With a lack of foreign reserves in the country due to the current economic crisis, the government of Sri Lanka had to impose import restrictions which limited the availability of some hot drinks. Inflation also remained in double figures which put pressure on consumer income and thus limited spending on discretionary items.
People of all ages and socioeconomic levels continue to love tea with it being the most popular hot drinks option in Sri Lanka. The most popular option is hot black tea, which is still reasonably priced despite the fact that hyperinflation led to a sharp increase in the cost of consumer goods throughout the nation in 2022 and 2023.
As demand for Sri Lankan-grown tea rises both domestically and internationally, locals from various socioeconomic backgrounds have accepted tea as a beverage to be consumed throughout the day. Today, Sri Lanka's main commercial crop is tea, and drinking tea has been deeply ingrained in the culture of the nation.
Although tea is the most popular form of hot drinks in Sri Lanka, socioeconomic groups do not consume hot drinks in significantly different ways. Nonetheless, customers with higher incomes are more likely to buy packaged tea, whereas those with lower incomes favour unpackaged tea.
In 2022, the Sri Lankan rupee's value relative to the dollar fell as a result of a scarcity of dollars in the country, which exacerbated the country's economic situation. As a result, the government imposed a number of import restrictions in order to save money for essential expenditure like fuel and petroleum.
Sales of hot drinks are expected to see steady growth in retail and foodservice volume terms over the forecast period as the economic crisis begins to ease and people return to their pre-pandemic routines. The growing popularity of the health and wellness trend, boosted by the epidemic, will be an important focus.
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Hot Drinks
This report originates from Passport, our Hot Drinks research and analysis database.
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