Soft Drinks - Ivory Coast

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

Customer preferences: Ivory Coast has a young and growing population, with a large proportion of the population under the age of 30. This demographic group is increasingly adopting Western lifestyles and consumer habits, including a preference for soft drinks. Additionally, as disposable incomes rise in the country, consumers have more purchasing power to spend on non-essential items such as soft drinks.

Trends in the market: One of the key trends in the Soft Drinks market in Ivory Coast is the increasing demand for healthier and natural beverages. Consumers are becoming more health-conscious and are seeking out products that are lower in sugar and artificial ingredients. This has led to a rise in the popularity of natural fruit juices and flavored water. Another trend in the market is the growing popularity of carbonated soft drinks. While traditionally, non-carbonated drinks such as fruit juices and bottled water were more popular, carbonated soft drinks are now gaining traction among consumers. This can be attributed to aggressive marketing campaigns by soft drink companies and the increasing availability of carbonated beverages in smaller packaging sizes, making them more affordable and convenient for consumers.

Local special circumstances: One of the unique aspects of the Soft Drinks market in Ivory Coast is the strong presence of local brands. Domestic soft drink companies have been able to compete effectively with international brands by offering products that cater to local tastes and preferences. These local brands often use traditional ingredients and flavors to create beverages that resonate with Ivorian consumers.

Underlying macroeconomic factors: The growth of the Soft Drinks market in Ivory Coast can be attributed to several underlying macroeconomic factors. The country has experienced steady economic growth in recent years, which has led to an increase in disposable incomes and consumer spending. Additionally, the government has implemented policies to promote foreign investment and create a favorable business environment, which has attracted international soft drink companies to the market. These factors, combined with the young and growing population, have created a favorable environment for the growth of the Soft Drinks market in Ivory Coast.

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.