Total volume and current value growth of Asian speciality drinks are set to continue to increase in 2021, seeing low single-digit growth, although this is higher than the negligible growth seen in 2020. Although sales did not turn to decline in 2020, the pandemic led to measures to fight COVID-19, such as social distancing and a cap on number of people dining indoors, which led to slower growth than seen in the previous few years.
Various Asian speciality drinks brands have continued to expand the physical distribution of their products, amidst continued total volume growth even during the pandemic. In the off-trade, leading player Hung Fook Tong has been able to maintain its store opening momentum, setting up different branded stores for retail sales of its products.
During the pandemic, e-commerce platforms gained tremendous traction amongst Hong Kong consumers. Digitalisation is therefore one of the key focuses of the category, and many brands have been concentrating on different kinds of digitalisation, from selling online to customer relationship management.
The growth momentum for Asian speciality drinks is forecast to be slow and stable over the forecast period 2021-2026 in total volume terms, On the whole, consumer demand for Asian speciality drinks will remain resilient due to the rising health and wellness trend, which is encouraging consumers to increase their consumption of products with health benefits, including Asian speciality drinks. Although a slowdown in growth is expected in 2022, following strong growth in 2021, the growth rate will rise slightly as consumers return to their daily routines post-pandemic.
Given the success Hung Fook Tong has had over the last few years, it is likely that the company will continue its digitalisation efforts in order to yield greater success over the forecast period. In addition, seeing the success of Hung Fook Tong, other players, such as Healthworks, are likely to initiate digitalisation efforts in order to achieve greater success.
Asian speciality drinks is a category that needs new product development in order to maintain growth. Given that there were not too many new product innovations over the last couple of years, as brands focused mainly on survival and recovery, it is likely that new product innovation will be on the agenda of drinks manufacturers in the near future.
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This category includes all traditional Asian drinks not included in RTD tea or juice drinks, including products such as Bandung (rose syrup with milk), bird’s nest, tamarind juice, ginger, lemongrass, roselle, zalaka, jelly drinks including grass jelly (cincau), sugar cane, and vinegar drinks. Lactic acid drinks, such as Calpis, are included here. Drinks containing a limited amount of yogurt (generally 3% or less) such as Bikkle, are included here, though drinking yogurts such as Yakult are excluded. While both products are highly popular in markets like Japan, drinking yogurts will contain mostly yogurt with a very short shelf life (two weeks or less), while yogurt drinks will contain less than 3% dairy and remain on the shelves for up to 9 months. All nut or pulse-based products, such as peanut milk, almond juice, or soy drinks are tracked in Non-Dairy Milk alternatives in Passport Packaged Food.
See All of Our DefinitionsThis report originates from Passport, our Asian Speciality Drinks research and analysis database.
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