Cider, Perry & Rice Wine - Hong Kong

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

Customer preferences: In Hong Kong, there has been a growing interest in alternative alcoholic beverages, such as cider, perry, and rice wine. These products offer a unique taste profile and are often seen as a refreshing and lighter alternative to traditional wines and spirits. Additionally, the rising popularity of these beverages can be attributed to the increasing demand for gluten-free and low-alcohol options among consumers.

Trends in the market: One of the key trends in the Cider, Perry & Rice Wine market in Hong Kong is the introduction of a wide variety of flavors and styles. Manufacturers are constantly innovating and experimenting with different ingredients and production techniques to cater to the diverse tastes of consumers. This trend is driven by the desire to offer unique and differentiated products in a highly competitive market. Another trend in the market is the growing focus on premium and craft offerings. Consumers in Hong Kong are becoming more discerning and are willing to pay a premium for high-quality and artisanal products. This has led to the emergence of small-scale producers who are dedicated to producing small-batch, handcrafted ciders, perries, and rice wines. These products often emphasize quality, authenticity, and local sourcing, which resonates with consumers who value sustainability and supporting local businesses.

Local special circumstances: Hong Kong's unique cultural and culinary scene has also played a role in the development of the Cider, Perry & Rice Wine market. The city is known for its vibrant food culture, with a wide range of international cuisines available. Cider, perry, and rice wine pair well with a variety of dishes, making them a popular choice among consumers who enjoy exploring different flavor combinations. Additionally, the growing popularity of fusion cuisine, which combines elements of different culinary traditions, has created new opportunities for these beverages to be incorporated into innovative and exciting food and beverage offerings.

Underlying macroeconomic factors: The growth of the Cider, Perry & Rice Wine market in Hong Kong can also be attributed to several underlying macroeconomic factors. Hong Kong has a strong and stable economy, with a high level of disposable income among its population. This allows consumers to explore and experiment with different types of alcoholic beverages, including cider, perry, and rice wine. Additionally, the city's status as a major international financial hub and tourist destination has attracted a diverse range of expatriates and visitors, who bring with them their own preferences and demand for these products. In conclusion, the Cider, Perry & Rice Wine market in Hong Kong is experiencing growth due to changing customer preferences, including a desire for alternative alcoholic beverages and a focus on premium and craft offerings. The local cultural and culinary scene, as well as the city's strong economy and international status, are also contributing factors 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.