Hard Seltzer - Cyprus

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

Customer preferences: Hard Seltzers have gained popularity among consumers in Cyprus due to their low calorie and low sugar content. As health and wellness trends continue to shape consumer behavior, many individuals are seeking out lighter and healthier alcoholic beverage options. Hard Seltzers, with their refreshing and fruity flavors, appeal to those looking for a lighter alternative to traditional alcoholic beverages such as beer or wine.

Trends in the market: One of the key trends in the Hard Seltzer market in Cyprus is the increasing variety of flavors available. Manufacturers are constantly introducing new and innovative flavors to cater to the diverse preferences of consumers. From classic fruit flavors like lemon and lime to more exotic options such as mango and passionfruit, there is a wide range of choices for consumers to explore. This trend is driven by the desire to offer unique and differentiated products in a competitive market. Another trend in the market is the rise of local and craft Hard Seltzer brands. While international brands have a strong presence in the market, there is growing demand for locally produced Hard Seltzers. This trend is fueled by the desire to support local businesses and the increasing importance of sustainability. Local brands often emphasize the use of locally sourced ingredients and environmentally friendly production processes, resonating with consumers who value authenticity and sustainability.

Local special circumstances: Cyprus is a popular tourist destination, attracting visitors from around the world. The tourism industry plays a significant role in the demand for Hard Seltzers in the country. Tourists, especially those from countries where Hard Seltzers are already popular, seek out familiar brands and flavors during their stay. This creates opportunities for both local and international brands to capture the attention of this consumer segment.

Underlying macroeconomic factors: The growing popularity of Hard Seltzers in Cyprus can also be attributed to the overall economic development of the country. As disposable incomes rise, consumers have more purchasing power and are willing to spend on premium and innovative products. Additionally, the increasing urbanization and Westernization of Cyprus have led to a shift in consumer preferences towards more modern and trendy alcoholic beverages. In conclusion, the Hard Seltzer market in Cyprus is experiencing growth due to changing customer preferences towards healthier and lighter alcoholic beverages. The market is characterized by a wide variety of flavors and the emergence of local and craft brands. The tourism industry and favorable macroeconomic factors also contribute to the market's development.

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.