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

The Ready-to-Drink (RTD) Coffee & Tea market in Caribbean has been experiencing significant growth in recent years. Customer preferences for convenient and on-the-go beverage options have driven the demand for RTD coffee and tea products in the region.

Customer preferences: Caribbean consumers have increasingly adopted a fast-paced lifestyle, which has led to a growing demand for convenient and ready-to-consume beverages. RTD coffee and tea products provide a convenient solution for those seeking a quick caffeine fix or a refreshing drink on the go. Additionally, the popularity of coffee and tea culture has been on the rise in the Caribbean, with consumers seeking new and innovative flavors and combinations.

Trends in the market: One of the key trends in the RTD coffee and tea market in the Caribbean is the emergence of local and artisanal brands. These brands offer unique flavors and blends that cater to the specific tastes of Caribbean consumers. The use of locally sourced ingredients and traditional brewing methods adds an element of authenticity and appeals to consumers looking for a more personalized and locally produced beverage experience. Another trend in the market is the increasing popularity of healthier and functional RTD coffee and tea products. Caribbean consumers are becoming more health-conscious and are actively seeking out products that offer additional health benefits, such as low sugar or natural ingredients. This has led to the introduction of products that incorporate superfoods and herbal ingredients, which are believed to have various health benefits.

Local special circumstances: The Caribbean region is known for its vibrant and diverse culinary traditions, and this is reflected in the RTD coffee and tea market. Local flavors and ingredients, such as coconut, rum, and spices, are often incorporated into the products, giving them a unique Caribbean twist. This localization of flavors and ingredients helps to differentiate the products in the market and appeals to consumers who are looking for a taste of the Caribbean in their beverages.

Underlying macroeconomic factors: The growing tourism industry in the Caribbean has played a significant role in driving the growth of the RTD coffee and tea market. As more tourists visit the region, there is an increased demand for convenient and familiar beverage options. The presence of international coffee and tea chains in popular tourist destinations also contributes to the growth of the market. Furthermore, the rising disposable incomes in the Caribbean have allowed consumers to spend more on premium and indulgent products, including RTD coffee and tea. As consumers become more willing to pay a premium for quality and convenience, it creates opportunities for both local and international brands to expand their product offerings and cater to different segments of the market. In conclusion, the Ready-to-Drink (RTD) Coffee & Tea market in Caribbean is experiencing growth due to customer preferences for convenient and on-the-go beverage options, the emergence of local and artisanal brands, the popularity of healthier and functional products, the incorporation of local flavors and ingredients, and the underlying macroeconomic factors such as the growing tourism industry and rising disposable incomes.

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.