Hard Seltzer - Belize

The Hard Seltzer market in Belize has been experiencing significant growth in recent years.

Customer preferences: Customers in Belize are increasingly seeking out low-calorie and low-sugar beverage options. This trend is in line with global consumer preferences, as people become more health-conscious and look for alternatives to traditional alcoholic beverages. Hard Seltzer, with its light and refreshing taste, has quickly gained popularity among consumers in Belize who are looking for a healthier option without compromising on flavor.

Trends in the market: One of the key trends in the Hard Seltzer market in Belize is the increasing variety of flavors available. With a wide range of fruit flavors such as lime, mango, and pineapple, Hard Seltzers appeal to the tropical palate of Belizeans. This variety allows consumers to choose a flavor that suits their tastes, making Hard Seltzers a versatile option for different occasions. Another trend in the market is the growing number of local craft Hard Seltzer brands. These brands offer unique and artisanal flavors that cater to the preferences of the local population. This trend reflects the global movement towards supporting local businesses and the desire for authentic and locally-produced products.

Local special circumstances: Belize is known for its tourism industry, with visitors from around the world flocking to its pristine beaches and tropical climate. The Hard Seltzer market in Belize has benefited from this influx of tourists, as they bring with them their preferences for popular beverages from their home countries. This has created a demand for international Hard Seltzer brands in Belize, as tourists seek familiar flavors and brands during their stay.

Underlying macroeconomic factors: The growing economy of Belize has contributed to the development of the Hard Seltzer market. As disposable incomes rise, consumers have more purchasing power to spend on premium and imported products. This has allowed for the introduction of higher-priced Hard Seltzer brands in the market, catering to the demand for premium offerings. In conclusion, the Hard Seltzer market in Belize is growing due to customer preferences for low-calorie and low-sugar beverages, the availability of a wide range of flavors, the emergence of local craft brands, the influence of tourism, and the country's growing economy. These factors have created a favorable environment for the expansion of the Hard Seltzer market in Belize, with consumers embracing this trendy and healthier alternative to traditional alcoholic beverages.

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.