchase the product, such as Nestlé uses recyclable packaging made from sustainable sourced paper.
In terms of regional analysis, the global hot drinks market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. Out of which, Europe accounted for the majority of market share in the global hot drinks market in 2020, and the region is anticipated to maintain its dominance over the next five years as well. The reason being, growing health awareness among the young and millennial population and the convenience of purchasing instant hot drinks products.
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The companies like Nestlé S.A., JDE Peet’s, Starbucks Corporation, Unilever PLC, The J. M. Smucker Company, The Kraft Heinz Company, Strauss Group Ltd., and Tata Consumer Products Limited are some of the leading players operating in the global hot drinks market. Major hot drinks companies are expanding their manufacturing and production bases to meet the rising demand across developing countries. In 2020, Nestlé decided to invest USD700 million to modernize its existing 16 factories in Mexico and build a new coffee processing plant in Veracruz.
“The market’s expansion is predicted to be fuelled by consumer demand for the health benefits provided by hot drinks. Flavored tea is becoming more popular as a healthy alternative to sugary drinks. With nutrition at the forefront of the modern consumer’s consciousness, sugar substitutes are being sought.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Global Hot Drinks Market, By Product Type (Coffee, Tea, Others (Hot Chocolate, Apple Cider, etc.), By Distribution Channel (Supermarkets/Hypermarkets, Departmental Stores, Coffee Shops, Online, Others (Drink Stores, Specialty Stores, etc.)), By Region, Competition Forecast & Opportunities, 2016 – 2026F” has evaluated the future growth potential of the global hot drinks market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global hot drinks market.
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