The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Asia Pacific is the world's largest hot drinks region, both in terms of market size and market growth. Market growth is an effect of consumer progression from unpackaged to packaged goods - a factor that depresses unit price, particularly in tea. However, value-added convenience products, such as tea bags and instant coffee, present new avenues for continued growth.
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With 37% of the global retail hot drinks brewed volume and 29% of the global retail value, Asia Pacific is the largest hot drinks region in the world due to a long history of hot drinks consumption (particularly tea). Despite this dominant position, low per capita figures across most Asian emerging markets demonstrate that the category still has room to grow.
Strong economic growth amongst the emerging markets of Asia have driven both retail volume and value growth in the region. Volume growth in these markets are driven largely by consumers switching from unpackaged/unbranded products to consumer packaged goods. Traditional preference of tea in many markets has made this the dominant sub-category for many key countries like China and India.
Because many consumers are switching from cheap unbranded and unpackaged teas, packaged manufacturers have had to keep prices very low in order to reach the most rural of consumers. However, growing middle class economies, and the convenience of products like tea bags and instant coffee will continue to push value growth in the years to come.
Because of the long history of tea consumption, tea remains a fairly fragmented market, aside from success by Unilever in India and Indonesia. Coffee, on the other hand, is dominated by Nestlé brands thanks to strong historical penetration.
Strong middle class growth will continue to push value sales in Asia as consumers venture beyond traditional flavours and formulations.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.