Carbonates in Peru

Carbonates in Peru
Euromonitor International
December 2023
CARBONATES IN PERU Passport i
LIST OF CONTENTS AND TABLES

KEY DATA FINDINGS.................................................................................................................. 1
2023 DEVELOPMENTS ............................................................................................................... 1
Carbonates on the rise but constrained by social and economic context ................................. 1
Colas and other non-colas remain the primary preferences ..................................................... 1
Sugar-free is yet to emerge as a significant differentiator ......................................................... 2
PROSPECTS AND OPPORTUNITIES......................................................................................... 2
Anticipated competition intensification in the short term ........................................................... 2
Cocktail trend driving novel flavours ......................................................................................... 2
Mixers expected to continue leading growth ............................................................................. 3
CATEGORY DATA ....................................................................................................................... 3
Table 1 Off-trade vs On-trade Sales of Carbonates: Volume 2018-2023 .................. 3
Table 2 Off-trade vs On-trade Sales of Carbonates: Value 2018-2023 ..................... 3
Table 3 Off-trade vs On-trade Sales of Carbonates: % Volume Growth 2018-
2023 ............................................................................................................. 4
Table 4 Off-trade vs On-trade Sales of Carbonates: % Value Growth 2018-
2023 ............................................................................................................. 4
Table 5 Off-trade Sales of Carbonates by Category: Volume 2018-2023 ................. 4
Table 6 Off-trade Sales of Carbonates by Category: Value 2018-2023 .................... 5
Table 7 Off-trade Sales of Carbonates by Category: % Volume Growth 2018-
2023 ............................................................................................................. 5
Table 8 Off-trade Sales of Carbonates by Category: % Value Growth 2018-
2023 ............................................................................................................. 5
Table 9 Total Sales of Carbonates by Fountain On-trade: Volume 2018-2023 ......... 6
Table 10 Total Sales of Carbonates by Fountain On-trade: % Volume Growth
2018-2023 .................................................................................................... 6
Table 11 NBO Company Shares of Off-trade Carbonates: % Volume 2019-
2023 ............................................................................................................. 6
Table 12 LBN Brand Shares of Off-trade Carbonates: % Volume 2020-2023 ............ 7
Table 13 NBO Company Shares of Off-trade Carbonates: % Value 2019-2023 ......... 8
Table 14 LBN Brand Shares of Off-trade Carbonates: % Value 2020-2023 ............... 8
Table 15 Forecast Off-trade Sales of Carbonates by Category: Volume 2023-
2028 ............................................................................................................. 9
Table 16 Forecast Off-trade Sales of Carbonates by Category: Value 2023-
2028 ........................................................................................................... 10
Table 17 Forecast Off-trade Sales of Carbonates by Category: % Volume
Growth 2023-2028 ..................................................................................... 10
Table 18 Forecast Off-trade Sales of Carbonates by Category: % Value Growth
2023-2028 .................................................................................................. 10
Table 19 Forecast Total Sales of Carbonates by Fountain On-trade: Volume
2023-2028 .................................................................................................. 11
Table 20 Forecast Total Sales of Carbonates by Fountain On-trade: % Volume
Growth 2023-2028 ..................................................................................... 11
© Euromonitor International
CARBONATES IN PERU Passport 1
CARBONATES IN PERU
KEY DATA FINDINGS
▪ Off-trade volume sales grow by 5% in 2023 to 1,760 million litres
▪ Reduced sugar carbonates is the best performing category in 2023, with off-trade volume
sales rising by 7% to 108 million litres
▪ Arca Continental Lindley SA is the leading player in 2023, with an off-trade volume share of
61%
▪ Off-trade volume sales are set to rise at a CAGR of 1% over the forecast period to 1,883
million litres
2023 DEVELOPMENTS
Carbonates on the rise but constrained by social and economic context

The warmer climate of 2023, attributed to El Niño at the year's onset and in the latter half of
the year, resulted in a notable surge in soft drinks consumption. This had a significant impact on
carbonates, which consumers perceive as one of their preferred choices for hydration.
This rise was particularly advantageous for the entire product area, considering the heavy
rains that caused coastal flooding. Furthermore, the protests initiated in December 2022
following the ousting of former President Pedro Castillo due to an unconstitutional attempt to
close the congress, led to disruptions and blockades that persisted throughout the initial quarter
of 2023. This not only affected the supply to sales channels but also caused a decline in
consumer spending. Many companies responded immediately by maintaining prices, employing
promotions to stimulate consumption, and extending credit while selling through channels like
small local grocers, resulting in narrower profit margins.
Fortunately for the industry, the situation began to shift starting in May 2023, allowing
companies to stabilise after the turbulent start to the year.
Colas and other non-colas remain the primary preferences

The product areas encompassing the highest sales volume within carbonates continue to be
cola and non-cola carbonates, underscoring the strong inclination these varieties hold among
Peruvian consumers. Arca Continental Lindley SA, the Peruvian subsidiary bottler of The Coca-
Cola Company, maintains its leadership with its two powerhouse brands: Coca-Cola and Inca
Kola. These brands enjoy extensive nationwide reach in both off-trade and on-trade channels.
Noteworthy brands also include KR and Cool (Industrias San Miguel), Big Cola and Sabor de
Oro (Ajeper SA), Pepsi and Concordia (CBC Peruana SAC), and Guaraná (Unión de
Cervecerías Peruanas Backus & Johnston).
Varieties like lemonade/lime and orange carbonates are experiencing growth, albeit at a
slower pace compared to other categories. This is attributed to the limited range of brands,
reflective of lower consumer interest. In contrast, mixers are witnessing considerable growth
owing to the post-COVID-19 revival of the on-trade channel and heightened consumer
awareness, prompting companies such as Perufarma SA and Vigo Group SAC to introduce
multiple stock-keeping units of their brands.
Sugar-free is yet to emerge as a significant differentiator

Despite the escalating preference for healthier drinks among consumers, sugar-free
carbonates have yet to gain substantial relevance. This is due to the widespread perception
among Peruvians about sugar's impact on taste when added to drinks. Consequently, promoting
a sugar-free product may even elicit a negative response despite its intended purpose. Many
brands echo this sentiment; although their products are sugar-free, they do not actively highlight
this aspect in their product branding or promotion. For instance, Arca Continental Lindley SA's
Sprite, a sugar-free beverage devoid of carbohydrates for several years, does not prominently
feature the lack of sugar on the packaging. Similar cases are observed with Coca-Cola and Inca
Kola, as the company has transitioned away from 'Zero' branding, presenting their sugar-free
variants without significant distinction, using packaging almost identical to their regular
counterparts.
Apart from CBC Peruana with Pepsi Black and Backus with Guaraná Zero, along with
premium mixer brands like Britvic, Mr. Perkins, and Fever Tree, other companies do not position
their products as low in sugar. This suggests a lack of substantial demand for such products
among consumers at present. It will be crucial to observe how this trend evolves in the short
term and its impact on the industry, particularly in a context where concerns regarding
aspartame consumption as a potential carcinogen are also being raised.
PROSPECTS AND OPPORTUNITIES
Anticipated competition intensification in the short term

In the upcoming years, a heightened level of competition is expected within carbonates due to
escalating prices owing to inflation and reduced profit margins. Simultaneously, consumers are
carefully scrutinising their expenditure in anticipation of the projected economic recession.
Consequently, companies are likely to persist in relying on promotions and offers to sustain
competitiveness and safeguard their market share. Notably, Arca Continental Lindley SA has
reinforced the returnability of their packaging to reduce bottle costs, thereby leading to lower
prices for consumers. Additionally, the company has introduced two and three-pack offerings in
modern grocery retailers.
Meanwhile, close competitors have focused on product launches and expanding their
presence across both modern and traditional channels. Industrias San Miguel stands out for the
overhaul of its Cool brand. Previously offering carbonated natural drinks like ginseng and lemon
verbena, they relaunched as Cool Fresh with more familiar flavours for consumers such as
Cola, Yellow Cola, and Pineapple (other non-cola carbonates). Moreover, in June 2022, the
company acquired the carbonates division of Socosani SA, an Arequipa-based company,
adding brands like Energina, Black, Premio, Tropical, and Mandarin to their portfolio.
Ajeper SA has strengthened the positioning of their beverage Big Cola by becoming the
official sponsor of the Peruvian national football team. They have also introduced an innovative
canned packaging format for their carbonates, a novelty in soft drinks in Peru. Agrobex, another
industry player, aims to expand in Lima. They have bolstered production capacity at their main
plant in La Libertad and engaged contract manufacturing services in Lima.
Cocktail trend driving novel flavours

While carbonates as a whole lacks innovation in terms of flavours, other non-cola carbonates
presents a stark contrast. Flavours like grapefruit and raspberry, often referred to as Pink Soda,
have become consumer favourites due to their refreshing taste and striking pink appearance,
distinguishing them from the commonplace carbonates available at retailers. These flavours
blend easily in recipes with gin, pisco, mezcal, or can be enjoyed on their own. Premium mixer
brands such as Mr. Perkins (Vigo Group SAC), Fever Tree (Panuts Vinos Memorables SAC),
and more recently, Britvic (Perufarma SA), have propelled this trend.
Similarly, ginger beer has gained prominence. Previously a rare find in stores compared to
ginger ale, increased awareness of the Moscow Mule cocktail has substantially boosted sales
volumes for this beverage. Brands like Britvic, Fever Tree, San Pellegrino, and Mr. Perkins
stand out in this segment.
Mr. Perkins, in particular, continues to innovate with local varieties such as Amazonian Tonic
(featuring touches of Amazonian fruits like Camu Camu and Pitahaya) and Sunset Soda (a
blend of tangerine, grapefruit, and lime). Undoubtedly, these developments are setting a clear
trend for the future of mixers. The evolving preferences in carbonates, the surge in innovative
flavours, and the growing demand for mixers all indicate a dynamic shift in the way consumers
approach beverages and cocktails.
As the market responds to changing consumer habits and the desire for more diverse and
sophisticated drinking experiences, the other non-cola carbonates landscape is primed for
continued growth and transformation. Brands that can adapt to these trends and offer unique,
high-quality mixers and ingredients are likely to flourish in this evolving ecosystem.
Mixers expected to continue leading growth

The revival of on-trade channels such as bars and restaurants, alongside consumers'
increased knowledge of cocktail preparation, has generated heightened interest in mixers. This
category holds substantial growth opportunities, closely tied to the expanding spirits category,
promising prospects for both off-trade and on-trade channels in the future.
These shifts have led to changes in consumption habits. On one hand, premium mixer brands
are gaining increased presence in provinces across the country, previously having minimal
reach. Bars are experiencing a resurgence of classic cocktail culture, differing from the pre-
pandemic era when beer consumption and traditional mixers like cola and spirits or juice and
vodka were more prevalent. On the other hand, mixer purchases at grocery stores have shifted
from impulse buying to more planned purchases, with consumers considering the best
combinations for preparation.
Brands offering diverse and innovative mixer options, catering to different tastes, and
adapting to the evolving cocktail culture are likely to continue leading the category's expansion.
The mixers trend aligns with consumers' pursuit of memorable and unique drinking experiences,
making it a significant driver in the soft drinks' evolution.
CATEGORY DATA
Table 1 Off-trade vs On-trade Sales of Carbonates: Volume 2018-2023
million litres
2018 2019 2020 2021 2022 2023
Off-trade 1,752.3 1,689.6 1,486.5 1,620.3 1,681.9 1,763.8

On-trade 300.2 305.0 186.0 191.9 264.0 289.9
Total 2,052.5 1,994.6 1,672.5 1,812.2 1,945.9 2,053.6
Source: Euromonitor International from official statistics, trade associations, trade press, company research,
store checks, trade interviews, trade sources
Table 2 Off-trade vs On-trade Sales of Carbonates: Value 2018-2023
PEN million
2018 2019 2020 2021 2022 2023
Off-trade 4,703.0 4,667.9 4,266.0 4,402.8 4,891.7 5,693.5

On-trade 3,194.4 3,379.9 2,798.2 2,716.9 4,071.1 4,708.5
Total 7,897.4 8,047.8 7,064.1 7,119.7 8,962.8 10,402.1
Table 3 Off-trade vs On-trade Sales of Carbonates: % Volume Growth 2018-2023
% volume growth
2022/23 2018-23 CAGR 2018/23 Total
Off-trade 4.9 0.1 0.7

On-trade 9.8 -0.7 -3.4
Total 5.5 0.0 0.1
Table 4 Off-trade vs On-trade Sales of Carbonates: % Value Growth 2018-2023
% current value growth

2022/23 2018-23 CAGR 2018/23 Total
Off-trade 16.4 3.9 21.1

On-trade 15.7 8.1 47.4
Total 16.1 5.7 31.7
Table 5 Off-trade Sales of Carbonates by Category: Volume 2018-2023
million litres
2018 2019 2020 2021 2022 2023
- Reduced Sugar Cola 40.4 47.4 39.3 43.2 50.0 53.2

Carbonates
- Reduced Sugar Non- 41.3 41.3 37.8 42.8 51.0 54.8
Cola Carbonates
Reduced Sugar Carbonates 81.7 88.7 77.1 86.0 101.0 108.0
Regular Carbonates 1,670.6 1,600.9 1,409.4 1,534.3 1,580.8 1,655.7
- Regular Non-Cola 937.2 891.7 762.1 792.0 792.2 829.3
Carbonates
- Tonic Water/Mixers/ 17.4 16.8 16.2 12.7 13.2 13.9
Other Bitters
Cola Carbonates 773.8 756.6 686.6 785.5 838.7 879.6
- Regular Cola Carbonates 733.4 709.2 647.3 742.3 788.7 826.4
Non-Cola Carbonates 978.4 933.0 799.9 834.8 843.2 884.2
- Lemonade/Lime 111.7 103.7 82.8 58.5 57.6 59.5
- Orange Carbonates 59.2 55.4 52.8 53.6 51.8 52.3
- Other Non-Cola 790.2 757.2 648.0 710.1 720.6 758.5
Carbonates
Carbonates 1,752.3 1,689.6 1,486.5 1,620.3 1,681.9 1,763.8
Table 6 Off-trade Sales of Carbonates by Category: Value 2018-2023
PEN million
2018 2019 2020 2021 2022 2023

Carbonates
Cola Carbonates
- Regular Non-Cola 2,700.8 2,633.5 2,472.0 2,409.4 2,445.4 2,741.4
Carbonates
Other Bitters
Cola Carbonates 1,883.5 1,909.2 1,670.6 1,858.7 2,275.6 2,732.6
- Regular Cola Carbonates 1,723.9 1,719.3 1,503.6 1,697.4 2,077.7 2,533.2
Non-Cola Carbonates 2,819.5 2,758.7 2,595.4 2,544.2 2,616.1 2,960.9
- Lemonade/Lime 233.4 221.7 189.9 128.0 136.5 163.6
- Other Non-Cola 2,364.5 2,321.6 2,189.1 2,223.1 2,274.6 2,575.8
Carbonates
Carbonates 4,703.0 4,667.9 4,266.0 4,402.8 4,891.7 5,693.5
Table 7 Off-trade Sales of Carbonates by Category: % Volume Growth 2018-2023
% volume growth
2022/23 2018-23 CAGR 2018/23 Total
- Reduced Sugar Cola Carbonates 6.4 5.6 31.6

- Reduced Sugar Non-Cola Carbonates 7.5 5.8 32.9
Reduced Sugar Carbonates 6.9 5.7 32.2
Regular Carbonates 4.7 -0.2 -0.9
- Regular Non-Cola Carbonates 4.7 -2.4 -11.5
- Tonic Water/Mixers/Other Bitters 5.1 -4.4 -20.1
Cola Carbonates 4.9 2.6 13.7
- Regular Cola Carbonates 4.8 2.4 12.7
Non-Cola Carbonates 4.9 -2.0 -9.6
- Lemonade/Lime 3.3 -11.8 -46.7
- Orange Carbonates 0.9 -2.4 -11.6
- Other Non-Cola Carbonates 5.3 -0.8 -4.0
Carbonates 4.9 0.1 0.7
Table 8 Off-trade Sales of Carbonates by Category: % Value Growth 2018-2023
% current value growth

2022/23 2018-23 CAGR 2018/23 Total

Regular Carbonates 16.6 3.6 19.2
- Regular Non-Cola Carbonates 12.1 0.3 1.5
- Tonic Water/Mixers/Other Bitters 19.8 5.1 28.5
Non-Cola Carbonates 13.2 1.0 5.0
- Lemonade/Lime 19.8 -6.9 -29.9
- Orange Carbonates 1.1 -2.8 -13.4
- Other Non-Cola Carbonates 13.2 1.7 8.9
Table 9 Total Sales of Carbonates by Fountain On-trade: Volume 2018-2023
million litres
2018 2019 2020 2021 2022 2023
Total Fountain On-trade 18.1 18.8 14.6 12.9 14.3 17.3

Table 10 Total Sales of Carbonates by Fountain On-trade: % Volume Growth 2018-2023
% fountain volume growth

2022/23 2018-23 CAGR 2018/23 Total
Total Fountain On-trade 21.2 -0.9 -4.6

Table 11 NBO Company Shares of Off-trade Carbonates: % Volume 2019-2023
% off-trade volume
Company 2019 2020 2021 2022 2023
Arca Continental Lindley SA 54.5 57.8 61.6 60.3 61.0

Industrias San Miguel 12.0 11.5 11.7 12.6 12.1
CBC Peruana SAC 10.6 9.8 9.1 8.8 8.7
Unión de Cervecerías 9.4 8.6 8.7 8.8 8.5
Peruanas Backus &
Johnston SAA
Ajeper SA 3.3 3.2 4.6 4.9 4.9
Perufarma SA 0.0 0.0 0.0 0.0 0.0
Vigo Group SAC - - 0.0 0.0 0.0
Embotelladora Don Jorge SA - - - - -
Corp Lindley SA - - - - -
Others 10.2 9.0 4.2 4.5 4.7
Total 100.0 100.0 100.0 100.0 100.0
Table 12 LBN Brand Shares of Off-trade Carbonates: % Volume 2020-2023
% off-trade volume
Brand (GBO) Company (NBO) 2020 2021 2022 2023
Inca Kola (Coca-Cola Arca Continental Lindley SA 26.2 27.6 25.9 26.3
Co, The)
Coca-Cola (Coca-Cola Arca Continental Lindley SA 21.6 23.8 23.4 23.7
Co, The)
Kola Real Industrias San Miguel 11.5 11.7 12.6 12.1
Guaraná Backus Unión de Cervecerías 8.1 8.2 8.3 8.0
(Anheuser-Busch InBev Peruanas Backus &
NV) Johnston SAA
Pepsi (PepsiCo Inc) CBC Peruana SAC 6.1 5.8 6.0 6.0
Fanta (Coca-Cola Co, Arca Continental Lindley SA 3.8 4.1 4.0 4.0
The)
Big (Aje Group) Ajeper SA 1.5 2.7 3.0 3.0
Inca Kola Sin Azúcar Arca Continental Lindley SA 2.1 2.3 2.7 2.7
(Coca-Cola Co, The)
Coca-Cola Sin Azúcar Arca Continental Lindley SA 1.7 1.7 2.3 2.3
(Coca-Cola Co, The)
Oro (Aje Group) Ajeper SA 0.8 1.9 2.0 1.9
Sprite (Coca-Cola Co, Arca Continental Lindley SA 1.8 1.7 1.5 1.5
The)
7-Up (PepsiCo Inc) CBC Peruana SAC 2.0 1.8 1.4 1.4
Pepsi Black (PepsiCo CBC Peruana SAC - 0.8 0.6 0.6
Inc)
Evervess (PepsiCo Inc) CBC Peruana SAC 0.4 0.4 0.3 0.3
Guaraná Backus Light Unión de Cervecerías 0.3 0.3 0.3 0.3
NV) Johnston SAA
Triple Kola (PepsiCo CBC Peruana SAC 0.3 0.3 0.3 0.3
Inc)
Crush (Keurig Dr Arca Continental Lindley SA 0.4 0.3 0.3 0.3
Pepper Inc)
Schweppes (Coca-Cola Arca Continental Lindley SA 0.2 0.2 0.2 0.2
Co, The)
Concordia (PepsiCo Inc) CBC Peruana SAC 0.2 0.2 0.2 0.2
Viva Backus (Anheuser- Unión de Cervecerías 0.2 0.2 0.2 0.2
Busch InBev NV) Peruanas Backus &
Johnston SAA
Britvic (Britvic Plc) Perufarma SA 0.0 0.0 0.0 0.0
Mr Perkins Vigo Group SAC - 0.0 0.0 0.0
Isaac Kola (Aje Group) Ajeper SA 1.0 - - -
Pepsi Light (PepsiCo CBC Peruana SAC 0.8 - - -
Inc)
Fanta Zero (Coca-Cola Arca Continental Lindley SA 0.0 - - -
Co, The)
Crush (Dr Pepper Arca Continental Lindley SA - - - -
Snapple Group Inc)
Coca-Cola (Coca-Cola Corp Lindley SA - - - -
Co, The)
Coca-Cola Zero Sugar Corp Lindley SA - - - -
(Coca-Cola Co, The)
Crush (Dr Pepper Corp Lindley SA - - - -
Snapple Group Inc)
Fanta (Coca-Cola Co, Corp Lindley SA - - - -
The)
Others Others 9.0 4.2 4.5 4.7
Total Total 100.0 100.0 100.0 100.0

Table 13 NBO Company Shares of Off-trade Carbonates: % Value 2019-2023
% off-trade value rsp

Company 2019 2020 2021 2022 2023
Arca Continental Lindley SA 47.2 43.7 68.9 70.2 70.2

CBC Peruana SAC 9.3 8.2 7.8 7.7 8.2
Industrias San Miguel 9.0 8.2 7.2 7.2 6.7
Unión de Cervecerías 1.2 1.1 5.6 5.6 6.3
Peruanas Backus &
Johnston SAA
Ajeper SA 2.3 2.2 3.3 3.3 3.3
Perufarma SA 0.2 0.2 0.1 0.3 0.3
Vigo Group SAC - - 0.1 0.1 0.2
Embotelladora Don Jorge SA - - - - -
Corp Lindley SA - - - - -
Others 30.9 36.4 6.9 5.5 4.8
Total 100.0 100.0 100.0 100.0 100.0
Table 14 LBN Brand Shares of Off-trade Carbonates: % Value 2020-2023
% off-trade value rsp

Brand (GBO) Company (NBO) 2020 2021 2022 2023
Inca Kola (Coca-Cola Arca Continental Lindley SA 15.3 36.1 33.2 31.0
Co, The)
Coca-Cola (Coca-Cola Arca Continental Lindley SA 16.7 22.2 25.8 27.9
Co, The)
Kola Real Industrias San Miguel 8.2 7.2 7.2 6.7
Pepsi (PepsiCo Inc) CBC Peruana SAC 5.1 5.5 5.7 6.1
Guaraná Backus Unión de Cervecerías 0.8 5.3 5.2 5.9
NV) Johnston SAA
Inca Kola Sin Azúcar Arca Continental Lindley SA 2.6 2.7 3.1 3.4
(Coca-Cola Co, The)
Fanta (Coca-Cola Co, Arca Continental Lindley SA 4.2 3.7 3.6 3.2
The)
Coca-Cola Sin Azúcar Arca Continental Lindley SA 1.9 2.2 2.7 2.8
(Coca-Cola Co, The)
Big (Aje Group) Ajeper SA 1.1 2.0 2.0 1.9
Sprite (Coca-Cola Co, Arca Continental Lindley SA 2.3 1.6 1.4 1.5
The)
Oro (Aje Group) Ajeper SA 0.4 1.4 1.3 1.4
7-Up (PepsiCo Inc) CBC Peruana SAC 1.4 1.1 0.9 0.9
Evervess (PepsiCo Inc) CBC Peruana SAC 0.4 0.3 0.4 0.5
Pepsi Black (PepsiCo CBC Peruana SAC - 0.6 0.4 0.4
Inc)
Britvic (Britvic Plc) Perufarma SA 0.2 0.1 0.3 0.3
Guaraná Backus Light Unión de Cervecerías 0.1 0.3 0.3 0.3
NV) Johnston SAA
Schweppes (Coca-Cola Arca Continental Lindley SA 0.5 0.2 0.2 0.2

Co, The)
Mr Perkins Vigo Group SAC - 0.1 0.1 0.2
Crush (Keurig Dr Arca Continental Lindley SA 0.2 0.2 0.2 0.2
Pepper Inc)
Triple Kola (PepsiCo CBC Peruana SAC 0.3 0.2 0.2 0.2
Inc)
Concordia (PepsiCo Inc) CBC Peruana SAC 0.1 0.1 0.1 0.1
Viva Backus (Anheuser- Unión de Cervecerías 0.1 0.1 0.1 0.1
Busch InBev NV) Peruanas Backus &
Johnston SAA
Pepsi Light (PepsiCo CBC Peruana SAC 0.9 - - -
Inc)
Isaac Kola (Aje Group) Ajeper SA 0.6 - - -
Fanta Zero (Coca-Cola Arca Continental Lindley SA 0.0 - - -
Co, The)
Crush (Dr Pepper Arca Continental Lindley SA - - - -
Snapple Group Inc)
Coca-Cola (Coca-Cola Corp Lindley SA - - - -
Co, The)
Coca-Cola Zero Sugar Corp Lindley SA - - - -
(Coca-Cola Co, The)
Crush (Dr Pepper Corp Lindley SA - - - -
Snapple Group Inc)
Fanta (Coca-Cola Co, Corp Lindley SA - - - -
The)
Others Others 36.4 6.9 5.6 4.8
Total Total 100.0 100.0 100.0 100.0
Table 15 Forecast Off-trade Sales of Carbonates by Category: Volume 2023-2028
million litres
2023 2024 2025 2026 2027 2028

Carbonates
Cola Carbonates
- Regular Non-Cola 829.3 839.3 836.5 832.5 829.6 827.0
Carbonates
Other Bitters
Cola Carbonates 879.6 915.0 938.6 960.8 981.4 1,000.8
- Regular Cola Carbonates 826.4 862.3 885.0 906.3 925.8 944.1
Non-Cola Carbonates 884.2 894.4 892.3 889.1 887.0 885.2
- Lemonade/Lime 59.5 60.1 60.7 61.3 62.0 63.0
- Other Non-Cola 758.5 767.7 764.5 760.0 756.6 753.1
Carbonates
Carbonates 1,763.8 1,809.5 1,830.9 1,849.9 1,868.4 1,886.0
Source: Euromonitor International from trade associations, trade press, company research, trade interviews,
trade sources
Table 16 Forecast Off-trade Sales of Carbonates by Category: Value 2023-2028
PEN million
2023 2024 2025 2026 2027 2028

Carbonates
Cola Carbonates
- Regular Non-Cola 2,741.4 2,796.6 2,827.6 2,857.3 2,886.2 2,914.8
Carbonates
Other Bitters
Cola Carbonates 2,732.6 2,909.7 3,027.8 3,144.1 3,257.2 3,367.6
- Regular Cola Carbonates 2,533.2 2,672.5 2,783.7 2,893.9 3,000.3 3,104.0
Non-Cola Carbonates 2,960.9 3,040.5 3,075.6 3,109.8 3,145.4 3,180.2
- Lemonade/Lime 163.6 166.4 170.7 175.4 180.0 185.6
- Other Non-Cola 2,575.8 2,638.4 2,662.2 2,684.1 2,707.5 2,729.1
Carbonates
Carbonates 5,693.5 5,950.2 6,103.4 6,254.0 6,402.7 6,547.9
trade sources
Table 17 Forecast Off-trade Sales of Carbonates by Category: % Volume Growth 2023-

2028
% volume growth
2023/24 2023-28 CAGR 2023/28 Total
- Reduced Sugar Cola Carbonates -0.8 1.3 6.7

Reduced Sugar Carbonates -0.1 1.2 6.4
- Regular Non-Cola Carbonates 1.2 -0.1 -0.3
- Lemonade/Lime 1.0 1.2 5.9
- Orange Carbonates 0.7 0.7 3.6
- Other Non-Cola Carbonates 1.2 -0.1 -0.7
trade sources
Table 18 Forecast Off-trade Sales of Carbonates by Category: % Value Growth 2023-

2028
% constant value growth

2023/2024 2023-28 CAGR 2023/28 Total


- Regular Non-Cola Carbonates 2.0 1.2 6.3
- Lemonade/Lime 1.7 2.6 13.5
- Orange Carbonates 2.2 2.7 14.0
- Other Non-Cola Carbonates 2.4 1.2 6.0
trade sources
Table 19 Forecast Total Sales of Carbonates by Fountain On-trade: Volume 2023-2028
million litres
2023 2024 2025 2026 2027 2028
Total Fountain On-trade 17.3 17.4 17.6 17.8 17.9 18.0

trade sources
Table 20 Forecast Total Sales of Carbonates by Fountain On-trade: % Volume Growth

2023-2028
% fountain volume growth

2023/24 2023-28 CAGR 2023/28 Total
Total Fountain On-trade 0.6 0.9 4.4

trade sources

Carbonates in Peru

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Carbonates in Peru

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Carbonates in Peru

LIST OF CONTENTS AND TABLES

Carbonates on the rise but constrained by social and economic context

Colas and other non-colas remain the primary preferences

Sugar-free is yet to emerge as a significant differentiator

PROSPECTS AND OPPORTUNITIES

Anticipated competition intensification in the short term

Cocktail trend driving novel flavours

Mixers expected to continue leading growth

Off-trade 1,752.3 1,689.6 1,486.5 1,620.3 1,681.9 1,763.8

Table 2 Off-trade vs On-trade Sales of Carbonates: Value 2018-2023

Off-trade 4,703.0 4,667.9 4,266.0 4,402.8 4,891.7 5,693.5

Table 3 Off-trade vs On-trade Sales of Carbonates: % Volume Growth 2018-2023

Off-trade 4.9 0.1 0.7

Table 4 Off-trade vs On-trade Sales of Carbonates: % Value Growth 2018-2023

% current value growth

Off-trade 16.4 3.9 21.1

Table 5 Off-trade Sales of Carbonates by Category: Volume 2018-2023

- Reduced Sugar Cola 40.4 47.4 39.3 43.2 50.0 53.2

Table 6 Off-trade Sales of Carbonates by Category: Value 2018-2023

- Reduced Sugar Cola 159.7 190.0 167.0 161.3 197.8 199.4

Table 7 Off-trade Sales of Carbonates by Category: % Volume Growth 2018-2023

- Reduced Sugar Cola Carbonates 6.4 5.6 31.6

Table 8 Off-trade Sales of Carbonates by Category: % Value Growth 2018-2023

% current value growth

- Reduced Sugar Cola Carbonates 0.8 4.5 24.9

- Reduced Sugar Non-Cola Carbonates 28.6 13.1 84.9

Table 9 Total Sales of Carbonates by Fountain On-trade: Volume 2018-2023

Total Fountain On-trade 18.1 18.8 14.6 12.9 14.3 17.3

Table 10 Total Sales of Carbonates by Fountain On-trade: % Volume Growth 2018-2023

% fountain volume growth

Total Fountain On-trade 21.2 -0.9 -4.6

Table 11 NBO Company Shares of Off-trade Carbonates: % Volume 2019-2023

Arca Continental Lindley SA 54.5 57.8 61.6 60.3 61.0

Table 12 LBN Brand Shares of Off-trade Carbonates: % Volume 2020-2023

Total Total 100.0 100.0 100.0 100.0

Table 13 NBO Company Shares of Off-trade Carbonates: % Value 2019-2023

% off-trade value rsp

Arca Continental Lindley SA 47.2 43.7 68.9 70.2 70.2

Table 14 LBN Brand Shares of Off-trade Carbonates: % Value 2020-2023

% off-trade value rsp

Schweppes (Coca-Cola Arca Continental Lindley SA 0.5 0.2 0.2 0.2

Table 15 Forecast Off-trade Sales of Carbonates by Category: Volume 2023-2028

- Reduced Sugar Cola 53.2 52.8 53.5 54.5 55.6 56.8

Table 16 Forecast Off-trade Sales of Carbonates by Category: Value 2023-2028

- Reduced Sugar Cola 199.4 237.2 244.1 250.3 256.9 263.7

Table 17 Forecast Off-trade Sales of Carbonates by Category: % Volume Growth 2023-

- Reduced Sugar Cola Carbonates -0.8 1.3 6.7

Table 18 Forecast Off-trade Sales of Carbonates by Category: % Value Growth 2023-

% constant value growth

- Reduced Sugar Cola Carbonates 18.9 5.7 32.2

Regular Carbonates 3.7 2.7 14.1

Table 19 Forecast Total Sales of Carbonates by Fountain On-trade: Volume 2023-2028

Total Fountain On-trade 17.3 17.4 17.6 17.8 17.9 18.0

Table 20 Forecast Total Sales of Carbonates by Fountain On-trade: % Volume Growth

% fountain volume growth

Total Fountain On-trade 0.6 0.9 4.4

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