百亿冰茶赛道，新老玩家争锋

Core Insights - The iced tea market in China is experiencing renewed competition with new entrants like Nongfu Spring, Yuanqi Forest, and Jinmailang launching products that replicate the "Xuri Sheng" iced tea, leading to significant sales growth in the sector [1][2] - Yuanqi Forest has emerged as a market leader, with its iced tea sales growing by 53.9% year-on-year in Q2 2025, indicating strong market penetration and effective channel strategies [2][3] - Traditional brands like Master Kong and Uni-President are responding by emphasizing reduced sugar options and introducing new carbonated tea products to maintain market share [1][6][7] Market Dynamics - The iced tea segment has seen a shift towards healthier options, with 71.4% of consumers prioritizing "sugar-free/reduced sugar" labels when purchasing iced tea [3] - The introduction of carbonated iced tea products is becoming a trend, with brands like Uni-President and Yuanqi Forest launching new offerings that combine carbonation with traditional tea flavors [6][8] - The iced tea category has a long history in China, dating back over 30 years, but has recently faced challenges from new competitors and changing consumer preferences [4][5] Competitive Landscape - Yuanqi Forest's iced tea has achieved significant sales, reaching 2 billion yuan in 2023 and projected to exceed 10 billion yuan in 2024, positioning it as a key player in the market [5] - Traditional brands are feeling the pressure from Yuanqi Forest's innovative approaches, including the use of "-196°C liquid nitrogen frozen lemon technology" to enhance flavor [6] - The competition is intensifying as brands seek to differentiate themselves through unique flavors and health-oriented formulations, with a focus on finding the optimal balance between health and taste [8]