Hard Seltzer - Jamaica

The Hard Seltzer market in Jamaica has been experiencing significant growth in recent years.

Customer preferences: Customers in Jamaica have shown a growing interest in healthier beverage options. With an increasing focus on health and wellness, many consumers are looking for alternatives to traditional alcoholic beverages that are lower in calories and sugar. Hard Seltzers, which are typically low in both calories and sugar, have emerged as a popular choice among health-conscious consumers in Jamaica.

Trends in the market: One of the key trends in the Hard Seltzer market in Jamaica is the introduction of locally produced options. Local breweries have recognized the growing demand for Hard Seltzers and have started to produce their own versions of the beverage. This trend not only provides consumers with more choices, but it also supports the local economy and promotes local businesses. Additionally, the availability of locally produced Hard Seltzers allows for customization to suit local tastes and preferences. Another trend in the market is the increasing availability of flavored Hard Seltzers. Initially, Hard Seltzers were primarily available in plain or fruit flavors. However, as the market has grown, manufacturers have started to experiment with a wider range of flavors to cater to diverse consumer preferences. This trend has contributed to the popularity of Hard Seltzers among a wider consumer base in Jamaica.

Local special circumstances: Jamaica is known for its vibrant tourism industry, attracting visitors from around the world. As a result, the demand for alcoholic beverages, including Hard Seltzers, is not limited to the local population. Tourists visiting Jamaica are often looking for unique and refreshing beverages to enjoy during their stay, and Hard Seltzers provide a convenient and refreshing option. The presence of tourists in Jamaica has contributed to the growth of the Hard Seltzer market, as manufacturers and retailers seek to cater to the preferences of both locals and visitors.

Underlying macroeconomic factors: The growing popularity of the Hard Seltzer market in Jamaica can be attributed to several underlying macroeconomic factors. Firstly, the country has experienced steady economic growth in recent years, leading to an increase in disposable income among consumers. This has allowed consumers to have more purchasing power and the ability to explore new beverage options. Additionally, the increasing health consciousness among consumers globally has also influenced the growth of the Hard Seltzer market in Jamaica. As consumers become more aware of the negative health impacts of sugary and high-calorie beverages, they are actively seeking healthier alternatives. Hard Seltzers, with their low calorie and sugar content, have emerged as an attractive option for health-conscious consumers. In conclusion, the Hard Seltzer market in Jamaica is experiencing growth due to customer preferences for healthier beverage options, the introduction of locally produced options, the availability of flavored varieties, the presence of tourists, and underlying macroeconomic factors such as economic growth and increasing health consciousness.

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.