Global market research company Euromonitor International released today new hot and soft drinks industry data.
The Middle East and Africa, Asia Pacific and Latin America will represent 68 percent of global hot drinks retail sales growth over the next five years. Asia Pacific is forecasted to grow the most in absolute value terms from 2016 to 2021, adding USD $7.6 billion, while the Middle East and Africa will grow the fastest at 5 percent annually.
Global consumers drank an average of 230 cups of tea, 134 cups of coffee and 36 cups of other hot drinks at retail and foodservice channels in 2016. Although tea is the most consumed hot beverage worldwide, coffee accounts for 58 percent of global hot drinks retail sales compared to tea at 30 percent.
“Tea consumption was led by Turkey, which saw per capita consumption of 1,793 cups per person,” says Matthew Barry, beverages analyst at Euromonitor International. “The Swedes were the most enthusiastic coffee consumers at 1,308 cups.”
For the soft drinks industry, 2016 proved to be a year of aggressive innovation to meet new consumer needs. Despite changing consumer preferences, global soft drinks consumption grew 3 percent from 2015 to 2016, reflecting steady growth from previous years.
Coconut and other plant based waters was the top performing cold beverage globally and the only soft drink to register double-digit consumption growth at 19 percent last year.
“The surging demand for packaged, convenient and enhanced water products is the new engine for the beverages industry,” says Howard Telford, senior beverages analyst at Euromonitor International. “Energy drinks, ready-to-drink brewed beverages and super-premium juices – most notably, coconut water – were all top global performers.”