Soft Drinks - Slovakia

The Soft Drinks market in Slovakia has seen significant growth in recent years, driven by changing customer preferences and a range of local special circumstances.

Customer preferences: Slovakian consumers have shown a growing preference for healthier beverage options, including low-sugar and natural drinks. This shift in consumer behavior is driven by increasing health consciousness and a desire for more sustainable products. As a result, there has been a rise in demand for bottled water, flavored water, and natural fruit juices. Additionally, consumers are increasingly seeking out functional beverages that offer added health benefits, such as energy drinks and sports drinks.

Trends in the market: One notable trend in the Soft Drinks market in Slovakia is the growing popularity of craft and artisanal beverages. Consumers are increasingly looking for unique and locally-produced drinks, which has led to the emergence of small-scale producers offering niche products. This trend is driven by a desire for authenticity and a more personalized experience. Craft sodas, herbal infusions, and specialty teas are examples of the types of beverages that have gained traction in the market. Another trend in the market is the rise of convenience and on-the-go consumption. Busy lifestyles and the increasing number of people eating and drinking outside of the home have contributed to the demand for portable and ready-to-drink options. This has led to an increase in sales of canned and bottled soft drinks, as well as the introduction of innovative packaging formats, such as single-serve pouches and resealable bottles.

Local special circumstances: Slovakia has a strong tradition of mineral water consumption, with a number of natural springs and mineral-rich sources throughout the country. This has led to a high demand for mineral water and sparkling beverages, which are considered to have health benefits. The local special circumstances of abundant natural resources and a cultural preference for mineral water have contributed to the growth of this segment in the Soft Drinks market.

Underlying macroeconomic factors: Slovakia has experienced steady economic growth in recent years, which has led to an increase in disposable income and consumer spending. This has had a positive impact on the Soft Drinks market, as consumers have more purchasing power to spend on beverages. Additionally, the country's membership in the European Union has facilitated trade and investment, allowing for a wider variety of soft drink products to be available in the market. In conclusion, the Soft Drinks market in Slovakia is developing in response to changing consumer preferences, including a shift towards healthier and more sustainable options. The market is also influenced by local special circumstances, such as a preference for mineral water and the emergence of craft beverages. Economic growth and increased consumer spending have further contributed to the expansion 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.