Soft Drinks - Colombia

The Soft Drinks market in Colombia has been experiencing significant growth in recent years. Customer preferences for healthier beverage options, along with a growing middle class and changing lifestyles, have contributed to this trend. Customer preferences in the Soft Drinks market in Colombia have shifted towards healthier options. Consumers are increasingly conscious of their health and are seeking beverages that are low in sugar and calories. This has led to a rise in demand for products such as bottled water, natural juices, and diet sodas. Additionally, there has been a growing interest in functional beverages that offer added health benefits, such as energy drinks and sports drinks. Trends in the Soft Drinks market in Colombia also reflect the changing lifestyles of consumers. The busy and fast-paced nature of modern life has led to an increased demand for convenience. Ready-to-drink beverages, such as canned and bottled soft drinks, are becoming more popular as they provide a quick and easy refreshment option. This trend is further supported by the growing presence of vending machines and convenience stores in urban areas. Local special circumstances in Colombia have also influenced the development of the Soft Drinks market. The country's warm climate and tropical environment make it an ideal market for refreshing beverages. Soft drinks are commonly consumed to quench thirst and provide relief from the heat. Additionally, Colombia has a strong coffee culture, which has traditionally been the beverage of choice for many Colombians. However, the rising popularity of soft drinks has started to challenge the dominance of coffee in the market. Underlying macroeconomic factors have also played a role in the growth of the Soft Drinks market in Colombia. The country has experienced steady economic growth in recent years, which has resulted in an expanding middle class with higher disposable incomes. As a result, consumers have more purchasing power and are able to afford a wider range of products, including soft drinks. Furthermore, the increasing urbanization and modernization of Colombia have created a more Westernized lifestyle, with a greater emphasis on convenience and consumption of packaged goods. In conclusion, the Soft Drinks market in Colombia is developing in response to changing customer preferences, shifting lifestyles, local special circumstances, and underlying macroeconomic factors. The demand for healthier beverage options, convenience, and the influence of a growing middle class are driving the growth of the market. As these trends continue, the Soft Drinks 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 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.