Soft Drinks - Uruguay

The Soft Drinks market in Uruguay has been experiencing significant growth in recent years. Customer preferences have shifted towards healthier beverage options, leading to an increased demand for low-sugar and natural drinks. In addition, the market has been influenced by local special circumstances, such as the growing popularity of yerba mate and the cultural preference for carbonated soft drinks. These trends are further supported by underlying macroeconomic factors, including a growing middle class and increasing disposable income. Customer preferences in the Soft Drinks market in Uruguay have been evolving towards healthier options. Consumers are becoming more health-conscious and are actively seeking beverages with lower sugar content. This has led to a rise in the demand for low-sugar soft drinks, as well as natural and organic alternatives. Additionally, there is a growing preference for functional beverages that offer health benefits, such as those fortified with vitamins and minerals. This shift in customer preferences is in line with global trends towards healthier lifestyles and the increasing awareness of the negative effects of excessive sugar consumption. One of the key trends in the Soft Drinks market in Uruguay is the rising popularity of yerba mate. Yerba mate is a traditional South American beverage that is made from the leaves of the yerba mate plant. It is known for its high caffeine content and is often consumed as an alternative to coffee or tea. In Uruguay, yerba mate is deeply ingrained in the culture and is considered a national drink. As a result, there has been a growing demand for yerba mate-based soft drinks, which offer a refreshing and energizing option for consumers. Despite the shift towards healthier options, carbonated soft drinks still hold a significant market share in Uruguay. This can be attributed to the cultural preference for carbonated beverages, which are often consumed with meals or as a refreshing drink during hot weather. However, there has been a growing demand for low-sugar carbonated drinks, as consumers seek to reduce their sugar intake while still enjoying the fizzy and refreshing taste. Local special circumstances also play a role in shaping the Soft Drinks market in Uruguay. The cultural significance of yerba mate and the preference for carbonated soft drinks are unique to the country and contribute to the demand for specific types of beverages. Furthermore, the availability of locally sourced ingredients, such as fruits and herbs, has led to the development of a wide variety of natural and artisanal soft drinks. These products cater to consumers looking for unique and authentic flavors, as well as those who prioritize supporting local producers. Underlying macroeconomic factors have also contributed to the growth of the Soft Drinks market in Uruguay. The country has experienced a steady increase in disposable income, particularly among the middle class. This has resulted in higher purchasing power and a greater willingness to spend on non-essential items, including beverages. Additionally, Uruguay has a stable economy and a favorable business environment, which has attracted investment from both domestic and international soft drink companies. This has led to increased competition and product innovation in the market. In conclusion, the Soft Drinks market in Uruguay is developing in response to changing customer preferences, local special circumstances, and underlying macroeconomic factors. The demand for healthier options, the popularity of yerba mate, and the cultural preference for carbonated soft drinks are driving trends in the market. Additionally, the growing middle class and increasing disposable income are supporting the growth of the industry. As the market continues to evolve, soft drink companies will need to adapt to meet the changing needs and preferences of consumers in Uruguay.

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.