Hot drinks in Taiwan performed positively in 2023, with growth in total volume sales slightly surpassing that recorded in 2022. This improvement was mainly due to an uptick in on-trade consumption as diminishing public fear of COVID-19 and the ending of related mitigation measures saw most people go back to the office and begin frequently socialising outside the home once again.
Increasing consumer sophistication continued to support premiumisation in the Taiwanese hot drinks market in 2023 even as rising inflation drove up the general cost of living and made people more cautious in their discretionary spending habits. Visible in both off- and on-trade channels, this trend was most prominent in tea and coffee, which saw strong demand for more expensive options offering superior quality ingredients and refined flavours.
Hot drinks in Taiwan is relatively fragmented, with multiple players vying for consumer attention in the three main categories. UCC Coffee Taiwan Co Ltd remained the number one company in the market in retail value sales terms in 2023 on the back of its leadership in coffee.
Supermarkets and hypermarkets remained the leading retail distribution channels for hot drinks in Taiwan in volume sales terms by a wide margin in 2023. Convenience stores placed third in this regard, followed by small local grocers and e-commerce.
Foodservice continued to account for the largest share of total hot drinks volume sales in Taiwan in 2023. This was mainly because coffee consumption has long been heavily concentrated in on-trade channels, though foodservice volume sales of tea were only moderately lower than those at the retail level and continued to increase at a faster pace.
The outlook for hot drinks in Taiwan over the forecast period is broadly favourable, with robust growth in total volume sales projected and the three main categories anticipated to register consistently positive results at the retail and foodservice levels. The further expansion of the market will be underpinned by population growth, traditional consumption habits and the ongoing evolution of the local tea- and coffee-drinking cultures.
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Hot Drinks
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