Bottled Water - Guyana

The Bottled Water market in Guyana has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development. Customer preferences in the Bottled Water market in Guyana have shifted towards healthier beverage options. As consumers become more health-conscious, they are increasingly choosing bottled water over sugary drinks. This preference for healthier options is a global trend, driven by concerns about obesity and the negative health effects of consuming too much sugar. In Guyana, this trend is further fueled by the country's tropical climate, which makes bottled water a refreshing and hydrating choice for consumers. Trends in the market also play a role in the growth of the Bottled Water market in Guyana. One notable trend is the increasing popularity of flavored and functional waters. Flavored waters, such as those infused with fruit flavors or natural extracts, offer consumers a more interesting and flavorful alternative to plain water. Functional waters, on the other hand, are enhanced with vitamins, minerals, or other additives that claim to provide specific health benefits. These trends reflect a growing demand for variety and added value in the Bottled Water market. Local special circumstances in Guyana have also contributed to the growth of the Bottled Water market. The country's limited access to clean and safe drinking water has created a strong demand for bottled water as a reliable and convenient source of hydration. Additionally, Guyana's tourism industry has been growing steadily, attracting visitors from around the world who often prefer to drink bottled water due to concerns about water quality in unfamiliar environments. Underlying macroeconomic factors have also played a role in the development of the Bottled Water market in Guyana. The country's improving economy has led to an increase in disposable income, allowing consumers to spend more on premium bottled water brands. Additionally, urbanization and changing lifestyles have led to a shift in consumer behavior, with more people opting for on-the-go and convenience-oriented products like bottled water. In conclusion, the Bottled Water market in Guyana has experienced significant growth due to customer preferences for healthier beverages, trends in the market such as flavored and functional waters, local special circumstances like limited access to clean drinking water and a growing tourism industry, and underlying macroeconomic factors such as an improving economy and changing consumer behavior. These factors have all contributed to the development and expansion of the Bottled Water market in Guyana.

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.