Summary The US was the largest market for hot drinks regionally (Americas) and the second-largest globally.In 2017, the US stood in 9th position out of the top 50 economies considered for the study of opportunities in the hot drinks sector.
The sector was valued at over US$18,000 million, accounting for a value share of 11.8% at a global level which was second only to China’s 15.5% share in the same year. The country is expected to witness an upward growth over 2017-2022, picking up from 2012-2017.
Growing demand and an above-average forecast growth rate among the top 50 economies provides a healthy opportunity for manufacturers to expand. The sector is forecast to add US$5.5 billion over the next five years to reach US$24+ billion by 2022. The US hot drinks sector is poised to witness value growth on the back of increasing purchasing power driven by rising personal incomes in the country. Furthermore, Americans work long hours, more than the OECD average and many other developed economies. This translates into higher spending on hot drinks such as coffee, which is perceived as a stimulant that promotes alertness.
Driven by the US government’s corporate tax reforms, aggressive trade policies, and a push for local manufacturing, the US economy is witnessing record growth levels across key macro parameters.Consumer spending and consumer confidence have grown sharply, while the US unemployment rate is at a 50-year low, indicating a positive outlook in the near future, especially for consumer markets in the country.
However, trade wars with China and other countries such as Canada, Mexico, and EU countries, as well as inflation arising from the current market scenario, pose a threat to the US economy.
The report "Top Growth Opportunities: Hot Drinks in the US", provides an overview of the Hot Drinks market, analyzing market data, demographic consumption patterns within the category, and the key consumer trends driving consumption.
The report also provides recommended actions and detailed analysis of how to target the best growth opportunities for Hot Drinks producers and retailers. Readers can understand what categories, channels, companies, and consumers will drive the success of Hot Drinks sector in the US through detailed and robust data, expert insight, and case studies.
Key Highlights - Hot Tea is projected to be the fastest growing category in value terms over 2017-2022. - Healthy, personalized, and premium products are expected to drive the US hot drinks sector over 2017-2022. - Older consumers (55+) are the largest consumer group in the hot drinks sector. - Tea pods and fruite and herbal tea are two segments that are rapidly growing and ripe for new product launches.
Scope - The reports use a risk versus reward opportunity model to identify the best growth markets for Hot Drinks producers. Through this in-depth study of market and category dynamics, readers are able to identify key opportunities, and what they need to do in order to target them. - Key consumer demographic groups driving consumption within the US market. Improve your consumer targeting by understanding WHO’s driving the market, WHAT they want, and WHY. - A study of market value and volumes over 2012-2017 for the US supplemented with category, brand and packaging analysis that shows the current state of the market, and how it will evolve over the 2017-2022 period. - White space analysis, to pinpoint attractive spaces in the market and the key actions to take. - Insight into the implications behind the data, and analysis of how the consumer needs will evolve in the short-to-medium term future. - Examples of international and regional product innovation targeting key consumer needs.
Reasons to buy - This report brings together consumer analysis and market data to provide actionable insight into the behavior of Hot Drinks consumers in the US. - This is based on GlobalData’s unique consumer data, developed from extensive consumption surveys and consumer group tracking, which quantifies the influence of 20 consumption motivations in the Hot Drinks sector. - Category, brand, and packaging dynamics are also examined. - This allows product and marketing strategies to be better aligned with the leading trends in the market.
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