Alcoholic Drinks - Equatorial Guinea

The Alcoholic Drinks market in Equatorial Guinea is experiencing steady growth, driven by changing customer preferences, emerging trends, and local special circumstances. Customer preferences in Equatorial Guinea are shifting towards premium and high-quality alcoholic beverages. As the country's economy continues to grow, consumers are willing to spend more on luxury goods, including alcoholic drinks. This trend is supported by a growing middle class and an increase in disposable income. Equatorial Guinea's population is also becoming more urbanized, leading to a greater demand for convenience and ready-to-drink alcoholic beverages. Trends in the market include a growing interest in craft beers and spirits. Consumers are becoming more adventurous in their choices and are seeking unique and artisanal products. Craft beers, in particular, are gaining popularity due to their variety of flavors and the perception of being more authentic and locally produced. This trend is in line with the global rise of craft beer consumption. Additionally, there is an increasing demand for premium spirits, such as whiskey and gin, as consumers develop a taste for more sophisticated and refined drinks. Local special circumstances also contribute to the development of the Alcoholic Drinks market in Equatorial Guinea. The country's warm climate and vibrant nightlife culture create a conducive environment for the consumption of alcoholic beverages. Equatorial Guinea is known for its lively social scene, with bars and clubs being popular gathering places for locals and tourists alike. This social aspect drives the demand for alcoholic drinks and fuels the growth of the market. Underlying macroeconomic factors, such as economic growth and stability, also play a role in the development of the Alcoholic Drinks market in Equatorial Guinea. The country has experienced significant economic growth in recent years, driven by its oil and gas industry. This has led to an increase in disposable income and a rise in consumer spending. Additionally, the government's efforts to promote tourism and attract foreign investment have contributed to the growth of the hospitality sector, including the demand for alcoholic beverages. In conclusion, the Alcoholic Drinks market in Equatorial Guinea is developing due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As consumers become more affluent and adventurous, there is a growing demand for premium and craft alcoholic beverages. The country's warm climate and vibrant nightlife culture further drive the consumption of alcoholic drinks. Additionally, economic growth and stability support the overall development of the market.

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.