Ready-to-Drink (RTD) Coffee - Hong Kong

The Ready-to-Drink (RTD) Coffee market in Hong Kong has been experiencing significant growth in recent years.

Customer preferences: One of the key reasons for the growth of the RTD Coffee market in Hong Kong is the changing preferences of consumers. In today's fast-paced lifestyle, consumers are increasingly looking for convenient and on-the-go options. RTD Coffee provides a quick and easy solution for coffee lovers who want to enjoy their favorite beverage without the hassle of brewing it themselves. Additionally, the younger generation in Hong Kong is more open to trying new flavors and beverages, which has further fueled the demand for RTD Coffee.

Trends in the market: The RTD Coffee market in Hong Kong has witnessed a surge in product innovation and variety. Manufacturers are constantly introducing new flavors and packaging formats to cater to the diverse preferences of consumers. From classic flavors like mocha and caramel to unique and exotic blends, there is a wide range of options available in the market. Furthermore, the market has also seen the introduction of healthier alternatives, such as low-sugar and plant-based RTD Coffee, to cater to the growing health-conscious consumer base.

Local special circumstances: Hong Kong's coffee culture has been evolving rapidly in recent years. Traditionally, tea has been the preferred hot beverage in Hong Kong, but there has been a shift towards coffee consumption, especially among the younger population. The rise of coffee chains and cafes in the city has contributed to the growing popularity of coffee. This cultural shift has created a favorable environment for the growth of the RTD Coffee market in Hong Kong.

Underlying macroeconomic factors: The growing disposable income of consumers in Hong Kong has also played a significant role in the development of the RTD Coffee market. As people have more spending power, they are willing to indulge in premium and convenient beverages like RTD Coffee. Additionally, the increasing urbanization and hectic lifestyles in Hong Kong have led to a higher demand for on-the-go food and beverages, further driving the growth of the RTD Coffee market. In conclusion, the Ready-to-Drink (RTD) Coffee market in Hong Kong is witnessing robust growth due to changing customer preferences, product innovation, the evolving coffee culture, and favorable macroeconomic factors. As the market continues to develop, it is expected that manufacturers will continue to introduce new flavors and healthier options to cater to the diverse needs of consumers.

Data coverage:

The data encompasses B2C enterprises. The at-home market covers retail sales via super- and hypermarkets, eCommerce, convenience stores, or similar sales channels. The out-of-home data encompasses all sales to hotels, restaurants, catering, cafés, bars, and similar hospitality service establishments. Combined numbers encompass both the at-home market and the out-of-home market. Both the at-home and the out-of-home market are valued at retail selling prices including all sales and consumption taxes.

Modeling approach:

Market sizes are determined through a Top-Down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending (e.g. consumer spending on Non-Alcoholic Drinks, consumer spending at Hotels, Restaurants etc.), and price level index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Non-Alcoholic Drinks market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.