Industry Insights: RTD Tea and Coffee-Innovation and Occasions
Description
Industry Insights: RTD Tea and Coffee-Innovation and Occasions
Summary
Industry Insights: RTD Tea and Coffee-Innovation and Occasions explores the opportunities within the markets for ready to drink tea and coffee. The report focuses on the future market predictions and consumers' motivations to seek convenience and functionality in the RTD options.
Some consumers purchase RTD tea or coffee since they are the closest products to regular, hot versions of those drinks, which are available in channels such as petrol stations, corner shops, or supermarkets-places usually not associated with the purchase of these beverages. RTD options are easy to carry around, can be picked up in almost any location, and may be purchased as a spontaneous refreshment or part of a meal deal. Thus, consumers might be attracted to their on-the-go formats and wide accessibility-features usually associated with soft drinks.
Scope
- Future value growth rates for RTD coffee significantly exceed the predictions for volume growth, which suggests further premiumization.
- Brands can consider a wider introduction of specialty coffee and new functional ingredients to RTD coffee formats to improve consumers' perception of value for money.
- Younger shoppers spend the most on tea; therefore, they may be more inclined to seek improved, premiumized, and better-quality options. Generation Z and Millennials present the highest shares of consumers describing their spend as high and very high.
- Understand the global demand and future opportunities for ready-to-drink beverages options.
- Learn about the future volume and value predictions for the RTD tea and coffee markets.
- Explore occasions and motivations for the consumption of RTD tea and coffee and which flavors are the most appealing to the global audience.
Table of Contents
35 Pages
- Occasions, impulses, and plans consumers consider when reaching for RTD options
- Volume and value growth for RTD tea are steadily growing at similar rates
- Value growth significantly exceeds volume for RTD coffee, suggesting premiumization
- Supermarkets and convenience stores are leading retail channels for RTD tea sales
- Convenience stores to observe the fastest growth of volume of RTD tea sales
- On-trade channels registered the highest value sales of RTD coffee in 2023
- Buyers seek convenience, yet not all channels are on the same trajectory for coffee
- China, US, and Japan are global leaders in terms of volume and value of RTD tea
- Japan is a clear global leader in volume rates of RTD coffee, yet the US leads in value
- Bottles are the clear winner among packaging materials used for RTD tea
- Cans and bottles highly dominate packaging formats for RTD coffee
- RTD tea products attract consumers through its health and wellness association
- Younger consumers, especially Millennials, are the core consumers of tea products
- The origins of iced tea date back to the 1800s when it was served as a punch
- Green and black teas dominate consumer preferences globally
- New iced tea variations provide improved formulas and unusual formats
- RTD coffee can serve as an alternative to energy drinks, yet with new formulation
- The origins of iced/RTD coffee date back to the 19th century
- Across generations, younger consumer groups report the highest spend on coffee
- On a global scale, European consumers are the least attracted to flavored coffee
- Product developments in RTD coffee offer added functionalities and new ingredients
- Future RTD tea launches blur the boundaries between soft drink categories
- Consumers will increasingly treat RTD coffee as a substitute for energy drink
- References
Pricing
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