After several years of positive performance, volume sales of NH beverages dipped in 2020 on account of home seclusion following the outbreak of COVID-19. With consumers working at home during the crisis and limiting their time outdoors, impulse purchases were considerably reduced.
The largest category within NH beverages, NH bottled water posted some of the largest volume growth rates in 2019 and continues to gain traction among local consumers because of its healthy nature. NH carbonated natural mineral bottled water is rapidly becoming popular among Hong Kongers due to its taste, in line with changes in local lifestyles – consumers are now looking for healthy options that also have pleasant flavours.
Within NH hot drinks, NH fruit/herbal tea recorded the most dynamic growth in retail value terms in 2020, with the health and wellness trend staying highly relevant for home-secluding consumers, and with new products and flavours being launched to constantly stimulate consumer interest. Health and wellness has been on consumers’ minds even more since the start of the pandemic, and NH fruit/herbal tea products that are able to promote their associated health benefits such as enhancing sleeping quality are gaining in popularity.
NH beverages is set to return to volume growth in 2021 and sales are likely to again reach pre-pandemic levels in 2022. From then, further growth, mild but steady, is expected over the remainder of the forecast period.
There are Western players competing in NH bottled water in Hong Kong. Both popular players and small players can be found easily in the market and there is was a wide variety of offerings in terms of water sources and segments among these Western companies and their brands.
NH RTD tea is likely to perform well again in the forecast period, especially NH RTD green tea which is set to post the strongest growth rate, as health-consciousness expands faster in light of COVID-19. International brands with a wide range of tea varieties are increasingly popular among younger consumers, capturing their attention.
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This report originates from Passport, our Naturally Healthy Beverages research and analysis database.
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