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Key regions: United States, Europe, Worldwide, Nigeria, Vietnam
The Ready-to-Drink (RTD) Coffee & Tea market in ASEAN has been experiencing significant growth in recent years, driven by changing consumer preferences and increasing demand for convenient and refreshing beverages.
Customer preferences: In ASEAN, consumers are increasingly seeking out convenient and on-the-go options, which has fueled the demand for RTD Coffee & Tea products. These beverages offer a quick and easy way to enjoy coffee or tea without the need for brewing or preparation. Additionally, the rising popularity of RTD Coffee & Tea can be attributed to the growing health-consciousness among consumers, as many of these products are made with natural ingredients and offer low-calorie or sugar-free options.
Trends in the market: Indonesia, the largest economy in ASEAN, has emerged as a key market for RTD Coffee & Tea. The country has a strong coffee culture and a large young population that is increasingly embracing Western lifestyle trends. This has led to a surge in demand for RTD Coffee & Tea products, particularly among urban consumers. In addition, the Philippines has also witnessed significant growth in the market, driven by the popularity of iced coffee and milk tea among its young population.
Local special circumstances: In Malaysia, the market for RTD Coffee & Tea has been influenced by the country's diverse cultural background. Malaysians have a strong preference for sweet and creamy beverages, which has led to the popularity of RTD Coffee & Tea products with added flavors such as caramel or vanilla. In Thailand, the market is dominated by iced tea, with a wide variety of flavors and packaging options available to cater to different consumer preferences.
Underlying macroeconomic factors: The growth of the RTD Coffee & Tea market in ASEAN can also be attributed to favorable macroeconomic factors. The region has experienced rapid urbanization and rising disposable incomes, which has increased consumer spending power and affordability. Additionally, the increasing penetration of smartphones and internet connectivity has made it easier for consumers to access information about RTD Coffee & Tea products and make online purchases. This has contributed to the growth of e-commerce platforms and online delivery services, which have further expanded the reach of RTD Coffee & Tea brands in the region. In conclusion, the Ready-to-Drink (RTD) Coffee & Tea market in ASEAN is experiencing significant growth due to changing consumer preferences, increasing demand for convenient beverages, and favorable macroeconomic factors. As consumers in the region continue to seek out on-the-go options and healthier alternatives, the market is expected to further expand in the coming years.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)