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

The Ready-to-Drink (RTD) Coffee & Tea market in Guyana is experiencing steady growth due to changing customer preferences and increasing demand for convenience.

Customer preferences: In recent years, there has been a shift in consumer preferences towards healthier beverage options, and ready-to-drink coffee and tea have gained popularity as a result. People are increasingly looking for convenient and on-the-go options that provide a quick energy boost or a refreshing drink. The RTD Coffee & Tea market in Guyana is capitalizing on this trend by offering a wide variety of flavors and formulations to cater to different consumer preferences.

Trends in the market: One of the key trends in the RTD Coffee & Tea market in Guyana is the growing demand for natural and organic products. Consumers are becoming more conscious about the ingredients used in their beverages and are seeking products that are free from artificial flavors, preservatives, and sweeteners. This has led to an increase in the availability of organic and natural RTD coffee and tea options in the market. Another trend in the market is the rise of functional beverages. Consumers are looking for drinks that not only provide refreshment but also offer additional health benefits. As a result, RTD coffee and tea products infused with vitamins, antioxidants, and other functional ingredients are gaining popularity. These functional beverages are marketed as a healthier alternative to traditional soft drinks and are attracting health-conscious consumers.

Local special circumstances: Guyana has a rich coffee and tea culture, with a significant portion of the population consuming these beverages on a regular basis. This cultural affinity towards coffee and tea has played a role in driving the growth of the RTD Coffee & Tea market in the country. Additionally, the tropical climate in Guyana makes cold beverages like RTD coffee and tea particularly appealing, especially during hot and humid weather.

Underlying macroeconomic factors: The growing middle-class population in Guyana is a key driver of the RTD Coffee & Tea market. As disposable incomes rise, consumers have more purchasing power and are willing to spend on convenient and premium beverage options. The expanding urban population and changing lifestyles also contribute to the increasing demand for ready-to-drink beverages. In conclusion, the RTD Coffee & Tea market in Guyana is growing due to changing customer preferences, including a shift towards healthier options and the demand for convenience. The market is also influenced by local cultural preferences and the tropical climate. The growing middle-class population and changing lifestyles in Guyana are underlying macroeconomic factors that are driving 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.