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Key regions: Singapore, Australia, China, Philippines, United Kingdom
The Beer market in Zimbabwe has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.
Customer preferences: Zimbabwean consumers have shown a growing preference for beer as their alcoholic beverage of choice. This can be attributed to several factors, including the affordability and accessibility of beer compared to other alcoholic beverages. Additionally, the cultural significance of beer in Zimbabwean society plays a role in shaping customer preferences. Beer is often consumed during social gatherings and celebrations, making it an integral part of the country's social fabric.
Trends in the market: One notable trend in the Zimbabwean beer market is the increasing demand for craft beer. Craft breweries have emerged in response to consumers seeking unique and high-quality beer options. These breweries often focus on using locally sourced ingredients and traditional brewing methods, appealing to consumers looking for a more artisanal and authentic experience. This trend reflects a global movement towards craft beer, as consumers become more interested in supporting local businesses and exploring new flavors. Another trend in the market is the rise of low-alcohol and non-alcoholic beer options. Health-conscious consumers are seeking alternatives to traditional beer that offer lower calorie and alcohol content. This trend is driven by a growing awareness of the negative health effects of excessive alcohol consumption and a desire for healthier lifestyle choices. Breweries have responded by introducing a variety of low-alcohol and non-alcoholic beer options to cater to this consumer demand.
Local special circumstances: Zimbabwe has faced significant economic challenges in recent years, including high inflation and currency instability. These circumstances have influenced the beer market in several ways. Firstly, the affordability of beer compared to other alcoholic beverages has made it a popular choice for consumers looking for value for money. Additionally, the local production of beer has been encouraged to reduce reliance on imported products, supporting local breweries and contributing to the country's economy.
Underlying macroeconomic factors: The development of the beer market in Zimbabwe is also influenced by underlying macroeconomic factors. Economic stability and growth can lead to increased consumer spending power, which in turn drives demand for beer. Government policies and regulations related to the alcohol industry, such as taxation and licensing, also impact the market. Additionally, changes in demographics, urbanization, and disposable income levels can shape consumer behavior and preferences in the beer market. In conclusion, the Beer market in Zimbabwe is experiencing growth due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The increasing demand for craft beer and low-alcohol/non-alcoholic beer options reflects evolving consumer preferences and global trends. The affordability and cultural significance of beer, coupled with economic challenges and government policies, contribute to the market's development.
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.
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