Soft Drinks - Jamaica

The Soft Drinks market in Jamaica has experienced steady growth in recent years, driven by changing consumer preferences and local special circumstances.

Customer preferences: Jamaican consumers have shown a growing preference for healthier beverage options, leading to an increased demand for low-sugar and natural soft drinks. This shift in consumer preferences can be attributed to a global trend towards healthier lifestyles and a greater awareness of the negative health effects of sugary drinks. As a result, soft drink companies in Jamaica have been introducing new products that cater to these preferences, such as fruit-infused sparkling water and natural fruit juices.

Trends in the market: One of the key trends in the Soft Drinks market in Jamaica is the rise in demand for locally produced beverages. Jamaican consumers take pride in supporting local businesses and are increasingly seeking out soft drinks that are made with locally sourced ingredients. This trend has led to the emergence of several local soft drink brands that offer unique flavors and ingredients, such as sorrel and ginger. Another trend in the market is the growing popularity of functional soft drinks. Jamaican consumers are increasingly looking for soft drinks that offer additional health benefits, such as energy-boosting or immune-boosting properties. This has led to the introduction of soft drinks that contain natural ingredients like ginseng, turmeric, and aloe vera.

Local special circumstances: Jamaica's warm climate and vibrant tourism industry have contributed to the growth of the Soft Drinks market. The country's tropical climate makes soft drinks a popular choice among locals and tourists alike, providing a constant demand for refreshing beverages. Additionally, the tourism industry in Jamaica attracts a large number of international visitors who are eager to try local soft drinks and experience the unique flavors of the country.

Underlying macroeconomic factors: Jamaica's growing economy and rising disposable incomes have also played a role in the development of the Soft Drinks market. As the country's economy continues to improve, consumers have more purchasing power to spend on non-essential items like soft drinks. This has created a favorable market environment for soft drink companies, who are able to target a larger consumer base and invest in product innovation and marketing. In conclusion, the Soft Drinks market in Jamaica is experiencing growth due to changing consumer preferences, local special circumstances, and underlying macroeconomic factors. The demand for healthier and locally produced soft drinks, as well as functional beverages, is driving innovation in the market. With Jamaica's warm climate and growing economy, the Soft Drinks market is expected to continue to expand in the coming years.

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.