The Latin American alcoholic drinks market quickly recovered from 2020’s pandemic-induced drop in sales, but, with the difficult economic circumstances in a number of countries in the region, including high inflation, sales went into decline in 2023. However, an immediate return to positive growth is expected in 2024, with health trends driving strong sales in non-alcoholic beer, and spirit-based RTDs also expected to be a dynamic performer over 2023-2028.
This report comes in PPT.
Against the backdrop of soaring inflation and the erosion of purchasing power, alcoholic drinks sales slumped in Argentina in 2023. With protectionist policies also exacerbating supply chain disruptions and drought hitting wine production, 2023 proved to be a difficult year for most alcoholic drinks categories, including a number of spirits, imported lager and wine.
With more brands now being brewed domestically in Mexico, including Bud Light, Stella Artois, Heineken and Michelob, which were previously shipped into the country from abroad, imported premium lager recorded another year of major decline, while sales of domestic premium lager edged upwards in 2023, despite the strong growth already seen in recent years.
Non-alcoholic beer maintained its growth momentum, enjoying another very dynamic year in Brazil in 2023, with this being driven primarily by Heineken 0.0 and Budweiser 0.0. Brazil has become the largest market for Heineken 0.0 globally, as it is the leading non-alcoholic beer market in Latin America, and now the third largest worldwide.
RTDs are expected to be the most dynamic of the main categories in Latin American alcoholic drinks over the forecast period, with a number of countries, with Colombia to the fore, recording dynamic CAGRs in this product area. New brand Like, from packaged food player Quala, proved a major success in its launch year, taking second spot behind Smirnoff in Colombian RTDs, while the Redd’s brand was also relaunched after exiting the market in 2022.
Alcoholic drinks is the aggregation of beer, wine, spirits, cider/perry and RTDs.
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