The COVID-19 pandemic has largely ended, but there has been little respite, either for the hot drinks industry specifically, or for the US as a whole, with inflation quickly replacing COVID-19 as the top concern of both companies and consumers. The shift in consumption habits from homes to coffee shops, which happened after the pandemic eased, is now being threatened, as consumers face high costs for daily necessities.
The growth of cold drinks has been continuous in the US hot drinks industry, despite the economic and political turbulence. Tea has always been popular as a cold drink in the US, and it is estimated that around three-quarters of the tea consumed in the US is iced tea.
A major recent story in the hot drinks competitive landscape was the change of hands of Ekaterra, the tea business of Unilever. The company was officially sold to its new owner, CVC Capital Partners, in mid-July 2022, becoming fully independent from Unilever.
E-commerce has continued to be the key story in retailing this year, but less so than it was during previous years. The pandemic period was a massive accelerant towards the adoption of e-commerce in retailing in general, and in grocery categories specifically.
Foodservice is set to recover from the impact of the COVID-19 pandemic, looking purely at top-line volume terms in 2023, but this recovery hides a complex story. Prices have been rising strongly across the board, as labour shortages continue to plague the US economy as a whole, and foodservice specifically.
Hot drinks tends to be one of the more stable components of the food and beverage industry in the US, because the consumption of such products is considered essential to many people’s daily routine, and they are relatively inexpensive. Therefore, while the current historic inflation rate and the future possibility of recession are both undoubted challenges, the fundamentals of the category remain fairly solid.
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