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Key regions: United States, Singapore, Philippines, India, United Kingdom
The Soft Drinks market in Benin has been experiencing significant growth in recent years. Customer preferences have shifted towards healthier beverage options, driving the demand for natural and low-sugar soft drinks. This trend is in line with the global market, where consumers are becoming more health-conscious and seeking alternatives to traditional sugary drinks.
Customer preferences: In Benin, consumers are increasingly opting for soft drinks that are made with natural ingredients and have lower sugar content. This is driven by a growing awareness of the negative health effects of consuming high amounts of sugar. As a result, there has been a rise in the demand for fruit juices, flavored water, and other non-carbonated beverages. Consumers are also looking for products that are free from artificial flavors, colors, and preservatives.
Trends in the market: The trend towards healthier soft drinks is being reflected in the product offerings of both domestic and international soft drink companies operating in Benin. Many companies are introducing new products that cater to the changing preferences of consumers. For example, there has been an increase in the availability of natural fruit juices and flavored water in the market. Additionally, companies are investing in marketing campaigns that promote the health benefits of their products, such as the use of natural ingredients and reduced sugar content.
Local special circumstances: Benin has a young and growing population, which presents a significant opportunity for soft drink companies. The youth in Benin are increasingly becoming a target market for soft drinks, as they are more likely to be open to trying new products and are influenced by global trends. Additionally, the urbanization and modernization of the country have led to an increase in disposable income, allowing consumers to spend more on beverages.
Underlying macroeconomic factors: The economic growth and stability in Benin have contributed to the development of the soft drinks market. As the country's economy continues to grow, consumers have more purchasing power, which translates into increased demand for soft drinks. Furthermore, the government's efforts to improve infrastructure and promote investment have attracted foreign companies to enter the market, leading to a wider variety of soft drink options for consumers. In conclusion, the Soft Drinks market in Benin is experiencing growth due to changing customer preferences towards healthier options, such as natural and low-sugar beverages. This trend is in line with the global market, where consumers are becoming more health-conscious. The young and growing population, along with the economic growth and stability in the country, are contributing to the development of the market. Soft drink companies are responding to these trends by introducing new products and marketing campaigns that promote the health benefits of their offerings.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)