Hard Seltzer - Singapore

The Hard Seltzer market in Singapore is experiencing significant growth and development.

Customer preferences: Singaporean consumers are increasingly seeking healthier and lower-calorie beverage options, which has contributed to the rising popularity of Hard Seltzers. With a growing focus on wellness and health-consciousness, consumers are drawn to the low sugar and low-calorie content of Hard Seltzers compared to traditional alcoholic beverages. Additionally, the refreshing and light nature of Hard Seltzers appeals to consumers looking for a lighter alternative to beer or spirits.

Trends in the market: One of the key trends in the Hard Seltzer market in Singapore is the introduction of a wide variety of flavors. Manufacturers are constantly innovating and introducing new flavors to cater to the diverse preferences of consumers. This trend not only attracts existing consumers but also entices new consumers to try different flavors and brands. Moreover, the convenience factor of ready-to-drink cans has also contributed to the growth of the market, as it allows consumers to enjoy their favorite Hard Seltzers on-the-go or at social gatherings.

Local special circumstances: Singapore's tropical climate plays a significant role in the development of the Hard Seltzer market. The hot and humid weather creates a demand for refreshing and hydrating beverages, making Hard Seltzers an ideal choice for consumers looking to quench their thirst. Additionally, the growing trend of socializing and outdoor activities in Singapore further drives the demand for convenient and portable alcoholic beverages like Hard Seltzers.

Underlying macroeconomic factors: The growing affluence of the Singaporean population has contributed to the development of the Hard Seltzer market. As disposable incomes rise, consumers have more purchasing power to spend on premium and trendy alcoholic beverages. Additionally, the increasing urbanization and Western influence in Singapore have led to a shift in consumer preferences towards international beverage trends. This has created a favorable environment for the growth of the Hard Seltzer market, as it aligns with the global trend of healthier and low-calorie alcoholic options. In conclusion, the Hard Seltzer market in Singapore is witnessing significant growth and development due to consumer preferences for healthier and lower-calorie beverages, the introduction of a wide variety of flavors, the convenience factor of ready-to-drink cans, the tropical climate, and the underlying macroeconomic factors of growing affluence and Western influence. These factors combined create a favorable market environment for the continued expansion of the Hard Seltzer market in Singapore.

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.