The hot drinks market in Bulgaria in 2023 is significantly influenced by the cost-of-living crisis. With an inflation rate among the highest in the EU, Bulgarian consumers are experiencing squeezed disposable incomes and escalating grocery product prices.
Despite the economic downturn, innovative and trendy products, such as coffee pods and coffee beans, continue to enjoy positive growth. Consumers, while cautious with their spending, remain open to innovations, added value and improved quality.
Nestlé and Jacobs Douwe Egberts maintain leading positions within hot drinks in 2023. Both companies have a strong presence across various price segments.
E-Commerce sales in the hot drinks sector are showing dynamic growth, supported by both independent e-commerce players and chained grocery players. This trend is driven by the demand for premium products, including premium coffee beans and high-quality teas, which are not typically available in traditional and modern grocery channels.
Ongoing economic pressures are impacting consumers' willingness to spend more in on-trade establishments, leading to a cutback in consumer foodservice spending. Although on-trade sales benefit from post-pandemic enthusiasm for enjoying coffee in local shops or bars, high price increases due to growing energy and labour costs are a concern.
Looking ahead, inflationary pressure is expected to ease from 2024, but the lingering economic downturn and slow recovery in the first half of the forecast period will continue to impact consumer budgets. This is likely to limit spending on non-essential products, leading to a trend of trading down from mid-priced to more affordable hot drinks.
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Hot Drinks
This report originates from Passport, our Hot Drinks research and analysis database.
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