Ready-to-Drink (RTD) Coffee - Belize

The Ready-to-Drink (RTD) Coffee market in Belize has been experiencing significant growth in recent years. Customer preferences for convenient and on-the-go beverages have contributed to the increasing demand for RTD coffee products in the country.

Customer preferences: Belizean consumers are increasingly seeking convenience in their beverage choices, which has led to a rise in the popularity of RTD coffee products. The busy lifestyles of consumers, especially in urban areas, have created a need for beverages that can be consumed quickly and easily. RTD coffee provides a convenient solution for those who are looking for a caffeine boost on the go.

Trends in the market: One of the key trends in the RTD coffee market in Belize is the growing demand for innovative and unique flavors. Consumers are becoming more adventurous in their taste preferences and are seeking out new and exciting flavor combinations. This trend has led to the introduction of a wide variety of RTD coffee flavors in the market, catering to different consumer preferences. Additionally, there is a growing trend towards healthier options, with an increasing number of RTD coffee products being marketed as low calorie or sugar-free.

Local special circumstances: Belize has a tropical climate, which makes it an ideal market for cold beverages like RTD coffee. The hot and humid weather encourages consumers to reach for refreshing drinks, and RTD coffee provides a convenient and enjoyable option. Additionally, the tourism industry in Belize is a significant driver of the RTD coffee market. The country attracts a large number of international tourists who are familiar with and enjoy RTD coffee products, leading to increased demand.

Underlying macroeconomic factors: The growing middle class in Belize has contributed to the development of the RTD coffee market. As disposable incomes increase, consumers have more purchasing power to spend on convenience products like RTD coffee. Additionally, the expanding urban population in Belize has created a larger consumer base for RTD coffee products. The increasing number of cafes and convenience stores in urban areas has also made RTD coffee more easily accessible to consumers. In conclusion, the Ready-to-Drink (RTD) Coffee market in Belize is experiencing growth due to customer preferences for convenience, the introduction of innovative flavors, and the country's tropical climate. The expanding middle class and urban population, as well as the influence of the tourism industry, are also contributing factors to the market's development. As these trends and circumstances continue, it is expected that the RTD coffee market in Belize will continue to grow in the coming years.

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.