Bottled Water - Cyprus

The Bottled Water market in Cyprus has been experiencing significant growth in recent years.

Customer preferences: One of the main reasons for the growth in the Bottled Water market in Cyprus is the increasing health consciousness among consumers. People are becoming more aware of the importance of staying hydrated and are choosing bottled water as a healthier alternative to sugary drinks. Additionally, the convenience of bottled water, especially for on-the-go consumption, is also driving its popularity.

Trends in the market: One of the key trends in the Bottled Water market in Cyprus is the rising demand for premium and flavored bottled water. Consumers are willing to pay a premium for bottled water that offers additional benefits such as enhanced flavors or added minerals. This trend is driven by the desire for a more enjoyable drinking experience and the perception that premium and flavored bottled water is of higher quality. Another trend in the market is the increasing focus on sustainability. Consumers are becoming more conscious of the environmental impact of plastic bottles and are seeking alternatives. As a result, there is a growing demand for bottled water in eco-friendly packaging, such as biodegradable or recyclable materials. This trend is also influenced by government initiatives and regulations aimed at reducing plastic waste.

Local special circumstances: Cyprus is a popular tourist destination, attracting millions of visitors each year. This has a significant impact on the Bottled Water market, as tourists often prefer to consume bottled water due to concerns about the safety and quality of tap water in a foreign country. The tourism industry plays a crucial role in driving the demand for bottled water in Cyprus.

Underlying macroeconomic factors: The economic stability and increasing disposable income in Cyprus have also contributed to the growth of the Bottled Water market. As people have more purchasing power, they are more willing to spend on premium products such as bottled water. Additionally, the growing middle class in the country has resulted in a larger consumer base for bottled water. In conclusion, the Bottled Water market in Cyprus is experiencing growth due to the increasing health consciousness among consumers, the demand for premium and flavored bottled water, the focus on sustainability, the influence of the tourism industry, and the economic stability in the country. These factors have created a favorable environment for the growth and development of the Bottled Water market in Cyprus.

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.