Cider, Perry & Rice Wine - Nicaragua

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

Customer preferences: Nicaraguans have shown a growing interest in alternative alcoholic beverages, such as cider, perry, and rice wine. This can be attributed to several factors. Firstly, there is a trend towards healthier lifestyles and a desire for more natural and organic products. Cider, perry, and rice wine are often perceived as being more natural and less processed than other alcoholic beverages. Additionally, these drinks offer a unique and diverse flavor profile, appealing to consumers who are looking for something different from traditional alcoholic beverages.

Trends in the market: One of the key trends in the Cider, Perry & Rice Wine market in Nicaragua is the increasing availability and variety of products. As consumer demand for these beverages grows, more companies are entering the market and offering a wider range of options. This includes both domestic and international brands, providing consumers with a greater choice when it comes to selecting their preferred cider, perry, or rice wine. Another trend in the market is the rising popularity of craft and artisanal products. Nicaraguans are increasingly seeking out locally produced beverages that offer unique flavors and high-quality ingredients. This trend aligns with the global movement towards supporting local businesses and promoting sustainability.

Local special circumstances: Nicaragua's tropical climate and fertile soil provide ideal conditions for growing the fruits and grains used in cider, perry, and rice wine production. This has led to a thriving agricultural sector, with local farmers cultivating a wide variety of fruits and grains specifically for the production of these beverages. The abundance of fresh and high-quality ingredients contributes to the overall quality and taste of Nicaraguan cider, perry, and rice wine.

Underlying macroeconomic factors: Nicaragua's growing economy and increasing disposable income levels have also played a role in the development of the Cider, Perry & Rice Wine market. As consumers have more money to spend, they are more likely to experiment with different types of alcoholic beverages and explore new flavors. Additionally, the tourism industry in Nicaragua has been growing steadily, attracting visitors from around the world who are interested in experiencing the country's unique culture and cuisine. This has created a demand for local products, including cider, perry, and rice wine, which are often seen as an authentic representation of Nicaraguan traditions and flavors. In conclusion, the Cider, Perry & Rice Wine market in Nicaragua is experiencing growth due to changing customer preferences, increasing availability and variety of products, local special circumstances, and underlying macroeconomic factors. As consumers continue to seek out alternative alcoholic beverages and support local businesses, the market for cider, perry, and rice wine in Nicaragua is expected to continue to expand in the coming years.

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.