Soft Drinks - Belize

The Soft Drinks market in Belize has experienced significant growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: In Belize, there is a growing demand for healthier beverage options, including low-sugar and natural drinks. Consumers are becoming more health-conscious and are actively seeking alternatives to sugary carbonated drinks. This shift in customer preferences has led to an increased demand for bottled water, fruit juices, and healthier soft drink options.

Trends in the market: One of the key trends in the Soft Drinks market in Belize is the rise of functional beverages. Functional beverages are drinks that offer additional health benefits beyond basic hydration. These include energy drinks, sports drinks, and drinks fortified with vitamins and minerals. The popularity of functional beverages can be attributed to the increasing focus on health and wellness among consumers. Another trend in the market is the growing popularity of local and artisanal soft drinks. Belize has a rich cultural heritage, and consumers are increasingly interested in supporting local producers and consuming products that reflect their cultural identity. This has created opportunities for small-scale soft drink producers to enter the market and offer unique and authentic beverage options.

Local special circumstances: One of the unique factors influencing the Soft Drinks market in Belize is the country's climate. With its tropical climate, Belize experiences high temperatures year-round, making soft drinks a popular choice for hydration and refreshment. The hot weather creates a constant demand for cold beverages, driving the sales of soft drinks in the country. Additionally, Belize is a popular tourist destination, attracting visitors from around the world. This has contributed to the growth of the Soft Drinks market, as tourists often seek out local and exotic beverages during their stay. Soft drink manufacturers and distributors have capitalized on this demand by offering a wide range of flavors and options to cater to the diverse preferences of tourists.

Underlying macroeconomic factors: The economic growth and stability in Belize have also played a role in the development of the Soft Drinks market. As the country's economy has improved, consumers have more disposable income to spend on non-essential items, including soft drinks. This has led to an increase in demand for soft drinks and the expansion of the market. Furthermore, the government of Belize has implemented policies to encourage investment and support local businesses. This has created a favorable business environment for soft drink manufacturers and has attracted foreign investors to the market. The combination of economic growth and supportive government policies has contributed to the overall development and expansion of the Soft Drinks market in Belize.

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.