Spirits - Belize | Statista Market Forecast

Revenue, at home (e.g., revenue generated in supermarkets and convenience stores) in the Spirits market amounts to US$24.1m in 2024.
Revenue, out-of-home (e.g., revenue generated in restaurants and bars) amounts to US$4.7m in 2024.
Revenue, combined amounts to US$28.8m in 2024.
The revenue, at home is expected to grow annually by 2.07% (CAGR 2024-2029).
In global comparison, most revenue, at home is generated China (US$146bn in 2024).
In relation to total population figures, the average revenue per capita, at home of US$57.94 are generated in 2024.
In the Spirits market, volume, at home is expected to amount to 1.2m L by 2024.
Volume, out-of-home is expected to amount to 70.0k L in 2024.
Volume, combined is expected to amount to 1.2m L in 2024.
The Spirits market is expected to show a volume growth, at home of 0.7% in 2025.0.
The average volume per person, at home in the Spirits market is expected to amount to 2.80L in 2024.

Definition:

The Spirits market includes alcoholic beverages that have been produced through the distillation of wine, fermented fruits, or grains. Due to the distillation process, the alcohol content of spirits is much higher than that of most wines and beers, typically ranging from 20% to 50% alcohol by volume (ABV).

Structure:

The Spirits market is divided into 8 markets:

The Whisky market encompasses spirits on a grain basis that have been aged in wooden casks for a duration of at least three years.
The Vodka market encompasses spirits based on grain and/or potatoes.
The Rum market encompasses spirits based on sugar cane.
The Gin market encompasses spirits based on juniper berries.
The Brandy market encompasses spirits based on fermented fruit juice.
The Tequila market encompasses spirits made primarily from the blue agave plant (Agave tequilana) in Mexico.
The Soju market encompasses the Korean distilled beverage, Soju, which is traditionally made from rice, barley, or sweet potatoes.
The Liqueurs & Other Spirits market encompasses all other spirits not previously mentioned as well as Ready-to-Drink (RTD) cocktails.

Additional information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per liter, as well as sales channels. Per capita figures refer to a country’s or region’s whole population.

At-home market data covers retail sales via super- and hypermarkets, eCommerce, convenience stores, and similar sales channels. Out-of-home market data includes all sales in hotels and restaurants, sales by catering companies, as well as sales in cafés, bars, and similar hospitality service establishments. Combined numbers encompass both the at-home market and the out-of-home market. All prices are valued at retail selling prices, including all sales and consumption taxes.

Key players include Diageo (e.g., Johnnie Walker, Smirnoff, and Tanqueray), Pernod Ricard, and Kweichow Moutai.

Whisky, such as Jack Daniel's Tenessee Whiskey
Vodka, such as Absolut Vodka
Rum, such as Bacardi Rum
Gin, such as Ginebra San Miguel
Brandy, such as Ararat Brandy

Wine, such as Red Wine
Beer, such as Budweiser
Non-Alcoholic Spirits, such as Tanqueray 0.0

The Spirits market in Belize has been experiencing steady growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: Belizean consumers have shown a growing interest in premium spirits, including whiskey, rum, vodka, and gin. This shift in preferences can be attributed to the increasing disposable income and changing lifestyles of consumers. They are seeking higher quality products and are willing to pay a premium for spirits that offer unique flavors and experiences. Additionally, there is a growing demand for craft spirits, as consumers appreciate the craftsmanship and authenticity associated with these products.

Trends in the market: One of the key trends in the Spirits market in Belize is the rise of flavored spirits. Flavored vodkas and rums have gained popularity among consumers, who are looking for innovative and exciting flavors to enhance their drinking experience. This trend is driven by the younger generation, who are more experimental in their choices and seek out new and unique flavors. Another trend in the market is the increasing popularity of cocktails. Belizean consumers are increasingly interested in mixology and are experimenting with different spirits and ingredients to create their own signature cocktails. This trend is supported by the growing number of bars and restaurants that offer a wide range of cocktails, catering to the evolving tastes of consumers.

Local special circumstances: Belize is a popular tourist destination, known for its beautiful beaches and vibrant culture. The tourism industry plays a significant role in driving the Spirits market in Belize. Tourists, both international and domestic, contribute to the demand for spirits, especially during peak holiday seasons. The local special circumstances of being a tourist destination create a unique market environment, where the demand for spirits is influenced by the preferences of tourists.

Underlying macroeconomic factors: The growth of the Spirits market in Belize is also influenced by underlying macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable income. This has allowed consumers to spend more on discretionary items, including spirits. Additionally, the government's efforts to promote tourism and attract foreign investment have contributed to the overall growth of the economy, creating a favorable environment for the Spirits market. In conclusion, the Spirits market in Belize is witnessing growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. Consumers are seeking premium and craft spirits, flavored spirits, and are embracing mixology. The tourism industry also plays a significant role in driving the market, while the country's economic growth and government initiatives support the overall development of the Spirits market in Belize.

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.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

The term “spirits” refers to an alcoholic beverage that has been distilled, contains no added sugar, and has at least 20 percent alcohol by volume. The term is derived from the medieval practice of alchemy and refers to the essential liquid element obtained from a substance through distillation, the “spirit” of the substance, so to speak. Popular spirits include whiskey, rum, vodka, tequila, and gin, among others.