Alcoholic Drinks - Nordics

The Alcoholic Drinks market in Nordics has been experiencing steady growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances. Customer preferences in the Alcoholic Drinks market in Nordics have been shifting towards premium and craft products. Consumers are increasingly seeking high-quality and unique beverages, as they value the craftsmanship and authenticity behind these products. This trend is driven by a desire for a more personalized and elevated drinking experience. Additionally, there is a growing interest in healthier options, such as low-alcohol and non-alcoholic beverages, as consumers become more conscious of their health and wellness. Trends in the Alcoholic Drinks market in Nordics are heavily influenced by global and regional market dynamics. One key trend is the rise of microbreweries and craft beer. The Nordics have seen a surge in small-scale breweries and a growing demand for locally produced craft beers. This trend is fueled by the desire for unique flavors and a closer connection to the brewing process. Another trend is the increasing popularity of spirits, particularly gin and whiskey. Consumers are exploring different flavor profiles and enjoying the experience of discovering new and innovative spirits. Local special circumstances in the Alcoholic Drinks market in Nordics also contribute to its development. The region has a strong drinking culture, with alcohol playing a significant role in social gatherings and celebrations. This cultural aspect drives demand for a wide variety of alcoholic beverages, including traditional Nordic spirits like aquavit. Additionally, the Nordic countries have a high disposable income and a strong emphasis on quality and sustainability, which further supports the growth of the premium and craft segments in the market. Underlying macroeconomic factors have also played a role in the development of the Alcoholic Drinks market in Nordics. The region has experienced stable economic growth and a high standard of living, which has led to increased consumer spending on luxury and indulgent products. Furthermore, the Nordic countries have a well-developed retail infrastructure and a strong focus on e-commerce, facilitating the accessibility and availability of alcoholic beverages to consumers. Overall, the Alcoholic Drinks market in Nordics is evolving to meet changing customer preferences, driven by the demand for premium and craft products, emerging trends such as microbreweries and spirits, local special circumstances including the region's drinking culture and high disposable income, and underlying macroeconomic factors such as stable economic growth and a well-developed retail infrastructure.

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.