Beer - Cyprus

The Beer market in Cyprus has been experiencing steady growth over the past few years. This can be attributed to the changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Beer market in Cyprus have been evolving. Consumers are becoming more interested in craft beers and are willing to pay a premium for unique and high-quality products. This shift in preference can be seen as a response to the global trend of consumers seeking more diverse and artisanal options in the beverage industry. Additionally, there is a growing demand for low-alcohol and non-alcoholic beers, driven by health-conscious consumers who still want to enjoy the taste of beer without the negative effects of alcohol. Trends in the Beer market in Cyprus reflect global and regional developments. One significant trend is the rise of microbreweries and brewpubs. These establishments offer consumers a unique and personalized beer experience, often producing small batches of specialty beers. This trend aligns with the increasing demand for craft beers and the desire for local and authentic products. Another trend is the growing popularity of beer festivals and events, which provide a platform for breweries to showcase their products and engage with consumers. These events contribute to the overall growth and visibility of the Beer market in Cyprus. Local special circumstances also play a role in the development of the Beer market in Cyprus. The country's warm climate and tourism industry create a favorable environment for the consumption of beer. Beer is often associated with leisure activities, socializing, and outdoor events, making it a popular choice among locals and tourists alike. Additionally, the cultural significance of beer in Cyprus, where it is often enjoyed during traditional celebrations and gatherings, further contributes to its demand. Underlying macroeconomic factors have also influenced the growth of the Beer market in Cyprus. The country's stable economy and increasing disposable income have allowed consumers to spend more on discretionary items such as beer. Furthermore, the government's efforts to promote tourism and attract foreign investment have resulted in an influx of visitors to the country, boosting the demand for beer. In conclusion, the Beer market in Cyprus is developing due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The shift towards craft beers, the rise of microbreweries and brewpubs, the popularity of beer festivals, and the country's warm climate and tourism industry all contribute to the growth of the market. Additionally, the stable economy and increasing disposable income of consumers, as well as the government's efforts to promote tourism, have further fueled the demand for beer in Cyprus.

Data coverage:
The data encompasses B2C enterprises. The at-home market covers retail sales via super- and hypermarkets, eCommerce, convenience stores, or similar sales channels. The out-of-home data encompasses all sales to hotels, restaurants, catering, cafés, bars, and similar hospitality service establishments. Combined numbers encompass both the at-home market and the out-of-home market. Both the at-home and the out-of-home market are valued at retail selling prices including all sales and consumption taxes.

Modeling approach:
Market sizes are determined through a Top-Down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending (e.g. consumer spending on alcoholic beverages, consumer spending at Hotels, Restaurants etc.), and price level index. This data helps us estimate the market size for each country individually.

Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Alcoholic Drinks market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level.