Soft Drinks - Panama

The Soft Drinks market in Panama has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances. Customer preferences in Panama have shifted towards healthier options, with a growing demand for low-sugar and natural beverages. This trend is in line with global consumer preferences, as people become more health-conscious and seek out products that align with their wellness goals. As a result, there has been a rise in the consumption of bottled water, flavored water, and natural fruit juices in Panama. Trends in the market also reflect the global shift towards sustainability and environmental consciousness. Consumers in Panama are increasingly choosing brands that prioritize eco-friendly packaging and production processes. This has led to a rise in the popularity of products packaged in recyclable materials, such as aluminum cans and PET bottles. Additionally, there is a growing demand for organic and locally sourced ingredients, as consumers become more aware of the environmental impact of food and beverage production. Local special circumstances in Panama have also contributed to the development of the Soft Drinks market. The country's tropical climate and high temperatures make soft drinks and other refreshing beverages a popular choice among consumers. The convenience and accessibility of these products, particularly in urban areas, have further fueled their demand. Additionally, Panama's growing tourism industry has led to an increase in the consumption of soft drinks, as visitors often seek out familiar and refreshing beverages during their stay. Underlying macroeconomic factors have also played a role in the growth of the Soft Drinks market in Panama. The country's stable economic conditions and rising disposable incomes have allowed consumers to spend more on non-essential items, such as soft drinks. Furthermore, the expansion of modern retail channels, such as supermarkets and convenience stores, has made soft drinks more readily available to a larger consumer base. In conclusion, the Soft Drinks market in Panama is experiencing growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The shift towards healthier options, sustainability, and convenience, combined with the country's tropical climate and rising disposable incomes, have created a favorable environment for the development of the market.

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.