Cider, Perry & Rice Wine - Equatorial Guinea

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

Customer preferences: Equatorial Guinea has a diverse population with different cultural and ethnic backgrounds. This diversity is reflected in the preferences of consumers in the Cider, Perry & Rice Wine market. While some consumers prefer traditional rice wine, others are more inclined towards cider and perry. The growing popularity of these beverages can be attributed to their unique flavors and the increasing influence of Western culture in the country.

Trends in the market: One of the key trends in the Cider, Perry & Rice Wine market in Equatorial Guinea is the rising demand for premium and craft products. Consumers are becoming more discerning and are willing to pay a premium for high-quality and unique beverages. This trend is driven by a growing middle class with higher disposable incomes and an increasing interest in exploring new and exotic flavors. In response to this trend, both local and international producers are introducing a wider range of premium and craft products in the market. Another trend in the market is the increasing focus on health and wellness. Consumers are becoming more conscious about their health and are seeking beverages that are natural and low in sugar. This has led to a growing demand for organic and low-alcohol options in the Cider, Perry & Rice Wine market. Producers are responding to this trend by introducing healthier alternatives that cater to the changing preferences of consumers.

Local special circumstances: Equatorial Guinea is a country with a rich cultural heritage, and this is reflected in the local production of traditional rice wine. Locally produced rice wine holds a special place in the hearts of consumers, as it is often associated with celebrations and special occasions. This cultural significance has contributed to the sustained demand for traditional rice wine in the market.

Underlying macroeconomic factors: The growth of the Cider, Perry & Rice Wine market in Equatorial Guinea can be attributed to several underlying macroeconomic factors. The country has experienced steady economic growth in recent years, which has led to an increase in disposable incomes. This has resulted in a higher level of consumer spending, including on alcoholic beverages. Additionally, the government has implemented policies to promote investment and entrepreneurship, which has attracted both local and international producers to the market. These factors have created a favorable business environment for the Cider, Perry & Rice Wine market to thrive in Equatorial Guinea.

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.