36氪·2025-11-17 00:10Core Viewpoint - The article discusses the return of white sugar to beverage ingredient lists, driven by an upgrade in consumer health awareness and a demand for controllable taste experiences [4][27]. Group 1: Market Trends - The beverage market has seen a significant shift with the rise of sugar-free drinks, initiated by brands like Yuanqi Forest in 2018, which led to a decline in the presence of white sugar in ingredient lists [9][15]. - However, in the recent beverage season, traditional beverage companies have reintroduced white sugar in their products, indicating a change in consumer preferences towards a balance of taste and health [8][15]. - The global largest erythritol manufacturer, San Yuan Bio (301206.SZ), saw its erythritol revenue peak at 1.567 billion yuan in 2021, but it is projected to drop to 515 million yuan in 2024 due to an oversupply in the market [12][13]. Group 2: Consumer Preferences - Consumers are now more inclined to accept the presence of white sugar in beverages, as seen with brands like Yuanqi Forest and Nongfu Spring launching new products that contain white sugar while promoting low-sugar options [15][17]. - The trend reflects a shift from an absolute avoidance of sugar to a preference for lower sugar content that still delivers enjoyable taste experiences [27][28]. - Brands are strategically reducing serving sizes to manage sugar intake while still offering products that satisfy taste preferences, indicating a nuanced approach to sugar consumption [18][22]. Group 3: Competitive Landscape - The sugar tea market, valued at nearly 90 billion yuan, is experiencing a competitive yet stable environment, with traditional beverage companies maintaining significant market shares [32][35]. - Major players like Master Kong, Uni-President, and Nongfu Spring dominate the market, collectively holding over 69% of the market share, with growth rates exceeding 5% [35][36]. - The introduction of new products in the sugar tea category continues to outpace sugar-free options, suggesting a sustained consumer interest in traditional flavors [34][35].