Cider, Perry & Rice Wine - Cyprus

The Cider, Perry & Rice Wine market in Cyprus has been experiencing significant growth in recent years.

Customer preferences: The growing popularity of cider, perry, and rice wine in Cyprus can be attributed to changing customer preferences. Consumers are increasingly seeking alternatives to traditional alcoholic beverages such as beer and wine. Cider, perry, and rice wine offer a unique and refreshing taste, making them an attractive choice for many consumers. Additionally, these beverages are often perceived as healthier options due to their lower alcohol content and use of natural ingredients.

Trends in the market: One of the key trends in the Cider, Perry & Rice Wine market in Cyprus is the increasing demand for craft and artisanal products. Consumers are becoming more interested in unique and high-quality beverages, and this trend is reflected in the growing number of craft cider, perry, and rice wine producers in the country. These small-scale producers often focus on using locally sourced ingredients and traditional production methods, which adds to the appeal of their products. Another trend in the market is the rise of flavored cider, perry, and rice wine. Manufacturers are introducing a variety of flavors, such as apple, pear, and various fruit infusions, to cater to the diverse tastes of consumers. This innovation has helped to attract new customers and expand the market for these beverages.

Local special circumstances: Cyprus has a rich history of fruit cultivation, particularly apples and pears. This abundance of fresh produce provides a favorable environment for the production of cider and perry. Local producers are able to source high-quality ingredients locally, resulting in a product that is both authentic and sustainable. Additionally, the Mediterranean climate in Cyprus is well-suited for the cultivation of rice, which has led to the emergence of rice wine production in the country.

Underlying macroeconomic factors: The growth of the Cider, Perry & Rice Wine market in Cyprus can also be attributed to broader macroeconomic factors. The country has experienced a steady increase in tourism in recent years, with visitors from around the world seeking to explore its rich cultural heritage and picturesque landscapes. This influx of tourists has created a demand for unique and local products, including cider, perry, and rice wine. Furthermore, the government has implemented policies to support the development of the local food and beverage industry, which has contributed to the growth of the market. In conclusion, the Cider, Perry & Rice Wine market in Cyprus is experiencing growth due to changing customer preferences, including a desire for alternative and healthier alcoholic beverages. The market is also influenced by trends such as the demand for craft and artisanal products, as well as flavored options. Local special circumstances, such as the abundance of fruit and favorable climate, have further contributed to the development of the market. Overall, the growth of the market can be attributed to a combination of customer preferences, market trends, and macroeconomic factors.

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.