Alcoholic Drinks - Ivory Coast

The Alcoholic Drinks market in Ivory Coast is experiencing significant growth and development.

Customer preferences: Ivory Coast has a vibrant and diverse culture, and this is reflected in the preferences of its consumers when it comes to alcoholic drinks. The market is dominated by beer, which is the most popular alcoholic beverage in the country. However, there is also a growing demand for spirits, particularly whiskey and vodka. Wine consumption is relatively low compared to other alcoholic drinks, but it is steadily increasing as consumers become more exposed to international brands.

Trends in the market: One of the key trends in the Alcoholic Drinks market in Ivory Coast is the increasing demand for premium and imported brands. As the country's economy continues to grow, consumers are becoming more affluent and are willing to spend more on high-quality products. This trend is particularly evident in the spirits segment, where there is a growing preference for premium brands such as Johnnie Walker and Grey Goose. Another trend in the market is the rising popularity of craft beer. While mainstream beer brands still dominate the market, there is a growing number of local breweries that are producing artisanal and unique beers. These craft beers appeal to consumers who are looking for something different and are willing to pay a premium for quality and taste.

Local special circumstances: Ivory Coast has a large and young population, which presents a significant opportunity for the Alcoholic Drinks market. Young consumers are more open to trying new and different alcoholic beverages, and they are also more likely to spend on premium brands. Additionally, the country has a strong social drinking culture, with alcohol often being consumed during social gatherings and celebrations.

Underlying macroeconomic factors: The growth and development of the Alcoholic Drinks market in Ivory Coast can be attributed to several macroeconomic factors. The country has experienced steady economic growth in recent years, which has resulted in an increase in disposable income and consumer spending. Additionally, the government has implemented policies to attract foreign investment and promote entrepreneurship, which has led to the establishment of new breweries and distilleries in the country. In conclusion, the Alcoholic Drinks market in Ivory Coast is experiencing growth and development driven by changing customer preferences, including a demand for premium and imported brands, as well as the rising popularity of craft beer. The country's young population and strong social drinking culture also contribute to the market's growth. Furthermore, underlying macroeconomic factors such as economic growth and government policies have created a favorable environment for the Alcoholic Drinks market in Ivory Coast.

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.