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Key regions: Worldwide, United States, Russia, United Kingdom, India
The Alcoholic Drinks market in Bosnia and Herzegovina is experiencing steady growth due to changing customer preferences and favorable local circumstances.
Customer preferences: Bosnia and Herzegovina has a long-standing tradition of consuming alcoholic beverages, and this cultural preference continues to influence the market. The majority of consumers in the country prefer traditional drinks such as rakija, a fruit brandy, and wine. However, there is also a growing demand for international spirits and beers, particularly among the younger population. This shift in preferences can be attributed to increased exposure to global trends and a desire for new and innovative flavors.
Trends in the market: One of the key trends in the Alcoholic Drinks market in Bosnia and Herzegovina is the rise in craft beer consumption. Craft breweries have gained popularity in recent years, offering a wide range of unique and high-quality beers. This trend is driven by the younger generation's interest in exploring new flavors and supporting local businesses. Additionally, the growing tourism industry in the country has contributed to the demand for craft beers, as visitors seek to experience the local culture and taste authentic products. Another trend in the market is the increasing popularity of premium and imported spirits. As disposable incomes rise and consumers become more sophisticated in their tastes, there is a growing demand for high-end spirits such as whiskey, vodka, and gin. This trend is driven by the perception that premium spirits offer superior quality and a more refined drinking experience. The availability of a wide range of imported spirits in local bars and restaurants has also contributed to their popularity.
Local special circumstances: Bosnia and Herzegovina has a unique market landscape due to its complex political structure and diverse ethnic makeup. This has led to a fragmented market with regional variations in consumer preferences. For example, in the predominantly Bosniak regions, there is a higher demand for non-alcoholic beverages due to religious and cultural reasons. On the other hand, in the predominantly Croat and Serb regions, alcoholic drinks are more widely consumed. This diversity presents both challenges and opportunities for market players, who must tailor their products and marketing strategies to cater to the specific preferences of each region.
Underlying macroeconomic factors: The Alcoholic Drinks market in Bosnia and Herzegovina is influenced by various macroeconomic factors. The country has experienced steady economic growth in recent years, which has led to an increase in disposable incomes and consumer spending. This has positively impacted the demand for alcoholic beverages, as consumers have more purchasing power to indulge in their preferred drinks. Additionally, the growing tourism industry has also contributed to the market's growth, as tourists often seek to experience the local cuisine and beverages. In conclusion, the Alcoholic Drinks market in Bosnia and Herzegovina is witnessing growth due to changing customer preferences, including the rise in craft beer consumption and the demand for premium and imported spirits. The market is also shaped by local special circumstances, such as regional variations in consumer preferences. Furthermore, underlying macroeconomic factors, such as steady economic growth and a thriving tourism industry, are driving 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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)