Beer - Costa Rica

The Beer market in Costa Rica has been experiencing significant growth in recent years.

Customer preferences: Costa Rican consumers have shown a growing preference for beer over other alcoholic beverages. This can be attributed to various factors such as the tropical climate, which makes beer a refreshing choice, and the cultural significance of beer in social gatherings and celebrations. Additionally, the younger generation in Costa Rica has shown a preference for beer as a trendy and fashionable drink.

Trends in the market: One major trend in the Costa Rican beer market is the increasing demand for craft beer. Craft breweries have been emerging in the country, offering a wide range of unique and flavorful beers. This trend can be seen as a response to the growing consumer demand for more diverse and high-quality beer options. Another trend is the rise of low-alcohol and non-alcoholic beers, driven by health-conscious consumers who still want to enjoy the taste of beer without the negative effects of alcohol.

Local special circumstances: Costa Rica is known for its rich biodiversity and natural resources, which has led to the emergence of unique and locally sourced ingredients in the brewing process. Craft breweries in Costa Rica often incorporate local fruits, herbs, and spices to create distinct flavors that appeal to both locals and tourists. This emphasis on local ingredients and flavors adds a special touch to the Costa Rican beer market and sets it apart from other markets.

Underlying macroeconomic factors: The Costa Rican economy has been growing steadily in recent years, leading to an increase in disposable income and consumer spending. This has contributed to the growth of the beer market as consumers have more purchasing power to spend on discretionary items such as alcoholic beverages. Additionally, the tourism industry plays a significant role in the Costa Rican beer market, as tourists from around the world visit the country and contribute to the demand for beer. In conclusion, the Beer market in Costa Rica is experiencing growth due to customer preferences for beer, including the tropical climate and cultural significance of beer. The market is also influenced by trends such as the demand for craft beer and low-alcohol options. Local special circumstances, such as the use of unique and locally sourced ingredients, further contribute to the development of the market. Finally, the underlying macroeconomic factors, including the growing economy and tourism industry, play a significant role in driving the growth of the beer market in Costa Rica.

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.