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Key regions: United States, United Kingdom, Worldwide, United Kingdom, Australia
The Spirits market in Costa Rica has been experiencing steady growth in recent years, driven by changing customer preferences and local special circumstances.
Customer preferences: Costa Rican consumers have shown a growing interest in premium and craft spirits, as they seek higher quality and more unique products. This shift in preferences can be attributed to a combination of factors, including increased disposable income, exposure to international trends, and a desire for more sophisticated drinking experiences. Additionally, there is a growing demand for healthier and more natural options, leading to an increase in the consumption of organic and artisanal spirits.
Trends in the market: One of the key trends in the Costa Rican spirits market is the rise of local distilleries and craft brands. These smaller producers are gaining popularity among consumers who value authenticity and support local businesses. Furthermore, there is a growing interest in traditional Costa Rican spirits, such as guaro, which is made from sugarcane and has a long history in the country. This trend reflects a desire to preserve and celebrate the local culture and heritage. Another trend in the market is the increasing popularity of cocktail culture. Costa Ricans are becoming more adventurous in their drinking habits and are willing to try new and creative cocktails. This trend has led to a growing demand for a wide range of spirits, including vodka, rum, and tequila, as well as mixers and ingredients to create unique and flavorful cocktails.
Local special circumstances: Costa Rica is known for its tourism industry, attracting millions of visitors each year. This influx of international tourists has had a significant impact on the spirits market, as it has introduced new tastes and preferences to the local population. Tourists often seek out local spirits and traditional drinks, leading to an increased demand for these products. Additionally, the tourism industry has created a thriving hospitality sector, with hotels, bars, and restaurants offering a wide selection of spirits to cater to both locals and tourists.
Underlying macroeconomic factors: Costa Rica has experienced steady economic growth in recent years, which has contributed to an increase in disposable income and consumer spending. This economic stability has allowed consumers to indulge in higher-end spirits and explore new products. Additionally, the country has a relatively young population, which is more open to trying new and innovative spirits. As a result, both domestic and international spirits companies have recognized the potential of the Costa Rican market and have been investing in marketing and distribution to capitalize on the growing demand.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)