The alcoholic drinks market has made a strong and swift recovery from the pandemic in Latin America, in spite of the difficult economic circumstances in many countries in the region. While the off-trade continued growing in recent years, the on-trade had already managed to return to its pre-pandemic sales levels in 2022, in spite of the steep decline recorded in 2020. Healthy annual growth rates are currently predicted for the forecast period in Latin America.
This report comes in PPT.
Local craft beers performed strongly in Argentina in 2022, helped by the continued on-trade recovery, but also multiple new product developments, such as Antares Centinela Roble, a dark amber barley wine beer aged in French oak with a 14% alcohol content, or Base Esperanza, a cold IPA with 6% ABV from Gorilla Brewing and Jabalina Brewery. There are an estimated 800 craft beer breweries with a combined annual output of almost 70 million litres in Argentina.
Although inflation remained high in 2022, Brazilian consumers continued to focus on premium products and quality, driving many industry players to expand or invest in their premium portfolios. This saw companies such as AB InBev and Heineken introducing new premium brands such as Beck’s and Tiger in beer, increasing the availability of whiskies, introducing new spirits brands, and importing premium Chilean and Argentinian wine brands.
Health and wellness was an increasing driver of innovation in Mexico, with 2022 launches including Tecate 0.0 beer from Heineken, reduced-calorie Casillero del Diablo Belight wine from VCT & DG México, and Bailey’s Light from Diageo, which boasts 40% fewer calories.
In most of the major markets across Latin America, healthy growth rates are expected over the forecast period, with the alcoholic drinks industry therefore currently focused on introducing new products, SKUs and brands. More upmarket products, HW-focussed innovations and the expansion of categories like RTDs will therefore continue to loom large in the development of the market in the coming years.
Alcoholic drinks is the aggregation of beer, wine, spirits, cider/perry and RTDs.
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