The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Learn moreMar 2019
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With over 40% of the region’s volumes, Brazil is the key market for spirits in Latin America. A severe recession in Brazil hampered growth in the region over the review period. This has been countered by other markets, notably Mexico, meaning volumes have remained static. This overview considers the factors helping and hindering growth, and what the prospects for the market are.
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Economic problems in a number of key markets, notably Brazil, Argentina and Venezuela, have greatly impacted the region’s performance, resulting in sales of spirits being largely static. The big drag has been Brazil, where the deep economic recession throughout most of the review period has seen volumes decline. This decline was countered by continued healthy growth in Mexico, along with smaller markets, such as Peru and Chile.
Other than in Brazil, the off-trade is the main channel for selling spirits in Latin American markets. Across the region, there is a divide in which products are sold where. Cheaper local products, like pisco, cachaça, aguardiente and rum, are sold either in independent stores or in specialist ones, as that is where consumers who can only afford those products tend to shop. In contrast, supermarkets and hypermarkets, which are mainly frequented by better off consumers, are the main outlets for international categories, such as whiskies
Four international distillers – Diageo, Pernod Ricard, Campari and Bacardi – are among the top 10 distillers in the region. For all bar Bacardi, this is based on having a strong presence in locally produced products, especially in Brazil. Diageo leads the way, thanks to its Ypioca cachaça brand, as well as with Johnnie Walker and Smirnoff.
Mexico and Brazil will be the key contributors to the 1% CAGR predicted over 2017-2022. Local products, namely tequila in Mexico and cachaça in Brazil, will drive volumes, although blended Scotch in Mexico will help too. Local products will also play a key role in Argentina, where bitters, along with whiskies, will help drive volumes.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.