Soft Drinks - Cyprus

The Soft Drinks market in Cyprus has been experiencing significant growth in recent years.

Customer preferences: One of the key factors driving the growth of the Soft Drinks market in Cyprus is the changing preferences of consumers. With an increasing focus on health and wellness, there has been a shift towards healthier beverage options. Consumers are now more conscious about their sugar intake and are opting for low-calorie or sugar-free soft drinks. This has led to a rise in demand for diet and zero-sugar variants of soft drinks. Additionally, there is a growing trend of consumers seeking natural and organic beverages, which has further contributed to the growth of the market.

Trends in the market: The Soft Drinks market in Cyprus has witnessed a surge in the demand for energy drinks. These beverages are popular among young adults and athletes who are looking for an energy boost. The market has also seen an increase in the consumption of flavored water and functional beverages, such as those infused with vitamins and minerals. These products are perceived as healthier alternatives to traditional soft drinks and have gained popularity among health-conscious consumers.

Local special circumstances: Cyprus is a popular tourist destination, attracting millions of visitors each year. The tourism industry plays a significant role in driving the demand for soft drinks in the country. Tourists, especially during the summer months, seek refreshing beverages to quench their thirst and beat the heat. As a result, there is a higher demand for soft drinks, including carbonated drinks, bottled water, and fruit juices, during the peak tourist season.

Underlying macroeconomic factors: The improving economic conditions in Cyprus have also contributed to the growth of the Soft Drinks market. As the economy continues to recover from the financial crisis, consumers have more disposable income to spend on non-essential items, such as soft drinks. This has led to an increase in overall consumption and a willingness to try new and innovative products in the market. In conclusion, the Soft Drinks market in Cyprus is experiencing growth due to changing customer preferences towards healthier options, such as low-calorie and sugar-free drinks. The market has also witnessed an increase in the consumption of energy drinks, flavored water, and functional beverages. The tourism industry and the improving economic conditions in the country have further fueled the demand for soft drinks.

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.