Hot drinks in Peru is showing signs of recovery in 2024, rebounding from a challenging 2023. Last year, consumption was notably affected by exceptionally high temperatures linked to the global El Niño phenomenon, which lessened the perceived need for hot drinks.
The high temperatures experienced in the first quarter of 2024, again due to the global El Niño phenomenon, have prompted hot drink brands to promote cold versions of their products. This strategy seeks to leverage the surge in soft drink consumption, as consumers look for hydrating options during the heatwave.
Mass-market brands have increased their market presence, particularly in the tea category. The leading brand, Herbi, has shown resilience and stable results, contrasting with some competitors who faced notable declines in 2023.
Economic constraints and a focus on savings have increased the relevance of traditional retail channels, especially small local grocers, in 2024. These stores are capturing market share from modern channels by offering a wider variety of products, appealing to consumers with traditional tastes.
Hot drinks is benefiting from a return to more regular, in-person activities. As work and study routines normalise, the on-trade channel has seen a resurgence, with new cafés and restaurants opening nationwide.
The industry anticipates a moderate economic recovery, which should support further growth across hot drink categories. Expected stabilisation of temperatures as the El Niño phenomenon subsides could also boost demand, with colder weather likely driving more hot drink consumption.
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Hot Drinks
This report originates from Passport, our Hot Drinks research and analysis database.
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