Beer - Jamaica

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

Customer preferences: Jamaican consumers have shown a growing preference for beer as their alcoholic beverage of choice. This can be attributed to several factors, including the cultural significance of beer in Jamaica, the availability of a wide variety of beer brands and flavors, and the increasing popularity of craft beer. Additionally, the younger generation in Jamaica has shown a preference for beer over other alcoholic beverages, further driving the growth of the market.

Trends in the market: One of the key trends in the beer market in Jamaica is the rise of craft beer. Craft breweries have been gaining popularity in recent years, offering consumers a unique and diverse range of flavors and styles. This trend is driven by consumers' desire for more premium and artisanal products, as well as a growing interest in supporting local businesses. Craft breweries in Jamaica have been successful in capturing a niche market segment and are expected to continue growing in the coming years. Another trend in the market is the increasing demand for low-alcohol and non-alcoholic beer. Health-conscious consumers are seeking alternatives to traditional alcoholic beverages, and breweries have responded by introducing a range of low-alcohol and non-alcoholic options. This trend is also influenced by changing social norms and a desire to reduce alcohol consumption.

Local special circumstances: Jamaica's tourism industry plays a significant role in driving the beer market. The country attracts a large number of tourists each year, many of whom are eager to experience the local culture and try Jamaican beer. This creates a demand for local beer brands and provides an opportunity for breweries to expand their customer base. Furthermore, the Jamaican government has implemented policies to promote the growth of the beer industry. This includes providing support and incentives to local breweries, as well as facilitating the export of Jamaican beer to international markets. These initiatives have helped to create a favorable business environment for breweries and have contributed to the overall growth of the market.

Underlying macroeconomic factors: The overall economic growth of Jamaica has had a positive impact on the beer market. As the country's economy continues to expand, consumers have more disposable income to spend on discretionary items such as beer. This has led to an increase in beer consumption and has created opportunities for breweries to expand their operations. Additionally, the changing demographic profile of Jamaica has influenced the beer market. The country has a young and growing population, which has contributed to the increasing demand for beer. Furthermore, the urbanization of Jamaica has led to a shift in consumer preferences, with more individuals living in urban areas opting for beer as their beverage of choice. In conclusion, the Beer market in Jamaica is experiencing growth due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The rise of craft beer, increasing demand for low-alcohol and non-alcoholic options, the influence of the tourism industry, government support, and the overall economic growth of Jamaica are all contributing to 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 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.