Hard Seltzer - Colombia

The Hard Seltzer market in Colombia is experiencing significant growth and development.

Customer preferences: Colombian consumers are increasingly seeking healthier and low-calorie beverage options. The rising health consciousness among consumers is driving the demand for beverages that are perceived as healthier alternatives to traditional alcoholic drinks. Hard Seltzers, with their low calorie and low sugar content, are meeting this demand and are becoming increasingly popular among health-conscious consumers in Colombia.

Trends in the market: One of the key trends in the Hard Seltzer market in Colombia is the introduction of local flavors and ingredients. Colombian consumers have a strong affinity for their local culture and flavors, and beverage companies are capitalizing on this by offering Hard Seltzers that incorporate traditional Colombian ingredients and flavors. This localization strategy is resonating well with consumers, as it provides a unique and familiar taste experience. Another trend in the market is the increasing availability and variety of Hard Seltzer brands. As the demand for Hard Seltzers continues to grow, both local and international beverage companies are entering the market with their own offerings. This has led to a wider range of options for consumers, allowing them to choose from different flavors, alcohol content, and price points.

Local special circumstances: Colombia has a vibrant nightlife culture, with a strong emphasis on socializing and partying. However, traditional alcoholic beverages such as beer and spirits are often associated with high calorie and sugar content. Hard Seltzers provide a refreshing and healthier alternative for consumers who want to enjoy a drink without compromising on their health and fitness goals. The convenience of ready-to-drink cans also makes Hard Seltzers a popular choice for social gatherings and outdoor activities.

Underlying macroeconomic factors: Colombia's economy has been steadily growing over the years, resulting in an expanding middle class with higher disposable incomes. This has led to an increase in consumer spending on premium and high-quality products, including alcoholic beverages. The growing purchasing power of consumers is driving the demand for innovative and trendy drinks like Hard Seltzers. Furthermore, the influence of global trends and the increasing exposure to international markets have also contributed to the development of the Hard Seltzer market in Colombia. As consumers become more aware of global beverage trends, they are seeking out new and exciting options in the market. The success of Hard Seltzers in other countries has created a curiosity and demand among Colombian consumers, leading to the growth of the market. In conclusion, the Hard Seltzer market in Colombia is experiencing growth and development due to the rising health consciousness among consumers, the introduction of local flavors and ingredients, the increasing availability of brands, the convenience of ready-to-drink cans, the expanding middle class with higher disposable incomes, and the influence of global trends. As these factors continue to shape consumer preferences and behaviors, the Hard Seltzer market in Colombia is expected to further 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 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.