Soft Drinks - Montenegro

The Soft Drinks market in Montenegro has witnessed significant growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances. Customer preferences in Montenegro have shifted towards healthier beverage options, with consumers increasingly seeking out low-sugar and natural drinks. This trend mirrors the global shift towards healthier lifestyles and the growing awareness of the negative health impacts of sugary drinks. As a result, there has been a surge in demand for natural fruit juices, flavored water, and organic soft drinks in Montenegro. Trends in the market have also contributed to its development. The rising popularity of functional beverages, such as energy drinks and sports drinks, has created new opportunities for soft drink manufacturers. These beverages are often marketed as providing added health benefits and are favored by consumers seeking an energy boost or enhanced athletic performance. Additionally, the growing trend of premiumization has led to the introduction of high-end soft drinks with unique flavors and ingredients, targeting consumers who are willing to pay a premium for a more luxurious beverage experience. Local special circumstances have played a role in shaping the Soft Drinks market in Montenegro. The country's tourism industry, which attracts a large number of international visitors each year, has created a demand for a wide variety of soft drinks to cater to the diverse preferences of tourists. This has led to the introduction of international soft drink brands in the market, as well as the development of locally produced beverages that showcase Montenegrin flavors and ingredients. Furthermore, the country's Mediterranean climate and outdoor lifestyle have contributed to the popularity of soft drinks as a refreshing beverage choice, particularly during the summer months. Underlying macroeconomic factors have also influenced the development of the Soft Drinks market in Montenegro. The country's stable economic growth and increasing disposable incomes have resulted in a higher level of consumer spending, including on non-essential goods such as soft drinks. Furthermore, the government's efforts to promote the food and beverage industry through favorable policies and incentives have attracted both domestic and foreign investment in the sector, leading to increased competition and product innovation. Overall, the Soft Drinks market in Montenegro is developing in response to changing customer preferences, emerging trends, and local special circumstances. The shift towards healthier beverage options, the rise of functional and premium beverages, and the influence of the tourism industry are all contributing to the growth of the market. Additionally, favorable macroeconomic factors are creating a conducive environment for the expansion of the Soft Drinks industry in Montenegro.

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.