This would reflect a compound annual growth rate (CAGR) of 6% from 2023 to 2033, the market research firm said.
The global hot beverages market is currently valued at US$ 771 billion (€669 billion) in 2023. However, with increasing demand from consumers, this is set to accelerate significantly in the coming years, the report said.
Coffee Sales Accelerate
Sales of coffee alone are projected to expand at a CAGR of 7.7% from 2023 to 2033, according to the report.
In terms of specific regional trends, the report highlighted that the Canadian market is predicted to grow at a CAGR of 4.8% over the forecast period. Similarly, the demand for hot beverages in Germany is expected to evolve at a CAGR of 4.3% through to 2033.
Health And Wellness
The growing awareness about the health and wellness benefits associated with certain types of hot beverages is one of the key factors driving the increased demand. Consumers are actively seeking beverages that not only provide a pleasant taste but also contribute to their overall well-being.
“Demand for hot beverages, including detox coffee, green tea, and lemon tea, is increasing due to growing awareness about their associated health benefits,” a Fact.MR analyst said.
In response to this demand, manufacturers have been incorporating various ingredients and products with certifications such as good manufacturing practice (GMP), USDA Organic, hazard analysis critical control point (HACCP), Kosher, and generally recognised as safe (GRAS).
Moreover, manufacturers are introducing innovative flavours of coffee and tea with added health benefits, creating lucrative opportunities in the market, the report noted.