Alcoholic Drinks - Burkina Faso

The Alcoholic Drinks market in Burkina Faso has seen significant growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances. Customer preferences in Burkina Faso have shifted towards the consumption of alcoholic drinks, with an increasing demand for a variety of options. Consumers are now more open to trying new and different types of alcoholic beverages, including spirits, wine, and beer. This change in preferences can be attributed to the increasing urbanization and westernization of the country, as well as the influence of international travel and exposure to different cultures. Trends in the market show a growing interest in premium and craft alcoholic drinks. Consumers are willing to pay a higher price for products that are considered to be of higher quality or have unique characteristics. This trend is driven by a desire for more sophisticated and refined drinking experiences, as well as a growing middle class with increased disposable income. Additionally, there is a rising demand for locally produced alcoholic beverages, as consumers seek to support domestic industries and promote national pride. Local special circumstances also play a role in the development of the Alcoholic Drinks market in Burkina Faso. The country has a young and growing population, with a significant portion of the population being of legal drinking age. This demographic factor contributes to the increasing demand for alcoholic beverages, as young adults seek to explore and experiment with different options. Furthermore, Burkina Faso has a rich cultural heritage and tradition of brewing and distilling, which adds to the appeal of locally produced alcoholic drinks. Underlying macroeconomic factors also contribute to the growth of the Alcoholic Drinks market in Burkina Faso. The country has experienced steady economic growth in recent years, leading to an increase in disposable income and purchasing power. This allows consumers to spend more on discretionary items such as alcoholic beverages. Additionally, the government has implemented policies to promote the production and consumption of locally made products, which has further stimulated the market. In conclusion, the Alcoholic Drinks market in Burkina Faso is developing as a result of changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The increasing demand for a variety of alcoholic beverages, including premium and craft options, is driving growth in the market. The young population, cultural heritage, and economic growth of the country also contribute to the expansion of the market.

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.