In 2023, hot drinks’ performance was impacted by a number of factors, with divergent or opposing effects on categories. For example, cocoa commodity price hikes created upward pressure on retail unit prices in other hot drinks, driving up value growth, but also leading to a shift to cheaper cocoa alternatives.
Consumers increasingly searched for value for their money when purchasing hot drinks towards the end of the review period. In response to this consumer shopping behaviour, manufacturers and retailers increased the use of price promotions and discounts, which became standard purchasing opportunities in 2023.
The competition in hot drinks remained strong in 2023, as consumers largely remained loyal to their favourite beverages and products. Nonetheless, space for innovation remained, and producers increasingly offered gift bundles with hot drinks or limited editions.
Distribution was more concentrated around grocery retail chains, which offered strong price promotions and discounters. This boosted supermarkets, discounters and hypermarkets, at the expense of small local grocers and convenience stores.
Foodservice continued to recover from the steep decline recorded in the wake of the COVID-19 pandemic, which brought outlet closures and subsequent restrictions on on-trade operations. As COVID-19 restrictions lifted, foodservice lured sales away from retail, but, unlike the off-trade channel, it is not expected to return to the 2019 pre-pandemic volume sales level before the end of the review period.
Hot drinks is expected to witness premiumisation, although the extent and reach of this trend largely depends on consumers’ financial situation and their ability and willingness to spend more on higher-end products. In addition to economic recovery in Slovakia, external factors, such as an end to the war in neighbouring Ukraine, would enhance consumer confidence.
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Understand the latest market trends and future growth opportunities for the Hot Drinks industry in Slovakia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Hot Drinks
This report originates from Passport, our Hot Drinks research and analysis database.
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