餐饮行业研究系列报告二：茶饮出海篇：国内竞争加剧，海外市场成“第二增长曲线”

Industry Investment Rating - The report maintains a "Stronger than the Market" rating for the food and beverage sector, specifically focusing on the tea beverage industry [1] Core Views - The domestic tea beverage market has experienced rapid growth, with the new tea beverage market size increasing from 42.2 billion yuan in 2017 to 193.3 billion yuan in 2023, achieving a CAGR of 28.87% [2] - The domestic market is becoming increasingly saturated, with the chain rate of new tea beverage stores rising to 55.2% in 2022, leading to intensified competition and the need for new market expansion [2] - Overseas markets present significant opportunities due to economic recovery, new channels like food delivery, and favorable policies such as visa-free agreements with 157 countries [2] - The report highlights the importance of balancing localization and differentiation in product offerings to enhance brand adaptability and competitiveness in overseas markets [50] Domestic Market Overview - The new tea beverage market in China is approaching 200 billion yuan, with a CAGR of 28.87% from 2017 to 2023, and is expected to reach 245.8 billion yuan by 2025 [7] - The number of new tea beverage stores in China has exceeded 500,000, with the top two brands (CR2) holding an 8.22% market share and the top five (CR5) holding 11.88% [9] - Product innovation is a key competitive factor, with brands launching an average of 11 new products per quarter, and mid-to-high-priced products (13-19 yuan) dominating the market [11] - The industry faces challenges of homogenization, with the chain rate of new tea beverage stores exceeding 80% in some core urban areas, leading to increased pressure on independent stores [13] Overseas Market Challenges and Opportunities - Challenges include high operational costs due to domestic supply chains and competition from similar functional beverages like coffee [2] - Opportunities arise from overseas economic recovery, new distribution channels, and favorable policies such as RCEP and the "Belt and Road" initiative [2] - The report emphasizes the need for tea beverage brands to adapt to local tastes and build brand recognition in international markets [18] Overseas Market Expansion - Southeast Asia is the primary target market for tea beverage brands, with Indonesia leading in terms of market size at 1.6 billion USD [36] - The US market presents challenges due to differences in beverage consumption habits, with tea beverage stores accounting for only 5% of the market in 2022 [40] - The Japanese and Korean markets have slower expansion rates, with Taiwanese brands dominating and new tea beverage brands like Mixue Bingcheng and Nayuki having limited presence [44] Future Trends in Overseas Expansion - Health-conscious trends, such as zero-sugar and healthy options, are becoming global trends in tea beverage consumption [48] - Digitalization and localization of supply chains are key to achieving cost efficiency and scalability in overseas markets [52] - The establishment of industry standards and alliances, such as the "Group Going Global" model, will facilitate collective expansion of tea beverage brands [57] Key Factors for Overseas Expansion - Proximity to target markets, economic levels, infrastructure, population size, and tea culture are critical factors for tea beverage brands when expanding overseas [30] - Brands need to balance localization and differentiation, leveraging local partnerships and cultural elements to enhance brand adaptability and competitiveness [50]