There was another year of positive growth in off-trade volume sales of soft drinks in Asia Pacific in 2023, as well as another year of recovery in the on-trade channel. Bottled water continues to be the dominant product in the region’s soft drinks market, while healthier options, such as reduced-sugar variants, are expected to continue developing and growing in the coming years.
This report comes in PPT.
While Coca-Cola and PepsiCo continue to lead soft drinks in Asia Pacific in off-trade volume terms, Yangshengtang’s Nongfu Spring bottled water line took over top spot from Coca-Cola in the brand rankings in 2023. Bottled water is the dominant product in the region, and will account for almost two thirds of new sales over the forecast period.
As elsewhere in the region, one of the top trends in Japanese soft drinks is health and wellness. This saw Coca-Cola, in response to the growing demand to cut back on sugar consumption, launch the new sports drinks product Aquarius Newater. It uses amino acids to help the body absorb water, enabling the product to be sugar-free and calorie-free.
E-commerce continued to gain share in soft drinks in South Korea in 2023, accounting for more than 31% of off-trade volume sales, even overtaking convenience stores to become the leading distribution channel. E-commerce continues to appeal to South Korean consumers as they are attracted to the channel’s low prices, wide product range and the convenience of home delivery.
The expected introduction by the Indonesian government of a tax on sugary drinks is likely to have an impact on carbonates over the forecast period. Originally slated to be part of the 2023 budget, this was delayed, with it now set to go through in 2024. The higher prices resulting from a sugar tax are likely to deter consumers from purchasing regular carbonates.
This is the aggregation of the following categories; Carbonates, Fruit/vegetable juice, Bottled water, Functional drinks, Concentrates, RTD tea, RTD coffee and Asian speciality drinks.
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