Bottled Water - Caribbean

The Bottled Water market in Caribbean has been experiencing steady growth over the past few years. Customer preferences in the Caribbean region have shifted towards healthier beverage options, leading to an increased demand for bottled water. With rising concerns about the quality and safety of tap water, consumers are opting for bottled water as a safer alternative. Additionally, the convenience and portability of bottled water make it a popular choice among consumers on the go. Trends in the market indicate a growing preference for premium and flavored bottled water in the Caribbean. Consumers are willing to pay a premium for bottled water that offers unique flavors and enhanced hydration benefits. This trend can be attributed to the increasing health consciousness among consumers and their desire for more variety in their beverage choices. Local special circumstances in the Caribbean, such as the hot and humid climate, also contribute to the growth of the bottled water market. The need for proper hydration in such weather conditions makes bottled water a necessity for many residents and tourists in the region. Additionally, the tourism industry plays a significant role in driving the demand for bottled water, as visitors often prefer to consume bottled water rather than tap water while on vacation. Underlying macroeconomic factors, such as population growth and urbanization, also contribute to the development of the bottled water market in the Caribbean. As the population continues to grow and more people move to urban areas, the demand for bottled water increases. Moreover, rising disposable incomes in the region have made bottled water more affordable for a larger segment of the population, further fueling market growth. In conclusion, the Bottled Water market in Caribbean is growing due to customer preferences for healthier beverage options, the trend towards premium and flavored bottled water, local special circumstances such as the climate and tourism industry, and underlying macroeconomic factors like population growth and urbanization.

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 Non-Alcoholic Drinks, 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 Non-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. The market is updated twice a year.