Costa Rica beverages Market, Costa Rica Hot Drinks Retail Market - Ken Research
by Ashish Kumar Market ResearcherCosta Rica is a famous paradise in Central America, mainly among scenery
and escapade lovers. It has vast magnitude of national parks and private
reserves that cover around 25% of its territory. It is located in a privileged
region of the world that allows it to have a large concentration of animal
species native to other countries in northern Central America and some from
South America.
According to "Hot Drinks in Costa
Rica", the demand
for hot drinks reflects a polarised environment, where high-end indulgent
products gained additional momentum among economically advantaged consumers,
while value for money set the pace with many others who looked for lower-end
alternatives. Within such a context specific brand loyalty lost relevance to
more innovative proposals, capable of offering better unit prices or higher
quality to buyers according to their budgets.
At maturity levels for these hot beverages, the main manufacturers
continue to opt for increasing the differentiation of their products, using
different types of quality certificates (in the case of fresh coffee
varieties), and using flavour innovation and preparation convenience to promote
more incipient categories such as instant coffee mixes and coffee pods. Same is
the case for tea and other hot drinks, which tend to focus on the promotion of
the functional properties of their ingredients to promote additional
consumption amongst a broader range of local buyers from all socioeconomic
groups.
In a globalised commercial context where international brands benefit
from free trade agreement incentives to compete in Costa Rica, the emergence of
imported products grew across most hot drinks including other hot drinks, tea,
coffee pods and instant coffee, where their point-of-sale presence and pricing
levels gained relevance. The only exception was fresh coffee, which remained
dominated by local brands that continued to benefit from historic consumer
preferences due to the strong coffee culture that prevails in Costa Rica.
However, more local roasters and domestic coffee players continued to import
cheaper coffee from neighbouring countries to decrease manufacturing costs and
become more price-orientated.
While manufacturers in more mature categories such as fresh coffee
focused on increasing the availability of value for money proposals, product
specialisation influenced less developed categories, particularly in the case
of instant coffee and tea. A premiumisation inclination developed among
upper-income buyers (such as in the case of speciality teas and herbal infusion
mixes), while flavour innovation and indulgence claims opened up new
opportunities for incipient categories such as instant coffee mixes and
higher-end powder cocoa drinks.
In spite of the uncertain macroeconomic environment that will probably
continue to dictate mass consumption dynamics over the forecast period, it is
expected that stable volume and value growth will be seen in hot drinks, moving
in line with population growth and the rising demand for value-added proposals
from a wider base of middle-income consumers. Therefore, it is expected that
most categories will continue making efforts to improve their value for buyers,
by increasing product quality or by expanding the offer of value-orientated
proposals targeting lower-end consumers.
Key Topics Covered in the Report:
Costa Rica Hot Drinks Market Research Report
Costa Rica Hot Drinks Market Size
Costa Rica beverages Market
Costa Rica Hot Drinks Production Output
Costa Rica Hot Drinks Import Volume
Costa Rica Hot Drinks Export Volume
Costa Rica Hot Drinks Market Future Outlook
Costa Rica Hot Drinks Market competition
Costa Rica Hot Drinks Retail Market
Costa Rica Hot Drinks Market Growth Rate
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Created on Oct 6th 2017 04:26. Viewed 760 times.