Bottled Water - Uruguay

The Bottled Water market in Uruguay has been experiencing significant growth in recent years.

Customer preferences: Uruguayans have shown a growing preference for bottled water over other beverages. This can be attributed to several factors, including increasing health consciousness and a desire for convenience. Bottled water is perceived as a healthier alternative to sugary drinks and is often seen as a necessary part of a balanced diet. Additionally, the convenience of bottled water makes it an attractive option for on-the-go consumption.

Trends in the market: One of the key trends in the Bottled Water market in Uruguay is the increasing demand for premium and flavored water products. As consumers become more health-conscious, they are willing to pay a premium for products that offer added benefits, such as enhanced flavors or additional nutrients. This trend is in line with global market trends, where flavored and functional waters have gained popularity in recent years. Another trend in the market is the growing popularity of eco-friendly packaging options. Consumers in Uruguay are becoming more aware of the environmental impact of plastic waste, and as a result, they are seeking out bottled water brands that use sustainable packaging materials, such as biodegradable or recyclable bottles. This trend is in line with the global movement towards sustainable packaging solutions.

Local special circumstances: Uruguay is known for its high-quality tap water, which is safe to drink and meets international standards. However, despite the availability of clean tap water, the bottled water market continues to thrive. This can be attributed to several factors, including the convenience of bottled water, the perception of bottled water as a healthier option, and the desire for premium and flavored water products.

Underlying macroeconomic factors: Uruguay has experienced steady economic growth in recent years, which has contributed to an increase in disposable income levels. As a result, consumers have more purchasing power and are able to spend more on non-essential items, such as bottled water. Additionally, the country's stable political environment and favorable business climate have attracted foreign investment, leading to the entry of international bottled water brands into the market. In conclusion, the Bottled Water market in Uruguay is growing due to customer preferences for healthier and more convenient beverage options. The market is also influenced by global trends, such as the demand for premium and flavored water products, as well as the increasing focus on sustainable packaging solutions. Despite the availability of clean tap water, the bottled water market in Uruguay continues to thrive, driven by factors such as convenience and perception of bottled water as a healthier alternative. The country's strong macroeconomic factors, including steady economic growth and a favorable business climate, have also contributed to the market's development.

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.