Beer - Uruguay

Uruguay, a small country in South America, is experiencing significant growth in its beer market. Customer preferences are shifting towards craft beers and premium brands, leading to an increase in the consumption of these products. The market is also being influenced by local special circumstances and underlying macroeconomic factors. Customer preferences in Uruguay are changing, with a growing demand for craft beers and premium brands. Consumers are becoming more discerning and are willing to pay a premium for higher quality and unique flavors. This trend is driven by a desire for variety and a more sophisticated drinking experience. As a result, craft breweries and international premium brands are gaining popularity in the market. Trends in the beer market in Uruguay include the rise of microbreweries and the expansion of international beer brands. Microbreweries are gaining traction as consumers seek out locally produced, artisanal beers. These breweries offer a wide range of flavors and styles, appealing to the adventurous and curious consumer. At the same time, international beer brands are capitalizing on the growing demand for premium products by expanding their presence in the market. Local special circumstances in Uruguay contribute to the development of the beer market. The country has a strong beer-drinking culture, with beer being the preferred alcoholic beverage for many Uruguayans. This cultural preference provides a solid foundation for the growth of the market. Additionally, Uruguay has a favorable climate for beer production, with abundant natural resources and a tradition of brewing. These factors create an environment conducive to the establishment and success of breweries. Underlying macroeconomic factors also play a role in the development of the beer market in Uruguay. The country has experienced stable economic growth in recent years, leading to an increase in disposable income. As a result, consumers have more purchasing power and are willing to spend on higher quality products, including craft beers and premium brands. The growing middle class in Uruguay is also a driving force behind the expansion of the beer market, as more people have the means to indulge in luxury and specialty items. In conclusion, the beer market in Uruguay is experiencing growth due to changing customer preferences, including a demand for craft beers and premium brands. This trend is supported by local special circumstances, such as a strong beer-drinking culture and favorable climate for beer production. Underlying macroeconomic factors, such as stable economic growth and an expanding middle class, also contribute to the development of the market. As a result, the beer market in Uruguay is poised for continued expansion in the coming years.

Data coverage:
The data encompasses B2C enterprises. The at-home market covers retail sales via super- and hypermarkets, eCommerce, convenience stores, or similar sales channels. The out-of-home data encompasses all sales to hotels, restaurants, catering, cafés, bars, and similar hospitality service establishments. Combined numbers encompass both the at-home market and the out-of-home market. Both the at-home and the out-of-home market are valued at retail selling prices including all sales and consumption taxes.

Modeling approach:
Market sizes are determined through a Top-Down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending (e.g. consumer spending on alcoholic beverages, consumer spending at Hotels, Restaurants etc.), and price level index. This data helps us estimate the market size for each country individually.

Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Alcoholic Drinks market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level.