Hard Seltzer - Suriname

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

Customer preferences: Suriname is a country known for its warm climate and vibrant culture. As a result, there is a growing demand for refreshing and low-calorie alcoholic beverages among consumers. Hard Seltzers, with their light and fizzy nature, perfectly cater to these preferences. Additionally, Surinamese consumers are increasingly health-conscious and are seeking out alternatives to traditional sugary alcoholic beverages. The low-calorie and low-sugar content of Hard Seltzers make them an attractive option for those looking to enjoy a drink without compromising their dietary goals.

Trends in the market: One of the key trends in the Hard Seltzer market in Suriname is the increasing availability of a variety of flavors. Surinamese consumers have shown a preference for fruity and tropical flavors, which align with the country's rich and diverse agricultural industry. Hard Seltzer brands have responded to this demand by introducing flavors such as mango, passion fruit, and guava. This trend not only appeals to local tastes but also differentiates the Surinamese Hard Seltzer market from other regions. Another trend in the market is the rise of local craft Hard Seltzer brands. Suriname has a growing craft beverage industry, with consumers showing a strong preference for locally produced and artisanal products. Craft Hard Seltzer brands have capitalized on this trend by offering unique and high-quality products that cater to the discerning tastes of Surinamese consumers. These local brands often emphasize their use of locally sourced ingredients and traditional brewing methods, further appealing to the local market.

Local special circumstances: Suriname's proximity to Brazil and the Caribbean has influenced the local drinking culture. Brazilian caipirinhas and Caribbean rum-based cocktails are popular choices among Surinamese consumers. The rise of Hard Seltzers in Suriname can be seen as a response to this cultural influence, offering a lighter and more refreshing alternative to these traditional drinks. Additionally, Suriname has a significant expatriate population from the United States, where Hard Seltzers have gained immense popularity. This has further contributed to the demand for Hard Seltzers in Suriname.

Underlying macroeconomic factors: Suriname has experienced steady economic growth in recent years, leading to an increase in disposable income among its population. This has allowed consumers to have more purchasing power and the ability to explore new and innovative products such as Hard Seltzers. Additionally, the country's tourism industry has been growing, attracting visitors from around the world. The presence of international tourists has created a demand for familiar products, including Hard Seltzers, which are popular in many other countries. In conclusion, the Hard Seltzer market in Suriname is developing due to customer preferences for refreshing and low-calorie beverages, the availability of a variety of flavors, the rise of local craft brands, and the influence of both local drinking culture and international trends. These factors, combined with the country's economic growth and tourism industry, have contributed to the increasing popularity of Hard Seltzers in Suriname.

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.