This briefing provides updates on 2019-2024 quarterly forecasts for the hot drinks industry, sourced from Euromonitor International’s Hot Drinks Forecast Model for Q3 2020, reflecting updated GDP and Coronavirus (COVID-19) impact forecasts.
This report comes in PPT.
Forecasts were revised downwards across the board in Q3 2020, with virtually every market seeing lower projected GDP growth and consequently lower projected demand for hot drinks. This holds true across every category.
Total global hot drinks consumption is projected to decline by 2% in 2020, a casualty of lockdowns and drastically reduced consumer mobility; however, retail sales are booming, as consumers substitute trips to coffee shops with coffee at home.
Long-term weakness in away-from-home channels will impact the pipeline of new and premium products to retail channels, necessitating new channels and experiences for discovery.
Whilst the pandemic has provided a temporary boost to home coffee and tea preparation, it has also led many coffee and tea brands to experiment with delivery, low-priced takeaway-only outlets, and vending machines, as they seek to reduce contact and provide low-priced convenience.
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