Uruguay has experienced a notably stable economic performance, maintaining resilience despite the persistent economic crises in neighbouring Argentina. The Uruguayan economy posted positive growth in 2023, reflecting its ability to weather external economic shocks effectively.
The hot drinks industry in Uruguay has undergone substantial changes in recent years, particularly following the severe droughts that compromised the quality of tap water in major cities such as Montevideo, Canelones, and San José. During this period, starting in March 2023, tap water contained sodium levels as high as 400mg, making it unsuitable for human consumption until the issue was resolved by September 2023.
Canarias SA and Nestlé del Uruguay SA remain the leading players in hot drinks in 2024. Canarias dominates the sector, commanding nearly one-third of off-trade retail value sales, primarily through its extensive yerba mate portfolio.
The retail landscape in Uruguay has undergone significant transformation, with market concentration increasing in recent years. Falter SRL, the owner of Tienda Inglesa, has expanded aggressively, acquiring local supermarket chains and traditional outlets, thereby solidifying its presence in Montevideo and other regions.
On-premise consumption of hot drinks has seen substantial recovery since 2021-2022, reaching pre-pandemic levels by the end of 2022. However, Uruguay’s strong monetary policies have kept the country relatively expensive for tourists, particularly those from Argentina.
As Uruguay’s economy is projected to grow by 3.5% in 2024, improvements in consumer purchasing power, particularly among middle- and high-income households, are expected to drive demand for hot drinks.
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Hot Drinks
This report originates from Passport, our Hot Drinks research and analysis database.
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