Soft Drinks - Guyana

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

Customer preferences: Customers in Guyana have shown a strong preference for soft drinks, making it a popular beverage choice in the country. This preference can be attributed to several factors. Firstly, soft drinks are widely available and easily accessible in Guyana, with a variety of brands and flavors to choose from. Additionally, soft drinks are often seen as a refreshing and enjoyable beverage option, particularly in the hot and humid climate of the country. The convenience and affordability of soft drinks also contribute to their popularity among consumers in Guyana.

Trends in the market: One of the key trends in the soft drinks market in Guyana is the increasing demand for healthier and natural options. This trend is in line with the global shift towards healthier lifestyles and the growing awareness of the negative health effects of consuming sugary beverages. As a result, there has been a rise in the demand for low-sugar and sugar-free soft drinks, as well as beverages made with natural ingredients and flavors. This trend is driven by consumers' desire to make healthier choices and reduce their sugar intake. Another trend in the soft drinks market in Guyana is the growing popularity of carbonated soft drinks. Carbonated soft drinks have long been a favorite among consumers in the country, and their popularity continues to rise. This can be attributed to the wide range of flavors available, as well as the refreshing and fizzy nature of carbonated beverages. The convenience of carbonated soft drinks, which can be easily purchased in cans or bottles, also contributes to their popularity.

Local special circumstances: One of the unique factors that influence the soft drinks market in Guyana is the country's cultural diversity. Guyana is home to a diverse population, with people from various ethnic backgrounds and cultural traditions. This diversity is reflected in the preferences for different types of soft drinks. For example, some ethnic groups in Guyana have a preference for traditional beverages such as mauby or sorrel, which are made from natural ingredients and have unique flavors. This cultural diversity adds variety to the soft drinks market in Guyana and contributes to the overall growth and development of the industry.

Underlying macroeconomic factors: The growth of the soft drinks market in Guyana can also be attributed to underlying macroeconomic factors. The country has experienced steady economic growth in recent years, which has resulted in an increase in disposable income and consumer spending. As a result, consumers in Guyana have more purchasing power and are able to afford soft drinks as a regular part of their daily consumption. Additionally, the tourism industry in Guyana has been growing, attracting both domestic and international visitors. This has created a demand for soft drinks in hotels, restaurants, and other hospitality establishments, further driving the growth of the market. In conclusion, the soft drinks market in Guyana is experiencing significant growth due to customer preferences for convenient and refreshing beverages, the increasing demand for healthier options, the popularity of carbonated soft drinks, the country's cultural diversity, and underlying macroeconomic factors such as economic growth and the development of the tourism industry.

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.