Hot Drinks - Worldwide

  • Worldwide
  • The revenue generated in the Hot Drinks market in 2023 is estimated to be US$221.8bn.
  • It is projected that the market will experience an annual growth rate of 5.35% from 2023 to 2028 (CAGR 2023-2028).
  • The largest segment within the market is Tea, with a market volume of US$120.7bn in 2023.
  • When compared globally, in China generates the highest revenue in the Hot Drinks market, with US$52bn in 2023.
  • Considering the total population figures, the per person revenue generated in 2023 amounts to US$28.87.
  • By 2023, it is predicted that online sales will contribute 8.9% of the total revenue in the Hot Drinks market.
  • Additionally, the volume of the market is expected to reach 16.4bn kg by 2028.
  • Furthermore, a volume growth of 2.3% is anticipated in the Hot Drinks market in 2024.
  • The average volume per person in the Hot Drinks market is projected to be 1.91kg in 2023.
  • Overall, these numbers demonstrate the significant revenue and growth potential within the Hot Drinks market worldwide.

Key regions: Worldwide, United States, Philippines, Hong Kong, United Kingdom

 
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Analyst Opinion

Rising employment levels have driven up caffeination demand across the board. At the same time, increasing discretionary spending power has fueled the appetite for indulgence among consumers as well as a desire for novel experiences, which in turn has driven premiumization and sophistication.

As mostly agriculturally sourced products, organic and fairly traded Hot Drinks products have gained significant traction in the market. Consumers are increasingly conscious of the environmental and social impact of their purchasing decisions, leading to a greater demand for sustainably produced products.

The Hot Drinks market is expected to continue its upward trajectory, driven by factors such as expanding consumption in emerging markets, the demand for premium and specialty products, and the evolving preferences of the younger generation. However, challenges such as climate change and sustainability concerns remain areas of focus for industry stakeholders.

Methodology

Data coverage:
The data encompasses B2C enterprises. Figures are based on private Household spendings on Hot Drinks. The data only covers at-home sales (e.g., sales via supermarkets, hypermarkets, convenience stores). Out-of-home sales (e.g., sales in Hotels, restaurants, bars) are only shown as a separate box in the aggregated Hot Drinks market.

Modeling approach:
Market sizes are determined through a Top-Down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as production data, region, and price level index. This data helps us estimate the market size for each country individually.

Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Hot Drinks market with a projected steady growth.

Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level.

Overview

  • Revenue
  • Key Players
  • Analyst Opinion
  • Sales Channels
  • Volume
  • Price
  • Global Comparison
  • Methodology
  • Key Market Indicators
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