Ready-to-Drink (RTD) Coffee & Tea - Belize

The Ready-to-Drink (RTD) Coffee & Tea market in Belize has been experiencing significant growth in recent years.

Customer preferences: Belizean consumers have shown a growing preference for convenient and on-the-go beverage options, which has contributed to the rise in demand for RTD coffee and tea products. The busy lifestyles of urban consumers, coupled with the increasing number of young professionals and students, have created a need for beverages that can be easily consumed while on the move. Additionally, the tropical climate of Belize makes cold beverages like RTD coffee and tea particularly appealing to consumers seeking refreshment.

Trends in the market: One noticeable trend in the RTD Coffee & Tea market in Belize is the increasing popularity of flavored and specialty drinks. Consumers are seeking unique and innovative flavor combinations, such as matcha green tea or caramel macchiato coffee, which provide a more indulgent and premium drinking experience. This trend is driven by the desire for variety and the influence of global beverage trends. Another trend that has emerged in Belize's RTD Coffee & Tea market is the growing demand for healthier options. Consumers are becoming more health-conscious and are actively seeking beverages that are low in sugar and calories, and free from artificial additives. This has led to the introduction of RTD coffee and tea products that are made with natural ingredients and sweetened with alternative sweeteners like stevia.

Local special circumstances: Belize's unique cultural and geographical characteristics have also played a role in the development of the RTD Coffee & Tea market. The country's close proximity to coffee-producing countries in Central and South America has allowed for easy access to high-quality coffee beans, which are often used as the base for RTD coffee products. Additionally, Belize has a rich tea culture influenced by its British colonial history, which has contributed to the popularity of RTD tea beverages.

Underlying macroeconomic factors: The growing tourism industry in Belize has had a positive impact on the RTD Coffee & Tea market. As more tourists visit the country, there is an increased demand for convenient and familiar beverage options, such as RTD coffee and tea. This has led to the expansion of distribution channels and the availability of these products in hotels, restaurants, and convenience stores. Furthermore, the improving economic conditions in Belize have resulted in higher disposable incomes, allowing consumers to spend more on premium and indulgent beverages like RTD coffee and tea. The increasing urbanization and modernization of the country have also contributed to the growth of the RTD Coffee & Tea market, as consumers have greater access to a wider range of products and flavors. In conclusion, the Ready-to-Drink (RTD) Coffee & Tea market in Belize is experiencing growth due to customer preferences for convenient and on-the-go beverages, the popularity of flavored and healthier options, as well as the influence of global and local trends. The country's unique cultural and geographical characteristics, along with the growing tourism industry and improving economic conditions, have also contributed to the development of the market.

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.