Ready-to-Drink (RTD) Tea - Guyana

The Ready-to-Drink (RTD) Tea market in Guyana has been experiencing significant growth in recent years. Customer preferences for healthier beverage options, along with increasing disposable income, have contributed to the rise in demand for RTD tea products in the country.

Customer preferences: Customers in Guyana have shown a growing preference for healthier beverage options, including RTD tea. With increasing awareness about the health benefits of tea, consumers are seeking alternatives to sugary carbonated drinks. RTD tea provides a convenient and refreshing option for those looking for a healthier alternative. Additionally, the availability of a wide range of flavors and varieties in the RTD tea market caters to the diverse tastes of consumers in Guyana.

Trends in the market: The RTD tea market in Guyana has witnessed several trends in recent years. One prominent trend is the growing popularity of herbal and fruit-infused RTD teas. Consumers are increasingly opting for teas infused with natural ingredients such as hibiscus, ginger, and lemon, which are believed to offer various health benefits. This trend aligns with the global shift towards natural and organic products. Another trend in the market is the rising demand for RTD tea among the younger population. With the increasing influence of Western culture and the adoption of a more health-conscious lifestyle, young consumers in Guyana are embracing RTD tea as a trendy and convenient beverage option.

Local special circumstances: Guyana's tropical climate makes it an ideal market for RTD tea products. The hot and humid weather year-round creates a high demand for refreshing beverages, and RTD tea fits this requirement perfectly. The convenience of ready-to-drink packaging makes it an attractive option for consumers on the go. Furthermore, Guyana has a rich tea culture, with a history of tea production and consumption. This cultural affinity towards tea has contributed to the growing popularity of RTD tea in the country.

Underlying macroeconomic factors: The growth in the RTD tea market in Guyana can also be attributed to the country's improving economy and increasing disposable income. As the economy expands and more people enter the middle class, consumers have more purchasing power to spend on premium and healthier beverage options like RTD tea. Additionally, the government's efforts to promote a healthy lifestyle and reduce sugar consumption have also had a positive impact on the RTD tea market. Public health campaigns and awareness initiatives have encouraged consumers to make healthier choices, leading to a shift in beverage preferences. In conclusion, the Ready-to-Drink (RTD) Tea market in Guyana is experiencing significant growth due to customer preferences for healthier beverage options, increasing disposable income, and local special circumstances such as the tropical climate and tea culture. These factors, combined with underlying macroeconomic factors, have created a favorable environment for the development of the RTD tea market in Guyana.

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.