Ready-to-Drink (RTD) Coffee - Cyprus

The Ready-to-Drink (RTD) Coffee market in Cyprus has been experiencing significant growth in recent years. Customer preferences for convenient and on-the-go beverages, coupled with the increasing popularity of coffee consumption, have contributed to the rise of this market.

Customer preferences: In Cyprus, consumers have shown a strong preference for convenience when it comes to their beverage choices. The fast-paced lifestyle and busy work schedules have led to an increased demand for ready-to-drink options, including coffee. RTD coffee offers a convenient solution for those who are constantly on the move and do not have the time or resources to brew their own coffee.

Trends in the market: The RTD coffee market in Cyprus has witnessed a surge in demand due to the growing popularity of coffee consumption among the younger generation. Coffee has become a trendy and fashionable beverage choice, with many young consumers opting for RTD coffee as a convenient and refreshing alternative to traditional hot coffee. This trend has been further fueled by the introduction of innovative flavors and packaging formats by market players, catering to the evolving tastes and preferences of consumers.

Local special circumstances: Cyprus is a popular tourist destination, attracting visitors from all over the world. The tourism industry plays a significant role in driving the demand for RTD coffee in the country. Tourists, especially those from countries with a strong coffee culture, seek familiar and convenient options when it comes to their beverage choices. The availability of RTD coffee in various flavors and formats caters to the diverse preferences of tourists, contributing to the growth of the market.

Underlying macroeconomic factors: The growing economy of Cyprus has also played a role in the development of the RTD coffee market. As disposable incomes rise, consumers are more willing to spend on premium and convenient products. The affordability and accessibility of RTD coffee have made it an attractive choice for consumers of all income levels. Furthermore, the increasing number of cafes and coffee shops in the country has helped to popularize coffee consumption and create a demand for RTD coffee as well. In conclusion, the Ready-to-Drink (RTD) Coffee market in Cyprus is experiencing significant growth due to customer preferences for convenience, the popularity of coffee consumption, the influence of the tourism industry, and the country's growing economy. The market is expected to continue expanding as more consumers seek convenient and refreshing beverage options.

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.