Chicago, IL – Technomic’s latest report unveils significant trends in the global beverage market, emphasizing the growth of coffee and tea chains. The “Beverage Global Menu Category Report” shows that specialty coffee and tea beverages are growing faster than other menu items, with specialist chains leading this expansion.
Key Trends and Insights:
- Coffee and Tea Chain Expansion: Prominent brands like Heytea, Cotti Coffee, and Luckin Coffee spearhead growth, particularly in Asian markets such as China, South Korea, and Southeast Asia. Notably, Luckin Coffee has become the world’s third-largest coffee chain by number of locations.
- Rise of Drinkable Yogurts: This emerging niche aligns with the healthy indulgence trend, gaining popularity among health-conscious consumers.
- Quick-Service Brand Evolution: Major players like McDonald’s and KFC are branching into coffee and specialty beverages, evident in McDonald’s CosMc’s in the U.S. and KFC’s KCOFFEE in China.
- Growth in Off-Premise Consumption: Adapting to this trend, beverage chains are innovating with drive-thru and to-go formats.
- Changing Consumer Habits: Approximately one-third of consumers globally order drinks as snacks between meals, indicating a shift in consumption patterns.
- Surge in Sales: Leading global coffee chains have experienced a 16.5% sales increase compared to pre-pandemic levels.
- Health-Conscious Beverage Choices: Avocado and yogurt-infused drinks are gaining traction, catering to the demand for healthier options.
This report highlights a dynamic evolution in the global beverage market, with a growing emphasis on specialty coffee and tea, innovative drinks, and shifting consumer preferences. The burgeoning sector underscores the significance of beverages in the global foodservice industry, pointing towards a future of continued growth and innovation.