Hard Seltzer - Caribbean

The Hard Seltzer market in the Caribbean is experiencing significant growth and development.

Customer preferences: Consumers in the Caribbean are increasingly seeking out low-calorie and low-alcohol beverage options, aligning with the global trend towards healthier lifestyles. Hard Seltzers, with their lower calorie content and refreshing flavors, are meeting this demand and gaining popularity among Caribbean consumers. Additionally, the convenience and portability of canned beverages are appealing to consumers in the region, who often enjoy outdoor activities and socializing with friends and family.

Trends in the market: The Hard Seltzer market in the Caribbean is witnessing a surge in product offerings from both local and international brands. As the popularity of Hard Seltzers grows, more companies are entering the market to capitalize on the trend. This increased competition is leading to a wider variety of flavors and options for consumers to choose from. Additionally, there is a growing focus on using locally sourced ingredients and flavors, catering to the preferences of Caribbean consumers and supporting local agriculture.

Local special circumstances: The Caribbean region is known for its vibrant and diverse culture, and this is reflected in the Hard Seltzer market. Local brands are incorporating unique Caribbean flavors and ingredients into their products, offering a taste of the region to consumers. This localization strategy not only appeals to the local population but also attracts tourists who want to experience the authentic flavors of the Caribbean. Furthermore, the tourism industry in the Caribbean plays a significant role in driving the demand for Hard Seltzers, as visitors often seek out local beverages to enhance their vacation experience.

Underlying macroeconomic factors: The growth of the Hard Seltzer market in the Caribbean is also influenced by broader macroeconomic factors. The region has been experiencing steady economic growth, leading to an increase in disposable income among consumers. With more disposable income, consumers are willing to spend on premium and innovative beverage options, including Hard Seltzers. Additionally, the Caribbean has a large young adult population, and this demographic is particularly drawn to the convenience and trendy image associated with Hard Seltzers. In conclusion, the Hard Seltzer market in the Caribbean is experiencing growth and development due to changing customer preferences, the introduction of new flavors and product offerings, the incorporation of local ingredients, and favorable macroeconomic factors. This market trend is expected to continue as consumers in the region seek out healthier and more convenient beverage options.

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.