Hard Seltzer - Puerto Rico

The Hard Seltzer market in Puerto Rico is experiencing significant growth and development.

Customer preferences: Puerto Rican consumers are increasingly drawn to the refreshing and low-calorie nature of Hard Seltzers. With a growing focus on health and wellness, consumers are seeking alternatives to traditional alcoholic beverages that align with their lifestyle choices. Hard Seltzers offer a lighter and more flavorful option compared to beer and other spirits, making them a popular choice among health-conscious individuals. Additionally, the convenience of ready-to-drink cans appeals to consumers who are looking for a hassle-free drinking experience.

Trends in the market: The Hard Seltzer market in Puerto Rico is witnessing a surge in product offerings and flavors. Manufacturers are introducing a wide range of flavors to cater to the diverse preferences of consumers. From classic flavors like lime and grapefruit to more exotic options like passionfruit and mango, there is a flavor for every palate. This variety is driving consumer interest and contributing to the overall growth of the market. Furthermore, collaborations between Hard Seltzer brands and local breweries or distilleries are becoming increasingly common, allowing for the creation of unique and localized flavors.

Local special circumstances: Puerto Rico's warm climate and vibrant beach culture make it an ideal market for Hard Seltzers. The refreshing nature of these beverages aligns well with the island's laid-back lifestyle and outdoor activities. Additionally, the growing popularity of Hard Seltzers can be attributed to the influence of American culture in Puerto Rico. As Hard Seltzers gained popularity in the United States, it naturally spread to Puerto Rico, where there is a strong cultural connection to the mainland.

Underlying macroeconomic factors: Puerto Rico's tourism industry plays a significant role in the growth of the Hard Seltzer market. As the island attracts a large number of tourists, both domestic and international, there is a growing demand for trendy and refreshing alcoholic beverages like Hard Seltzers. The rise in tourism has led to an increase in the number of bars, restaurants, and hotels offering Hard Seltzers, further driving the market's growth. Additionally, the economic stability and disposable income of Puerto Rican consumers contribute to their willingness to explore new beverage options and indulge in premium products like Hard Seltzers. Overall, the Hard Seltzer market in Puerto Rico is thriving due to customer preferences for low-calorie and refreshing beverages, the introduction of a wide range of flavors, the island's beach culture and connection to American trends, and the influence of the tourism industry. With these factors in play, the market is expected to continue its upward trajectory 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 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.