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

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

Customer preferences: Consumers in Cyprus have shown a growing preference for convenience and on-the-go products, which has contributed to the rising popularity of RTD coffee and tea. The fast-paced lifestyle of modern consumers has led to an increased demand for ready-to-consume beverages that can be easily consumed while commuting or during breaks at work. Additionally, the younger generation in Cyprus has shown a particular affinity for trendy and innovative beverages, and RTD coffee and tea products have successfully captured their attention.

Trends in the market: One of the key trends in the RTD coffee and tea market in Cyprus is the increasing demand for healthier and natural options. Consumers are becoming more health-conscious and are actively seeking products that are low in sugar, free from artificial additives, and made from natural ingredients. As a result, manufacturers are focusing on developing RTD coffee and tea products that cater to these preferences, such as those made with organic ingredients or sweetened with natural sweeteners. Another trend in the market is the growing popularity of flavored RTD coffee and tea. Cyprus has a diverse and multicultural population, and this has influenced the demand for a wide variety of flavors in RTD beverages. Manufacturers are introducing new and unique flavors to cater to this demand, including exotic fruit flavors, floral infusions, and traditional Cypriot flavors. This trend has not only attracted local consumers but also tourists visiting the country.

Local special circumstances: Cyprus is known for its warm climate, and this has played a significant role in the popularity of RTD coffee and tea. The refreshing and cooling nature of these beverages makes them a popular choice among consumers, especially during the hot summer months. RTD coffee and tea products are often consumed as a refreshing alternative to hot beverages, such as traditional coffee or tea.

Underlying macroeconomic factors: The economic stability and increasing disposable income in Cyprus have also contributed to the growth of the RTD coffee and tea market. As consumers have more purchasing power, they are willing to spend on premium and convenient products like RTD beverages. Additionally, the tourism industry in Cyprus has been thriving, attracting a large number of international visitors. This has created a significant market for RTD coffee and tea, as tourists often seek out local and unique beverages to try during their stay. In conclusion, the Ready-to-Drink (RTD) Coffee & Tea market in Cyprus has been driven by customer preferences for convenience, health-consciousness, and flavor variety. The local special circumstances, such as the warm climate, have also played a role in the popularity of these beverages. The underlying macroeconomic factors, including economic stability and tourism, have further fueled the growth 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.