Juices - Sri Lanka

The Juices market in Sri Lanka is experiencing significant growth and development.

Customer preferences: Customers in Sri Lanka have shown a growing preference for healthier beverage options, and this has contributed to the increasing demand for juices. With rising health consciousness and a desire for natural and nutritious products, consumers are seeking alternatives to sugary carbonated drinks. Juices are seen as a healthier option, providing essential vitamins and minerals.

Trends in the market: One of the key trends in the Juices market in Sri Lanka is the increasing popularity of fresh and natural juices. Consumers are moving away from processed and artificially flavored juices, and are instead opting for freshly squeezed or cold-pressed juices. This trend is driven by the desire for natural and unadulterated products, as well as the perception that fresh juices offer superior taste and nutritional value. Another trend in the market is the growing demand for functional juices. These are juices that are fortified with additional nutrients, such as vitamins, antioxidants, and probiotics. Functional juices offer specific health benefits and cater to the needs of consumers who are looking for targeted solutions to their health concerns.

Local special circumstances: Sri Lanka is known for its abundant supply of tropical fruits, such as mangoes, pineapples, and papayas. This gives the country a natural advantage in the production of fruit juices. Local manufacturers have capitalized on this by offering a wide variety of fruit juices made from locally sourced fruits. This not only promotes the use of local ingredients but also supports the local agricultural industry.

Underlying macroeconomic factors: The growing middle class in Sri Lanka has contributed to the increasing demand for juices. As disposable incomes rise, consumers have more purchasing power to spend on premium and healthier products. This has led to a shift in consumer preferences towards juices, as they are seen as a more premium and healthier alternative to other beverages. Additionally, the tourism industry in Sri Lanka has played a significant role in driving the growth of the Juices market. As the country attracts a growing number of international tourists, there is a higher demand for refreshing and tropical beverages. Juices made from local fruits are often seen as a must-try for tourists, further boosting the market. In conclusion, the Juices market in Sri Lanka is experiencing growth due to changing customer preferences towards healthier options, the popularity of fresh and natural juices, the demand for functional juices, the abundance of tropical fruits in the country, the rising middle class, and the growth of the tourism industry. This presents opportunities for both local and international players in the market.

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.