Ready to Drink (RTD) Tea and Coffee

Ready to Drink (RTD) Tea and Coffee Market Outlook

The global Ready to Drink (RTD) Tea and Coffee market is projected to reach approximately USD 78 billion by 2033, with a compound annual growth rate (CAGR) of around 7.5% during the forecast period from 2025 to 2033. Several factors are driving this growth, particularly the increasing consumer preference for convenient beverage options, rising health consciousness, and the growing demand for specialty beverages. The influx of innovative flavors and formulations, combined with strategic marketing initiatives, is also playing a significant role in expanding the market. Furthermore, the trend toward sustainability and eco-friendly packaging is motivating manufacturers to diversify their product offerings, thereby enhancing consumer interest and market competitiveness. As urban lifestyles become more fast-paced, the demand for readily accessible and portable beverage options is expected to continue to rise.

Growth Factor of the Market

One of the primary growth factors of the RTD Tea and Coffee market is the increasing demand for convenience among consumers. With busy lifestyles and a growing number of professionals seeking quick refreshment options, ready-to-drink beverages offer a hassle-free solution that fits seamlessly into daily routines. Additionally, the heightened awareness of health and wellness has led consumers to seek out beverages that not only satisfy taste but also deliver nutritional benefits. This shift in consumer preference has prompted manufacturers to innovate and develop healthier drink options, such as low-calorie, organic, and fortified beverages. The rise of e-commerce and online retailing is another contributing factor, as it provides greater accessibility to various brands and products, allowing consumers to explore and purchase RTD beverages with ease. Furthermore, the influence of social media and marketing campaigns has enhanced brand visibility and consumer engagement, leading to greater acceptance and demand for RTD products. Lastly, the expansion of distribution channels, including supermarkets, convenience stores, and specialty shops, is crucial in facilitating the widespread availability of these products.

Key Highlights of the Market

• The RTD Tea and Coffee market is expected to witness a robust CAGR of 7.5% from 2025 to 2033.
• Increasing consumer demand for convenient and portable beverage options is driving market growth.
• Health-conscious consumers are actively seeking healthier and functional beverage alternatives.
• Online retail and e-commerce platforms are significantly enhancing product accessibility.
• Innovative marketing strategies and product formulations are boosting brand recognition and consumer engagement.

By Product Type

RTD Tea:

RTD Tea has emerged as a significant segment within the Ready to Drink category, gaining traction for its refreshing taste and perceived health benefits. This category encompasses a variety of teas, including black, green, and herbal varieties, often infused with flavors and additional ingredients such as vitamins and antioxidants. Consumers are attracted to RTD Tea for its low-calorie options and natural ingredients, making it a preferred choice for health-conscious individuals. The increasing popularity of cold-brew methods and sparkling tea combinations has further contributed to the growth of this segment. With brands continuously innovating to introduce new flavor profiles and blends, RTD Tea is expected to remain a dominant player in the market landscape over the coming years.

RTD Coffee:

RTD Coffee is rapidly gaining popularity, particularly among younger consumers seeking quick energy boosts and convenient caffeine options. This segment includes various offerings, from classic iced coffee to bottled espresso drinks that cater to diverse taste preferences. The demand for indulgent flavor combinations, such as mocha and caramel, is driving sales, along with the advent of cold brew options that deliver smoother, less acidic flavors. As consumers are increasingly drawn to coffee culture, brands are responding by launching premium RTD Coffee products that incorporate specialty coffee beans and unique brewing techniques. The trend toward incorporating functional ingredients, such as protein and adaptogens, is also shaping the market, as consumers seek beverages that align with their wellness goals.

RTD Tea Latte:

RTD Tea Latte products combine the richness of creamy textures with the refreshing qualities of tea, creating a unique beverage experience that appeals to consumers seeking indulgence and refreshment. These products often feature milk or milk alternatives blended with tea, offering a diverse range of flavors and sweetness levels. The RTD Tea Latte segment has seen substantial growth as consumers indulge in café-style beverages at home or on the go. Additionally, with the rise of plant-based diets, many brands are now offering dairy-free options, expanding their market reach and catering to diverse dietary preferences. As product innovation continues, RTD Tea Lattes are likely to attract a growing customer base, further bolstering the overall RTD market.

RTD Coffee Latte:

RTD Coffee Latte products blend the robust flavor of coffee with the creaminess of milk, providing a satisfying beverage that appeals to a wide audience. This segment has gained significant traction as consumers seek convenient ways to enjoy café-quality drinks without the need for preparation. With diverse flavor options ranging from vanilla to seasonal specialties like pumpkin spice, RTD Coffee Lattes cater to various consumer preferences and drive repeat purchases. Furthermore, the increasing popularity of cold beverages, particularly in warmer climates, has fueled demand for these products. As manufacturers focus on quality and authentic taste, the RTD Coffee Latte segment is poised for continued growth in the competitive beverage market.

RTD Herbal Tea:

RTD Herbal Tea represents a niche segment within the broader RTD beverage market, attracting consumers interested in caffeine-free options and natural wellness. This category includes herbal infusions designed for relaxation, digestion, or boosted immunity, often highlighting ingredients such as chamomile, peppermint, and ginger. The growing trend of health and wellness has prompted consumers to explore herbal teas as alternatives to traditional beverages, leading to increased sales in this segment. Additionally, the versatility of herbal teas allows for creative flavor combinations and functional enhancements, further appealing to health-conscious consumers. As awareness of the benefits of herbal ingredients spreads, the RTD Herbal Tea segment is expected to flourish, captured by innovative product offerings and strategic marketing campaigns.

By Application

Supermarkets/Hypermarkets:

Supermarkets and hypermarkets serve as critical distribution channels for RTD Tea and Coffee products, offering consumers a wide variety of choices under one roof. These large retail environments allow for the display of multiple brands and product lines, enhancing consumer visibility and accessibility. The convenience of shopping in bulk while having the opportunity to explore multiple options makes supermarkets a favored destination for consumers stockpiling their favorite beverages. Furthermore, many retailers are actively promoting RTD products through in-store promotions and discounts, further driving sales. As consumer preferences continue to shift toward convenience and variety, supermarkets and hypermarkets are expected to maintain significant market shares in the RTD segment.

Convenience Stores:

Convenience stores play a pivotal role in the growth of the RTD Tea and Coffee market, primarily due to their focus on providing quick and easy access to beverages for on-the-go consumers. Located in urban areas and along busy routes, these outlets cater to individuals seeking a quick refreshment during their commutes or busy schedules. The product offerings in convenience stores often include a curated selection of popular RTD beverages, making it easy for consumers to grab their favorites. Additionally, strategic partnerships with brands to feature promotions or exclusive flavor launches can drive increased foot traffic and sales. As the trend of snacking and convenience consumption continues to rise, convenience stores are well-positioned to tap into this lucrative market segment.

Online Retail:

The online retail segment has gained significant momentum in the RTD Tea and Coffee market, particularly as consumers increasingly prefer the convenience of shopping from home. E-commerce platforms provide a wide range of options, enabling consumers to explore various brands and flavors without geographical limitations. Online channels also facilitate the purchase of bulk orders or subscription services, enhancing customer loyalty and repeat purchases. The growing trend of health and wellness has prompted many consumers to seek out niche products that may not be available in local stores, further bolstering online retail sales. With advancements in logistics and delivery services, the online retail segment is expected to continue its upward trajectory, catering to the evolving preferences of modern consumers.

Specialty Stores:

Specialty stores in the RTD Tea and Coffee market focus on offering unique and artisanal products, appealing to consumers who prioritize quality and distinct flavors. These stores often curate selections of organic, fair-trade, and premium products, attracting health-conscious and discerning customers. The emphasis on education and storytelling around the sourced ingredients enhances the shopping experience, allowing consumers to connect with the products on a deeper level. Additionally, many specialty stores host tastings and events to engage consumers and promote their offerings, fostering brand loyalty. As more consumers seek out authentic experiences and high-quality beverages, specialty stores are well-positioned to capture a share of the growing RTD market.

Others:

This category encompasses various distribution channels not explicitly mentioned, including cafes, restaurants, and vending machines, where RTD Tea and Coffee products are available. These establishments often introduce consumers to new and innovative flavors, enhancing product visibility and trial. With the rise of grab-and-go offerings in cafes and restaurants, consumers are increasingly seeking quality RTD options alongside their meals. Vending machines featuring RTD beverages also cater to busy individuals in public spaces, providing quick access to refreshments. As the demand for convenience and variety continues to grow, these alternative distribution channels will play an essential role in expanding the availability and accessibility of RTD Tea and Coffee products.

By Ingredient Type

Black Tea:

Black tea is a staple ingredient in the RTD market, known for its robust flavor and high antioxidant content. Many consumers prefer black tea-based RTD beverages for their familiar taste and potential health benefits. The variety within this segment includes classic black tea, flavored options such as peach or lemon, and blends with other ingredients like spices or herbs. The versatility of black tea allows manufacturers to create innovative product offerings that cater to diverse consumer preferences. With an increasing number of health-conscious individuals seeking natural beverage options, black tea is likely to remain a popular choice among RTD consumers, bolstering its presence in the market.

Green Tea:

Green tea has gained immense popularity in the RTD segment due to its perceived health benefits and refreshing qualities. Rich in antioxidants and known for its metabolism-boosting properties, green tea appeals to health-conscious consumers looking for a guilt-free beverage. Various flavor combinations, including citrus, mint, and berry, are commonly seen in RTD green tea products, catering to diverse palates. The shift towards healthier lifestyle choices is driving the growth of green tea-based beverages, as many consumers view them as superior alternatives to sugary sodas or energy drinks. With ongoing product innovation and a focus on functional ingredients, the green tea segment is expected to flourish in the coming years.

Herbal Tea:

Herbal tea is a unique ingredient type in the RTD market, characterized by its caffeine-free nature and diverse flavor profiles. This segment appeals to consumers seeking relaxation or specific health benefits, such as digestive support or immune enhancement. Common herbal tea ingredients include chamomile, hibiscus, and rooibos, which can be enjoyed hot or cold. The growing awareness of holistic wellness and natural remedies is fueling demand for herbal RTD beverages, as consumers increasingly seek out options that align with their health goals. As brands continue to innovate with unique blends and functional enhancements, the herbal tea segment is poised for continued growth.

Coffee:

Coffee serves as a cornerstone ingredient in the RTD market, driven by the global fascination with coffee culture and convenience. With a variety of options ranging from classic iced coffee to flavored lattes, this segment caters to the diverse preferences of coffee enthusiasts. RTD coffee beverages often incorporate high-quality coffee beans, premium ingredients, and creative flavor combinations, enhancing consumer appeal. As consumers continue to seek convenient caffeine solutions, the demand for RTD coffee products is expected to rise. Additionally, with the introduction of functional coffee beverages that combine coffee with superfoods, the RTD coffee segment is likely to witness significant growth in the evolving beverage landscape.

Matcha Tea:

Matcha tea has emerged as a premium ingredient in the RTD segment, known for its vibrant green color and unique flavor profile. This finely ground powder from specially grown green tea leaves has garnered attention for its health benefits, including high antioxidant content and potential metabolic boost. As consumers learn more about matcha's origins and preparation, demand for RTD matcha beverages has surged, particularly among health-conscious individuals and millennials. Brands are leveraging this trend by introducing innovative matcha-infused drinks that feature added flavors or functional ingredients. The growing interest in matcha is likely to contribute to the expansion of this segment within the RTD market.

By Region

The regional analysis of the RTD Tea and Coffee market reveals considerable variation in market dynamics, consumer preferences, and growth potential. In North America, the market is poised for robust growth, driven by the increasing demand for convenient beverage options and the expansion of retail channels. With a projected CAGR of 7.0%, North America is expected to hold a significant share of the market due to the entrenched coffee culture and the rising popularity of various tea-based beverages. The increasing presence of specialty coffee brands and innovative RTD offerings will further augment the market's growth during the forecast period. Meanwhile, the Asia Pacific region is experiencing a surge in RTD product consumption, fueled by a young population and evolving food and beverage trends, making it a vital market to watch.

In Europe, the RTD Tea and Coffee market is also expanding, driven by health-conscious consumers seeking out healthier beverage alternatives. The region's commitment to sustainability and eco-friendly packaging is influencing consumer choices, encouraging brands to offer organic and ethically sourced products. Additionally, the Latin American market is witnessing increased interest, particularly in coffee-based RTD beverages, as the region is known for its rich coffee culture. The Middle East and Africa represent emerging markets, where growing urbanization and changing lifestyles are driving demand for convenient beverage options. Overall, the RTD Tea and Coffee market is expected to showcase diverse growth patterns across regions, propelled by localized consumer preferences and evolving market trends.

Opportunities

The RTD Tea and Coffee market presents numerous opportunities for growth, particularly as consumer preferences continue to evolve. One significant opportunity lies in product innovation, as brands can explore unique flavor combinations, functional ingredients, and healthier formulations to attract a broader customer base. The rising trend of health and wellness is prompting consumers to seek beverages that not only quench their thirst but also offer nutritional benefits. Brands that capitalize on this trend by developing RTD products infused with vitamins, probiotics, or adaptogens can differentiate themselves in a competitive market. Furthermore, as sustainability becomes a critical concern for consumers, there is an opportunity for manufacturers to invest in eco-friendly packaging and sourcing practices, thus enhancing brand image and attracting environmentally conscious customers.

Additionally, the expansion of e-commerce and online retail channels presents a significant opportunity for brands to reach consumers directly, allowing them to showcase their unique offerings and build loyal customer relationships. As more consumers embrace online shopping for convenience, brands can leverage digital marketing strategies to promote their products effectively. Collaborations with influencers and health experts can also enhance brand credibility and reach within target demographics. Moreover, entering emerging markets in Asia Pacific, Latin America, and Africa presents the opportunity for growth, as increasing urbanization and changing lifestyles drive the demand for convenient RTD beverages. By strategically tapping into these opportunities, companies can position themselves for sustained success in the evolving RTD Tea and Coffee landscape.

Threats

Despite the promising growth trajectory of the RTD Tea and Coffee market, several threats could impact its expansion. One of the primary threats is the intense competition among brands, leading to price wars that can erode profit margins and create challenges for smaller players in the market. As established brands invest heavily in marketing and product innovation, newer entrants may struggle to gain visibility and market share. Furthermore, the rising awareness of health issues associated with high sugar content in beverages is causing consumers to shift away from sugary RTD options, potentially affecting sales for brands that have not adapted to changing consumer preferences. Additionally, fluctuations in raw material costs and supply chain disruptions can further threaten manufacturers' ability to maintain consistent pricing and product availability.

Another significant threat is regulatory challenges and compliance requirements related to labeling, safety, and health claims. Authorities worldwide are increasingly scrutinizing food and beverage products, which may necessitate additional investments in quality control and compliance measures. Additionally, changing consumer preferences toward homemade or artisanal beverages could impact RTD sales, particularly among niche markets. Companies that fail to innovate or align with consumer demands risk losing customer loyalty to competitors who are more in tune with market trends. Thus, navigating these threats will be crucial for companies aiming to thrive in the dynamic RTD Tea and Coffee market.

Competitor Outlook

• The Coca-Cola Company
• PepsiCo, Inc.
• Nestlé S.A.
• Unilever PLC
• Starbucks Corporation
• Monster Beverage Corporation
• Tazo Tea Company
• Blue Bottle Coffee
• Honest Tea
• Snapple
• Califia Farms
• Lindsay Olive Company
• Stumptown Coffee Roasters
• Reed’s Inc.
• Asahi Group Holdings, Ltd.

The competitive landscape of the RTD Tea and Coffee market is characterized by a diverse array of players, ranging from multinational corporations to niche brands. Major companies, such as The Coca-Cola Company and PepsiCo, hold significant market shares and leverage extensive distribution networks to reach consumers worldwide. These companies often invest heavily in marketing campaigns, product innovation, and acquisitions to maintain their competitive edge. The introduction of new flavor variants, packaging innovations, and functional beverages are common strategies employed by these giants to cater to evolving consumer preferences and strengthen brand loyalty. As a result, they continually adapt their offerings to stay relevant in a dynamic market environment.

In addition to multinational corporations, specialty brands like Blue Bottle Coffee and Stumptown Coffee Roasters have carved out a niche by focusing on high-quality, artisanal products. These companies emphasize sustainable sourcing practices, unique brewing techniques, and premium ingredients to differentiate themselves from mainstream offerings. Their emphasis on authenticity and quality resonates with consumers who are willing to pay a premium for a superior RTD experience. As consumer preferences shift toward premium and functional beverages, these specialty brands are likely to gain traction and expand their market presence.

Furthermore, the rapid growth of the e-commerce sector has led to the emergence of new players focusing on direct-to-consumer sales. Brands like Califia Farms and Honest Tea have capitalized on this trend by offering subscription services and exclusive online promotions, enhancing customer engagement and loyalty. By leveraging digital marketing strategies and social media platforms, these brands can effectively communicate their value propositions to target demographics and establish meaningful connections with consumers. As the RTD Tea and Coffee market continues to evolve, competition will intensify, driving innovation and pushing companies to refine their strategies to capture consumer attention and loyalty.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 Snapple
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 Honest Tea
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 Unilever PLC
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 Califia Farms
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 PepsiCo, Inc.
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 Tazo Tea Company
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 Blue Bottle Coffee
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 Nestlé S.A.
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 Lindsay Olive Company
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 Starbucks Corporation
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 The Coca-Cola Company
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 Reed’s Inc.
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 Stumptown Coffee Roasters
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 Asahi Group Holdings, Ltd.
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 Monster Beverage Corporation
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Ready to Drink (RTD) Tea and Coffee Market, By Application
    • 6.1.1 Supermarkets/Hypermarkets
    • 6.1.2 Convenience Stores
    • 6.1.3 Online Retail
    • 6.1.4 Specialty Stores
    • 6.1.5 Others
  • 6.2 Ready to Drink (RTD) Tea and Coffee Market, By Ingredient Type
    • 6.2.1 Asia Pacific
    • 6.2.2 North America
    • 6.2.3 Latin America
    • 6.2.4 Europe
    • 6.2.5 Middle East & Africa
  • 6.3 Ready to Drink (RTD) Tea and Coffee Market, By Distribution Channel
    • 6.3.1 Black Tea
    • 6.3.2 Green Tea
    • 6.3.3 Herbal Tea
    • 6.3.4 Coffee
    • 6.3.5 Matcha Tea

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Latin America - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 Brazil
      • 10.3.1.2 Argentina
      • 10.3.1.3 Mexico
  • 10.4 North America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 USA
      • 10.4.1.2 Canada
  • 10.5 Middle East & Africa - Market Analysis
    • 10.5.1 By Country
      • 10.5.1.1 Middle East
      • 10.5.1.2 Africa
  • 10.6 Ready to Drink (RTD) Tea and Coffee Market by Region

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Ready to Drink (RTD) Tea and Coffee market is categorized based on

By Application

• Supermarkets/Hypermarkets
• Convenience Stores
• Online Retail
• Specialty Stores
• Others

By Distribution Channel

• Black Tea
• Green Tea
• Herbal Tea
• Coffee
• Matcha Tea

By Ingredient Type

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

By Region

• Asia Pacific
• North America
• Latin America
• Europe
• Middle East & Africa

Key Players

• The Coca-Cola Company
• PepsiCo, Inc.
• Nestlé S.A.
• Unilever PLC
• Starbucks Corporation
• Monster Beverage Corporation
• Tazo Tea Company
• Blue Bottle Coffee
• Honest Tea
• Snapple
• Califia Farms
• Lindsay Olive Company
• Stumptown Coffee Roasters
• Reed’s Inc.
• Asahi Group Holdings, Ltd.