In 2022, retail current value sales of hot drinks are set to see an uptick. This positive performance will come mainly as a result of the strong current value growth of coffee, especially fresh coffee, which is also set to experience sustained growth in retail volume demand.
Consumers in South Korea continue to prioritise better-for-you attributes, craving reduced sugar and decaffeinated options that comply with increasingly health-cautious lifestyles. This has led to an increasing preference for more “water-like” products.
While the competition amongst manufacturers in hot drinks is intensifying, there is not expected to be much change in the leading positions in each category in 2022. Dongsuh Foods is set to maintain its lead in all three categories, coffee, tea and other hot drinks, in retail value terms.
In 2022, the growth rate of e-commerce, which increased rapidly during the pandemic, is set to see a slowdown. As the government’s social distancing restrictions have eased and consumers’ visits to foodservice premises have increased, the rocketing growth in online sales seems to have entered a lull.
The relaxation of social distancing has encouraged the good performance of the foodservice channel in South Korea in 2022. According to the National Tax Service, the number of coffee shops in 2021 was 83,363, an increase of 88% compared with 2017.
Hot drinks is forecast to see a moderate but positive total volume performance over the forecast period. While the retail volume of coffee is expected to decline slightly due to a slow decline for instant coffee, which accounts for the largest share of sales in coffee in South Korea, the healthy performance of foodservice volume sales of fresh coffee will support total volume growth.
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This is the aggregation of Coffee, Tea, and Other Hot Drinks.See All of Our Definitions
This report originates from Passport, our Hot Drinks research and analysis database.
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