Alcoholic Drinks - Cyprus

The Alcoholic Drinks market in Cyprus has been experiencing significant growth in recent years. Customer preferences have shifted towards premium and craft beverages, and there has been an increased demand for locally produced products. Additionally, the market has been influenced by local special circumstances such as cultural traditions and tourism. These trends can be attributed to underlying macroeconomic factors such as rising disposable incomes and changing consumer lifestyles. Customer preferences in the Alcoholic Drinks market in Cyprus have evolved over time. Consumers are increasingly seeking high-quality and unique products, leading to a growing demand for premium and craft beverages. This trend can be seen in the rising popularity of locally produced wines, craft beers, and artisanal spirits. Customers are willing to pay a premium for these products as they value the craftsmanship and authenticity that they offer. Furthermore, there is a growing interest in organic and natural alcoholic drinks, reflecting a broader consumer trend towards healthier and more sustainable choices. The market has also been influenced by local special circumstances. Cyprus has a rich wine-making tradition dating back thousands of years, and wine production remains an important part of the country's cultural heritage. Local wineries take pride in producing high-quality wines, and there is a strong demand for Cypriot wines both domestically and internationally. Additionally, Cyprus is a popular tourist destination, attracting visitors from around the world. Tourists often seek out local alcoholic beverages as a way to experience the culture and flavors of the country. This has created opportunities for local producers to showcase their products and expand their customer base. Underlying macroeconomic factors have played a role in driving the growth of the Alcoholic Drinks market in Cyprus. The country's economy has been recovering from the financial crisis, leading to rising disposable incomes and increased consumer spending. As a result, consumers have more purchasing power and are willing to spend on premium and craft beverages. Additionally, changing consumer lifestyles have contributed to the demand for alcoholic drinks. Socializing and dining out are popular activities in Cyprus, and alcoholic beverages are often consumed during these occasions. The market has also benefited from the growing popularity of online shopping, which has made it easier for consumers to access a wide range of alcoholic drinks and discover new products. In conclusion, the Alcoholic Drinks market in Cyprus is experiencing growth due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. Customers are seeking premium and craft beverages, and there is a strong demand for locally produced products. Cultural traditions and tourism have also influenced the market, while rising disposable incomes and changing consumer lifestyles have contributed to its growth. The future of the market looks promising, as consumers continue to value high-quality and unique alcoholic drinks.

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.