As consumer trends drive innovation and purchase behavior it is increasingly vital to understand how to shape products to best meet them. This brief outlines the most important consumer and product trends impacting the hot drinks category globally, using Canadean's TrendSights mega-trend framework as a basis to organize the key themes covered.
Each section contains a concise SWOT analysis that outlines how each TrendSights mega-trend can be applied to the hot drinks category.
Consumer insight analysis covering 24 countries globally highlights the key attitudes and behaviors driving consumers' purchase of hot drinks.
Case studies and numerous product examples throughout the brief showcase best-in-class innovations in hot drinks products from across the globe.
Key considerations and potential opportunities have been identified based on consumer preferences and recent product innovations in this category.
How do Canadean's mega-trends apply specifically to hot drinks? How is this likely to evolve over the next few years?
Where is innovation occurring in hot drinks and what does it look like?
Going forward, what are some of the potential opportunities and key considerations for hot drinks manufacturers?
How are industry players using the online space to more effectively engage with consumers?
The "other hot drinks" category was the fastest growing within the market, with a 2012-17 CAGR of 6.4%, closely followed by ready-to-drink tea and coffee at 6%. Fast growth in the former can be attributed to this specific category growing from a relatively low base globally, especially compared to the more established hot drinks categories.
Spending more time at home in order to save money has led to consumers replicating the caf experience at home with single-serve machines and premium instant coffees. However, retail brands are being challenged by foodservice establishments, which are also trying to tap into this growing trend with their own at-home blends and hot drink systems.
Data provided in easy-to-use tables in Excel