Alcoholic Drinks - Puerto Rico

The Alcoholic Drinks market in Puerto Rico has been experiencing significant growth in recent years.

Customer preferences: Puerto Rico has a strong drinking culture, with alcohol being a popular choice for socializing and celebrations. Rum, in particular, holds a special place in the hearts of Puerto Ricans, as the country is known for producing some of the world's finest rums. The local preference for rum is reflected in the sales figures, with rum being the most consumed alcoholic beverage in Puerto Rico. However, there has been a growing interest in other types of alcoholic drinks, such as craft beers and wines, as consumers are becoming more adventurous in their taste preferences.

Trends in the market: One of the key trends in the Alcoholic Drinks market in Puerto Rico is the rise of craft beers. Craft breweries have been popping up across the country, offering a wide variety of unique and flavorful beers. This trend is driven by the growing demand for high-quality, locally-produced beverages. Craft beers appeal to consumers who are looking for something different from the mass-produced beers that dominate the market. Another trend in the market is the increasing popularity of premium spirits. Consumers are willing to spend more on high-end spirits, such as aged rums and premium whiskies, as they seek out unique and sophisticated drinking experiences. This trend is driven by a desire for quality and exclusivity, as well as a growing appreciation for the craftsmanship that goes into producing premium spirits.

Local special circumstances: One of the unique aspects of the Alcoholic Drinks market in Puerto Rico is the presence of the Puerto Rican rum industry. Puerto Rico is home to several renowned rum distilleries, which produce some of the world's most famous brands. The local rum industry has a long and rich history, and the production of rum is deeply ingrained in Puerto Rican culture. This gives Puerto Rican rum a special status among consumers, both locally and internationally. Another special circumstance is the impact of tourism on the Alcoholic Drinks market in Puerto Rico. The country attracts a large number of tourists each year, many of whom are eager to sample the local drinks. This provides a boost to the market, as tourists contribute to the overall demand for alcoholic beverages. The tourism industry also provides an opportunity for local producers to showcase their products and attract new customers.

Underlying macroeconomic factors: The growth of the Alcoholic Drinks market in Puerto Rico can be attributed to several underlying macroeconomic factors. The country has experienced steady economic growth in recent years, which has led to an increase in disposable incomes. This has allowed consumers to spend more on discretionary items, including alcoholic beverages. Furthermore, Puerto Rico has a relatively young population, with a large proportion of young adults. This demographic group tends to have higher levels of disposable income and a greater willingness to experiment with different types of alcoholic drinks. As a result, they are driving the demand for new and innovative products in the market. In conclusion, the Alcoholic Drinks market in Puerto Rico is experiencing growth due to customer preferences for rum, the rise of craft beers, the popularity of premium spirits, the presence of the local rum industry, the impact of tourism, steady economic growth, and a young population with higher disposable incomes. These factors are contributing to the development and expansion of the market in Puerto Rico.

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.