While retail demand for hot drinks was starting to fall in line with a challenging scenario in late 2022, mainly driven by inflation and a worsening economic context, 2023 has been experiencing a deeper decline for most hot drinks in Chile. Tea is a particularly weak performer, due to a prolonged hot summer and the delayed effects of inflation, significantly impacting demand for this traditionally popular drink in Chile, especially through retail.
Rising temperatures and prices are the two key trends for hot drinks in 2023. A prolonged and hotter summer in Chile has impacted demand for tea and yerba maté and presents a strong challenge to the entire industry as temperatures are set to continue increasing.
2023 has been a challenging year for most categories and brands. Lack of resources for many players has substantially reduced innovation and stalled planned launches.
During times of economic uncertainty, Chileans tend to look for ways to save money. As prices continue to increase and disposable incomes come under pressure, prioritising spending becomes important for consumers who are making greater efforts to search for more competitive prices.
Foodservice is a key contributor to hot drinks in 2023, particularly during the summer months. As temperatures reached historic heights during the year, Chileans looked for iced versions of coffee and tea, which are mostly prepared by specialist coffee and tea shops, making foodservice a relevant channel.
2023 is proving to be a challenging year for most hot drinks in Chile, with further headwinds likely heading into the forecast period. In terms of inflation and economic outlook, the coming years are likely to see normalisation of inflation and the country returning to economic growth.
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This report originates from Passport, our Hot Drinks research and analysis database.
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