Beverage in Chile Follow the Money Report¶

Opportunities for Change¶

The Chilean beverage industry is witnessing several opportunities for change, driven by targeted investments across its value chain. These investments, originating from diverse sources including private equity, venture capital, strategic corporate allocations, and new business formations, are reshaping how beverages are produced, distributed, sold, and consumed. The primary areas receiving investment and fostering change include the rise of plant-based alternatives, innovation in startups and direct-to-consumer models, strategic upgrades by established players, the burgeoning low/no-alcohol and functional beverage segments, the expansion of craft production, and the enabling roles of e-commerce and co-packing services.

1. Expansion of Plant-Based and Alternative Beverages: A significant wave of investment is directed towards plant-based beverages, responding to evolving consumer preferences for health, wellness, and sustainability. Private equity firms like L Catterton have notably invested in Chilean companies such as NotCo, which specializes in plant-based products including milk alternatives. This type of investment fuels innovation and market penetration for alternatives to traditional dairy and other conventional beverages. * Impact on Value Chain: * Raw Material Supply: Increased demand for non-traditional inputs like oats, almonds, soy, and faba beans. * Production & Bottling: Development and scaling of specialized processing technologies and packaging solutions suitable for plant-based products. * Retail & Sales: Expansion of shelf space for plant-based options in mainstream retail and specialized stores. * Consumption: Shift in consumer choices towards plant-based alternatives, influencing overall market dynamics.

2. Investment in Innovative Beverage Startups and Direct-to-Consumer (DTC) Models: Venture capital is playing a crucial role in fostering innovation within the Chilean beverage sector. Chilean VC funds like Kayyak Ventures are actively investing in the beverage industry, including startups with direct-to-consumer (DTC) models, such as their investment in BioBrew. This indicates a growing interest in business models that bypass traditional retail channels and technologies that offer novel products or production methods. While not exclusively Chilean, the trend of corporate venture arms, like Sogrape Ventures, investing in disruptive beverage startups globally, also signals potential future influences. * Impact on Value Chain: * Production & Bottling: Introduction of novel brewing processes, unique product formulations, and potentially more agile production capabilities from startups. * Distribution: Development of optimized logistics for DTC operations, challenging traditional multi-layered distribution networks. * Retail & Sales: Growth of online sales platforms, subscription models, and new direct engagement strategies with consumers.

3. Strategic Investments in Technology, Efficiency, and Sustainability by Established Players: Major established beverage companies in Chile, including Embotelladora Coca-Cola Andina, Coca-Cola Embonor, and CCU, are making substantial strategic investments to enhance their operational capabilities and adapt to market changes. These investments focus on improving production efficiency, modernizing distribution and logistics, advancing water stewardship, implementing circular packaging initiatives, driving digitalization across operations, and innovating their product portfolios (e.g., low/no-sugar, LNA options). For instance, Embotelladora Andina has projected investments of US$240 million for 2025, highlighting the scale of this capital deployment. * Impact on Value Chain: * Production & Bottling: Increased automation, capacity, and flexibility in manufacturing processes. * Distribution: Improved fleet management, route optimization, and warehousing technologies leading to enhanced reach and cost-effectiveness. * Raw Material Supply: Potential influence on sourcing practices through scale, technology adoption, and sustainability requirements. * Packaging: Shift towards more sustainable packaging materials and designs, and investment in collection/recycling infrastructure. * Retail & Sales: Enhanced product availability, better merchandising support through data analytics, and expansion into growing channels like convenience and e-commerce.

4. Growth of Low/No-Alcohol (LNA) and Functional Beverages: Driven by increasing consumer consciousness around health, wellness, and mindful consumption, the LNA and functional beverage categories are attracting significant investment. This comes from both new, specialized companies entering the market to cater to these niche demands and from established players who are innovating and expanding their portfolios to include more LNA and functional options. * Impact on Value Chain: * Production & Bottling: Development of new formulations, ingredients, and production techniques for LNA products (e.g., dealcoholization) and functional beverages (e.g., fortification). * Retail & Sales: Increased shelf space and marketing focus on LNA and functional categories, catering to specific consumer needs. * Consumption: A clear shift in consumer preferences, with growing demand for beverages that offer health benefits or align with moderate alcohol consumption habits.

5. Expansion of the Craft Beverage Sector: The Chilean craft beer market, in particular, has seen substantial growth with over 400 independent breweries. While individual investments may be smaller compared to large corporations, the collective investment in establishing and scaling these microbreweries represents a significant trend. These craft producers are disrupting the market by offering product diversification, local appeal, and artisanal production methods. * Impact on Value Chain: * Production & Bottling: Increased fragmentation of production, with a focus on small-batch, diverse, and high-quality offerings. * Distribution: Emergence of specialized distribution channels catering to craft products or direct sales models. * Retail & Sales: Greater product variety in specialized retail outlets, bars, and restaurants, and a growing demand for craft options in mainstream channels.

6. Enablement through E-commerce and Quick Commerce Platforms: The rise of e-commerce and quick commerce platforms (e.g., Rappi, PedidosYa) is a major disruptive force that is also an area of investment itself. More importantly, these platforms act as enablers for new and smaller beverage brands, providing them with market access and direct routes to consumers without the need for extensive physical distribution networks. This facilitates investment into brand creation and product innovation by lowering barriers to market entry. * Impact on Value Chain: * Distribution: Creation of new, rapid last-mile delivery channels, altering traditional logistics. * Retail & Sales: Disruption of traditional retail models, increased consumer convenience, and new sales opportunities for a wider range of beverage producers.

7. Facilitation by Co-packing Services: The availability and utilization of co-packing services (e.g., Embotelladora Dos Banderas, Grupo Ur Garbia) are lowering the capital investment hurdles for new entrants in the beverage market. Aspiring brands can invest in product development, branding, and marketing, while outsourcing the manufacturing process. This trend allows for a more dynamic and innovative market landscape, as more players can bring their ideas to fruition. * Impact on Value Chain: * Production & Bottling: Increased accessibility to manufacturing capabilities for new and smaller brands, fostering innovation and speed to market without requiring heavy upfront investment in production facilities.

These interconnected investment trends highlight a Chilean beverage industry in transition, adapting to new consumer demands, technological possibilities, and competitive pressures, ultimately creating a more diverse and dynamic value chain.

Key Findings¶

The following table summarizes the key opportunities for change in the Chilean beverage value chain that are currently receiving investment, the nature of these investments, and their impact across the value chain:

Opportunity for Change	Type of Investment/Driver	Value Chain Stages Impacted
Plant-Based & Alternative Beverages	Private Equity (e.g., L Catterton), New Entrants (e.g., NotCo)	Raw Material Supply, Production & Bottling, Retail & Sales, Consumption
Innovative Beverage Startups & DTC Models	Venture Capital (e.g., Kayyak Ventures), Corporate VC (emerging trend)	Production & Bottling, Distribution, Retail & Sales
Technology, Efficiency & Sustainability by Majors	Strategic Corporate Investments (e.g., Embotelladora Andina, CCU)	Production & Bottling, Distribution, Raw Material Supply, Packaging
Low/No-Alcohol (LNA) & Functional Beverages	New Entrants, Strategic Corporate Portfolio Innovation	Production & Bottling, Retail & Sales, Consumption
Craft Beverage Sector (e.g., Beer)	New Business Formations (Independent Breweries)	Production & Bottling, Distribution, Retail & Sales
E-commerce & Quick Commerce Enablement	Platform Investments, New Brand Leverage	Distribution, Retail & Sales
Co-packing Services Facilitation	New Brand Leverage of Third-Party Services	Production & Bottling (for new entrants)

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