在健康化趋势下，有糖茶为啥依旧能打？

Core Insights - The beverage market in China is experiencing a significant divide between sugary and sugar-free drinks, with sugary drinks still dominating in many segments despite the rising popularity of sugar-free options [1][2][7] Market Overview - As of Q2 2025, sugary tea is projected to hold a market share of 68%-70% in the ready-to-drink tea category, while sugar-free tea is expected to account for about 30% [2] - The sales volume of sugary tea consistently exceeds that of sugar-free tea by nearly double, particularly in lower-tier cities where brands like Kang Shifu's iced tea remain dominant [2][3] Company Performance - Kang Shifu's beverage business reported revenue of 51.621 billion yuan in 2024, with the tea segment contributing 21.7 billion yuan, marking an 8.2% year-on-year growth [3] - Kang Shifu's iced tea alone achieved sales exceeding 12.7 billion yuan, making it the first iced tea product in China to surpass the 10 billion yuan mark [3] - Unification's tea beverage revenue reached 8.575 billion yuan in 2024, with a year-on-year growth of 13.13%, primarily driven by sugary products [3] Competitive Advantages - Sugary tea's resilience in the health-conscious market is attributed to its strong distribution capabilities, with Kang Shifu having over 3 million retail terminals nationwide and a 90% distribution rate in lower-tier markets [4] - The cost structure of sugary tea is more favorable, with lower production costs compared to sugar-free alternatives, which require higher quality ingredients and more complex production processes [4][5] Consumer Behavior - Consumer preferences in lower-tier markets prioritize taste and price over health considerations, with a significant portion of consumers associating sugar-free drinks with inferior taste [5][6] - The emotional connection to sugary drinks, often tied to childhood memories, further solidifies their market position [6] Strategic Responses - Traditional beverage companies are adopting a dual strategy, maintaining their sugary product lines while also introducing sugar-free options to cater to changing consumer preferences [7][8] - Kang Shifu has launched various innovative flavors of iced tea while also introducing sugar-free variants to appeal to health-conscious consumers [8] - Nongfu Spring has entered the sugary tea market with a new product aimed at younger consumers, indicating a shift in strategy to diversify their offerings [9]