From 2013 to 2023 in China, the beverage market experienced significant fluctuations. The turnover grew from 958.98 hundred million Yuan Renminbi in 2013, reaching 1110.0 hundred million in 2015, before declining to 943.22 in 2020. Recovery followed in 2021 with 1030.0 and continued to 1090.0 in 2023. Analysis reveals:
- 2013-2015: Steady CAGR of around 12%, reflecting a booming market.
- 2016-2020: Declining trend with a notable drop in 2017 and 2020, likely due to changing market conditions and the pandemic, with an average yearly contraction of -3.24% by 2020.
- 2021-2023: Market recovery phase, moderate growth of 3.24% in 2023.
Future trends to watch:
- Forecasts for 2024–2028 indicate steadier incremental growth, with a 5-year CAGR of 0.32%.
- Environmental regulations, consumer preferences towards health beverages, and the impact of digitalization on distribution channels.
