Retail value sales of hot drinks in Singapore continue to grow in 2023, while retail volume sales are stagnating. Coffee is the strongest performer in retail value growth terms, while demand through retail is flat (albeit above pre-pandemic levels) as greater mobility outside of the home continues to drive foodservice sales.
The global pandemic has had a lasting impact on consumer behaviour, such as a renewed emphasis on the importance of overall wellbeing. As a result, local consumers are now more conscious of the choices they make, even in their hot drink selections.
Despite the competition among leading players in hot drinks, there have not been significant shifts in dominant positions within each category in 2023. Nestlé Singapore Pte Ltd sustains its leading position in other hot drinks in retail value share terms, while ranking second behind Super Group Ltd in coffee.
Retail offline continues to dominate the distribution of hot drinks in Singapore. Many local consumers view physical stores as a means to explore a wide range of available products and enjoy a pleasant shopping experience.
In terms of foodservice volume sales, other hot drinks holds a significant position in Singapore. This is primarily due to the popularity of malt-based hot drinks such as Milo, which are commonly found across numerous foodservice channels from traditional hawker centres to full-service restaurants.
Coffee is set to remain the leading category in terms of retail sales over the forecast period, as it is considered an indispensable daily commodity for numerous individuals in Singapore. In a period characterised by elevated prices, the pivotal competitive factor for consumers is expected to be products that strike a balance between affordability and quality.
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Hot Drinks
This report originates from Passport, our Hot Drinks research and analysis database.
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