【遭遇"咖啡因风暴" #霸王茶姬一夜市值蒸发2亿美元#】#消费者喊话茶饮品牌标咖啡因含量#凌晨两 点，喝了霸王茶姬的消费者辗转难眠，而美股盘前，霸王茶姬的投资者们正眼睁睁看着股价直线跳水。 社交媒体上的抱怨如滚雪球般越滚越大，"霸王茶姬咖啡因"话题在微博等平台迅速发酵。有网友做出对 比，称"一杯霸王茶姬约等于近4罐红牛"。12月26日，随着争议不断升级，霸王茶姬官方做出回应，发 布长文解释其产品的咖啡因含量，称"依据现有的公开数据与检测结果，一杯采用原叶现泡的茶饮，其 咖啡因含量按每100ml同等容量计算，与一杯拿铁大致相当，并显著低于一杯美式咖啡"。回应并未完全 平息争议。资本市场分析师张振华认为："投资者担心咖啡因争议会影响品牌形象和销售业绩。特别是 对新式茶饮来说，健康安全一直是敏感话题。"不过，对于普通消费者来说，霸王茶姬回复的信息可能 并不足够透明。有消费者告诉记者，"我通常就是看口味点单，从没注意过咖啡因含量。"霸王茶姬的咖 啡因争议并非孤立事件，它折射出新式茶饮行业面临的共同困境：如何在追求口感与保证健康之间找到 平衡点。茶饮行业分析师赵晓雯指出："新式茶饮的咖啡因问题一直存在，茶叶本身含有咖啡 ...

Core 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].

Core Viewpoint - The article discusses the resurgence of white sugar in beverage ingredient lists, highlighting a shift in consumer preferences towards a balance of taste and health, as well as the evolving strategies of beverage companies in response to these trends [5][14][26]. 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 [8][12]. - However, in the recent beverage season, traditional beverage companies have reintroduced white sugar in their products, indicating a change in consumer perception towards health and taste [7][14]. - The market for sugary tea beverages is substantial, nearing 900 billion, and is experiencing a transition from rapid expansion to a focus on quality development [31][34]. Group 2: Consumer Preferences - Consumers are increasingly seeking a balance between health and taste, leading to a demand for products that offer lower sugar content without sacrificing flavor [18][26]. - The trend of "controlled indulgence" is emerging, where brands are marketing products with reduced sugar while still incorporating white sugar to enhance taste [16][20]. - Younger consumers are particularly interested in products that provide enjoyable flavors without the guilt associated with high sugar content [21][26]. Group 3: Company Strategies - Companies like Yuanqi Forest and Nongfu Spring have launched new products featuring white sugar, emphasizing low-sugar and reduced-sugar branding to attract health-conscious consumers [14][16]. - The use of alternative sweeteners like erythritol and sucralose has been prevalent, but companies are now recognizing the unique taste benefits of white sugar, leading to its reintroduction in various products [10][20]. - Major brands such as Master Kong and Uni-President maintain significant market shares in the sugary tea segment, indicating their strong influence and the stability of this market despite health trends [34][35].