Hard Seltzer - Montenegro

The Hard Seltzer market in Montenegro has been experiencing significant growth in recent years.

Customer preferences: Montenegrin consumers have shown a growing preference for healthier beverage options, leading to an increased demand for Hard Seltzers. The low-calorie and low-sugar content of Hard Seltzers appeal to health-conscious individuals who are looking for refreshing alternatives to traditional alcoholic beverages. Additionally, the wide range of flavors offered by Hard Seltzer brands caters to the diverse taste preferences of consumers in Montenegro.

Trends in the market: One of the key trends in the Hard Seltzer market in Montenegro is the rise of local craft brands. These local brands have been able to capture the attention of consumers by offering unique and innovative flavors that reflect the local culture and ingredients. This trend has created a sense of pride among Montenegrin consumers, who are keen to support local businesses and products. Another trend in the market is the increasing popularity of Hard Seltzers among the younger demographic. The millennial and Gen Z consumers in Montenegro are more open to trying new and trendy beverages, and Hard Seltzers have quickly gained traction among this group. The social media presence of Hard Seltzer brands and their influencer marketing strategies have also contributed to the popularity of these beverages among the younger generation.

Local special circumstances: Montenegro's tourism industry plays a significant role in the growth of the Hard Seltzer market. The country attracts a large number of international tourists, especially during the summer months. Hard Seltzers are seen as a refreshing and light option for tourists who want to enjoy a drink by the beach or at outdoor events. The presence of Hard Seltzers in bars, restaurants, and hotels catering to tourists has further contributed to their popularity in Montenegro.

Underlying macroeconomic factors: The growing economy of Montenegro has also played a role in the development of the Hard Seltzer market. As disposable incomes increase, consumers are willing to spend more on premium and niche products such as Hard Seltzers. The rising middle class in Montenegro has become more open to exploring new and trendy beverages, leading to an increase in the demand for Hard Seltzers. In conclusion, the Hard Seltzer market in Montenegro is experiencing growth due to the preferences of health-conscious consumers, the rise of local craft brands, the popularity among the younger demographic, the influence of the tourism industry, and the growing economy. These factors have created a favorable environment for the development and expansion of the Hard Seltzer market in Montenegro.

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.