Non-Alcoholic Drinks - Cyprus

The Non-Alcoholic Drinks market in Cyprus has been experiencing steady growth in recent years. Customer preferences have shifted towards healthier beverage options, driving the demand for non-alcoholic drinks. Additionally, local special circumstances and underlying macroeconomic factors have contributed to the development of the market.

Customer preferences: In Cyprus, there has been a growing trend towards healthier lifestyles and conscious consumption. Consumers are increasingly seeking non-alcoholic beverages that are low in sugar, natural, and free from artificial additives. This shift in customer preferences has led to an increased demand for non-alcoholic drinks such as herbal teas, fruit-infused waters, and functional beverages. As a result, companies in the market have been focusing on developing innovative and healthier drink options to cater to these changing preferences.

Trends in the market: One of the key trends in the Non-Alcoholic Drinks market in Cyprus is the rising popularity of functional beverages. These drinks are formulated with added vitamins, minerals, and other beneficial ingredients that offer health benefits beyond hydration. Functional beverages such as energy drinks, sports drinks, and probiotic drinks have gained significant traction among consumers in Cyprus. This trend can be attributed to the increasing awareness about the importance of overall well-being and the desire to incorporate functional ingredients into daily routines. Another trend in the market is the growing demand for natural and organic non-alcoholic drinks. Consumers are becoming more conscious about the ingredients used in their beverages and are seeking products that are made from natural and organic sources. This trend aligns with the global movement towards sustainability and clean label products. As a result, companies in Cyprus are focusing on sourcing natural ingredients and using eco-friendly packaging to meet the demands of environmentally-conscious consumers.

Local special circumstances: Cyprus is known for its warm climate and tourism industry, which plays a significant role in shaping the Non-Alcoholic Drinks market. The country attracts a large number of tourists every year, and the demand for refreshing and thirst-quenching beverages is high. This has led to the availability of a wide range of non-alcoholic drink options in Cyprus, including local fruit juices, traditional herbal teas, and exotic fruit-infused waters. The local special circumstances of tourism have created a favorable market environment for non-alcoholic drinks.

Underlying macroeconomic factors: The Non-Alcoholic Drinks market in Cyprus is influenced by various macroeconomic factors. The country has been experiencing steady economic growth, which has resulted in increased disposable income and higher consumer spending. As a result, consumers are more willing to invest in premium and healthier non-alcoholic drink options. Additionally, the government's efforts to promote healthy living and reduce sugar consumption have also contributed to the growth of the market. These factors, coupled with the rising health consciousness among consumers, have created a favorable environment for the Non-Alcoholic Drinks market in Cyprus. In conclusion, the Non-Alcoholic Drinks market in Cyprus is developing due to shifting customer preferences towards healthier options, the rise of functional beverages, the demand for natural and organic products, local special circumstances such as tourism, and underlying macroeconomic factors such as economic growth and government initiatives.

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.