The cold vault category enjoyed another robust year, with nearly every segment showing growth. The average per-store sales of Packaged Beverages rose by 6.3% to $269,973, maintaining a steady growth trajectory with only a slight dip from the previous year’s increase.
Leading the charge, the energy and alternative drinks segment secured its place as the top seller, achieving an impressive 10.8% rise in per-store dollar sales, the only segment to experience double-digit growth. Other notable performers included carbonated soft drinks, which climbed by 5.1%, sports drinks with a 6.2% increase, and enhanced water, which surged by 7.3%. These gains underscore a growing consumer interest in functional beverages. Conversely, ready-to-drink coffee was the sole segment to experience a decline.
Overall, total industry sales of Packaged Beverages jumped by 7.9% in 2023, mirroring the growth rate of the previous year. While total unit volume remained unchanged year-over-year, the category’s share of in-store sales inched up to 14.17%, marking a five-year high.
The strong performance of the cold vault sector, particularly fueled by the rising popularity of energy drinks, highlights shifting consumer preferences toward functional beverages. With this upward trend, the cold vault category is poised for continued success, reflecting the evolving tastes and demands of consumers.
Source: Hanson, Angela and Linda Lisanti. “A Trying Year: Inflation, Higher Operating Costs and Lower Fuel Prices Took Their Toll in 2023.” Convenience Store News, Industry Report 2024
