Source: Julia Sakelli (Pexels)
Hot drinks sales growth in China hinges on reopening
The market is expected to expand to $53.9b by 2027, GlobalData reported.
Hot drinks sales growth in China is expected to be driven by the reopening of the economy, GlobalData reported.
The hot drinks market is expected to expand to $53.9b by 2027, reflecting a compound annual growth rate (CAGR) of 6.9% over 2022-2027.
Read more: Instant coffee to boost South Korea’s hot drinks market
“China’s per capita expenditure (PCE) on hot drinks increased from $18.3 in 2017 to $26 by 2022, surpassing the Asia-Pacific average of $22.2. However, the spending levels lag the global average of $34.5, indicating ample room for future growth,” Kiki Wu, Consumer Business Development Manager at GlobalData China, said.
“Among distribution channels, convenience stores accounted for the highest share of hot drinks sales in 2022, as consumers preferred to shop for groceries in stores close to their homes amid the COVID-19 lockdowns and quarantines.”
Between hot tea and hot coffee, GlobalData noted that hot tea will likely be the dominant category; whilst hot coffee will register a CAGR of 8.8%.
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