Beer - Guyana

The Beer market in Guyana has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: In Guyana, customers have shown a growing preference for beer as their alcoholic beverage of choice. This can be attributed to the refreshing and sociable nature of beer, which makes it a popular option for social gatherings and events. Additionally, the wide variety of beer flavors and styles available in the market caters to different consumer tastes and preferences.

Trends in the market: One of the key trends in the beer market in Guyana is the increasing demand for craft beer. Craft beer, which is produced by small, independent breweries, has gained popularity among consumers who appreciate its unique flavors and high-quality ingredients. This trend reflects a global shift towards artisanal and locally-produced products, as consumers seek out more authentic and distinctive experiences. Another trend in the market is the growing interest in low-alcohol and non-alcoholic beers. Health-conscious consumers are increasingly looking for alternatives to traditional alcoholic beverages, and beer manufacturers have responded by introducing a range of low-alcohol and non-alcoholic options. These products offer the same taste and experience as regular beer, but with lower alcohol content or no alcohol at all.

Local special circumstances: Guyana's beer market is also influenced by local special circumstances. One such circumstance is the country's diverse cultural heritage, which has contributed to a rich beer-drinking tradition. Guyana has a mix of ethnic groups, including Afro-Guyanese, Indo-Guyanese, and Amerindians, each with their own cultural practices and preferences. This diversity has led to a wide range of beer styles and flavors being available in the market, catering to different cultural tastes. Another special circumstance is Guyana's tropical climate. The hot and humid weather in the country makes beer a popular choice for refreshment and hydration. Beer's lower alcohol content and carbonation make it a more suitable option for quenching thirst compared to stronger spirits or cocktails.

Underlying macroeconomic factors: The growth of the beer market in Guyana can also be attributed to underlying macroeconomic factors. The country has experienced a period of sustained economic growth, which has led to an increase in disposable incomes and consumer spending power. As a result, consumers are able to afford more discretionary purchases, including beer. Furthermore, the tourism industry in Guyana has been growing steadily, attracting both domestic and international visitors. The presence of tourists in the country has created additional demand for beer, as visitors often seek out local beverages and experiences. This has provided an opportunity for beer manufacturers to expand their market and cater to a wider customer base. In conclusion, the Beer market in Guyana is developing due to changing customer preferences, emerging trends such as craft beer and low-alcohol options, local special circumstances including the country's cultural diversity and tropical climate, and underlying macroeconomic factors such as economic growth and tourism. These factors have contributed to the growth and diversification of the beer market in Guyana, providing opportunities for both local and international beer manufacturers.

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 alcoholic beverages, 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 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.