Ready-to-Drink (RTD) Coffee & Tea - Puerto Rico

The Ready-to-Drink (RTD) Coffee & Tea market in Puerto Rico has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development. Customer preferences in Puerto Rico have shifted towards convenience and on-the-go consumption. With the busy lifestyles of many Puerto Ricans, there is a growing demand for ready-to-drink beverages that can be easily consumed while commuting or during breaks. RTD Coffee & Tea products offer a convenient solution for those looking for a quick energy boost or a refreshing beverage. Trends in the market also play a role in the growth of the RTD Coffee & Tea market in Puerto Rico. The increasing popularity of coffee shops and cafes has led to a greater exposure to different coffee and tea flavors. This has sparked interest in trying new and unique flavors, which is driving the demand for RTD Coffee & Tea products. Additionally, the rise of health-conscious consumers has led to an increased demand for healthier beverage options. RTD Coffee & Tea products that are low in sugar and made with natural ingredients are particularly appealing to this segment of the market. Local special circumstances in Puerto Rico have also contributed to the growth of the RTD Coffee & Tea market. The tropical climate in Puerto Rico makes cold beverages more appealing, especially during hot and humid days. RTD Coffee & Tea products offer a refreshing alternative to hot coffee or tea, making them a popular choice among consumers. Furthermore, the strong cultural influence of coffee in Puerto Rico has created a market that is receptive to coffee-based beverages. Puerto Ricans have a deep appreciation for coffee and are willing to try different coffee flavors and preparations. Underlying macroeconomic factors have also played a role in the growth of the RTD Coffee & Tea market in Puerto Rico. The improving economic conditions in the country have resulted in increased disposable income, allowing consumers to spend more on discretionary items such as RTD Coffee & Tea products. Additionally, the growth of the tourism industry in Puerto Rico has attracted a diverse range of visitors who are interested in experiencing the local culture, including the coffee and tea traditions. This has created a larger customer base for RTD Coffee & Tea products. In conclusion, the Ready-to-Drink (RTD) Coffee & Tea market in Puerto Rico is developing due to customer preferences for convenience and on-the-go consumption, trends in the market such as the popularity of coffee shops and cafes, local special circumstances such as the tropical climate and cultural appreciation for coffee, and underlying macroeconomic factors including improving economic conditions and growth in the tourism industry. These factors have contributed to the growth and success of the RTD Coffee & Tea market in Puerto Rico.

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.