Cider, Perry & Rice Wine - Singapore

The Cider, Perry & Rice Wine market in Singapore has been experiencing significant growth in recent years, driven by changing consumer preferences and a growing interest in alternative alcoholic beverages.

Customer preferences: In Singapore, there has been a shift in consumer preferences towards lighter and more refreshing alcoholic beverages, which has contributed to the rising popularity of cider, perry, and rice wine. These beverages offer a unique taste profile compared to traditional beers and wines, making them appealing to a wide range of consumers. Additionally, cider, perry, and rice wine are often perceived as healthier alternatives to other alcoholic drinks, as they are typically lower in alcohol content and contain natural ingredients.

Trends in the market: One of the key trends in the Cider, Perry & Rice Wine market in Singapore is the increasing variety of products available. Both local and international brands have been introducing new flavors and styles to cater to the diverse preferences of consumers. This has created a more vibrant and dynamic market, with options ranging from traditional apple cider to innovative fruit-infused varieties. Additionally, there has been a growing trend of pairing cider, perry, and rice wine with food, as consumers seek to enhance their dining experiences.

Local special circumstances: Singapore's multicultural society and its status as a global hub have played a significant role in shaping the Cider, Perry & Rice Wine market. The country's diverse population has brought with it a wide range of culinary influences, leading to a demand for unique and exotic flavors in alcoholic beverages. Additionally, Singapore's reputation as a food paradise has made it an attractive market for cider, perry, and rice wine producers looking to showcase their products alongside the city-state's renowned cuisine.

Underlying macroeconomic factors: The strong economic growth and increasing disposable income in Singapore have also contributed to the development of the Cider, Perry & Rice Wine market. As consumers have more purchasing power, they are willing to explore and experiment with different alcoholic beverages, including cider, perry, and rice wine. Furthermore, the government's efforts to promote tourism and the food and beverage industry have created a favorable environment for the growth of the market. With an emphasis on attracting international visitors and promoting local businesses, Singapore has become a thriving market for cider, perry, and rice wine producers.

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.