Beer - Equatorial Guinea

The Beer market in Equatorial Guinea has experienced significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Equatorial Guinea have shifted towards a greater demand for beer, as consumers increasingly choose it as their preferred alcoholic beverage. This can be attributed to factors such as the social acceptance of beer consumption, its affordability compared to other alcoholic beverages, and its refreshing taste. Additionally, the younger population in Equatorial Guinea has shown a growing interest in beer, contributing to the overall increase in demand. Trends in the market have also played a crucial role in the development of the Beer market in Equatorial Guinea. The introduction of new beer brands and flavors has attracted consumers and expanded the product range available in the market. This has not only provided consumers with more options but has also stimulated competition among beer manufacturers, leading to innovations and improvements in product quality. Local special circumstances have further contributed to the growth of the Beer market in Equatorial Guinea. The country's warm climate and cultural traditions, such as social gatherings and celebrations, create a favorable environment for beer consumption. Beer is often seen as a beverage that enhances social interactions and is commonly consumed during festive occasions. This cultural aspect has fueled the demand for beer and has made it an integral part of the local social fabric. Underlying macroeconomic factors have also played a significant role in the development of the Beer market in Equatorial Guinea. The country's economic growth and rising disposable incomes have led to an increase in consumer spending power. As a result, consumers are more willing and able to purchase beer, contributing to the overall growth of the market. Additionally, the expansion of the middle class in Equatorial Guinea has created a larger consumer base for beer, further driving market growth. In conclusion, the Beer market in Equatorial Guinea has experienced significant growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As consumer demand continues to rise and new opportunities emerge, the market is expected to further expand in the coming years.

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.