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Key regions: United States, United Kingdom, Worldwide, United Kingdom, Australia
The Spirits market in Bahrain has experienced significant growth in recent years, driven by changing customer preferences and local special circumstances.
Customer preferences: In Bahrain, customers have shown a growing preference for premium and high-quality spirits. This trend can be attributed to the increasing disposable income and changing lifestyles of consumers. As the economy continues to grow, more consumers are willing to spend on luxury and indulgence, including premium spirits. Additionally, there has been a shift towards healthier choices, with an increasing demand for low-alcohol or alcohol-free spirits. This can be attributed to the rising health consciousness among consumers and the desire for more mindful drinking options.
Trends in the market: One of the key trends in the spirits market in Bahrain is the rise of craft spirits. Craft spirits are gaining popularity among consumers who value unique flavors, high-quality ingredients, and the story behind the brand. This trend is in line with the global craft spirits movement, which has seen a surge in demand for small-batch, artisanal products. Craft distilleries in Bahrain are capitalizing on this trend by offering a wide range of spirits, including gin, vodka, and rum, that cater to the discerning tastes of consumers. Another trend in the market is the growing popularity of cocktail culture. Bahrain has witnessed a rise in cocktail bars and mixology events, attracting a younger demographic of consumers who are looking for experiential drinking experiences. This trend has led to an increased demand for spirits that are versatile and can be used in a variety of cocktails. As a result, bartenders and mixologists are experimenting with different flavors and ingredients, driving the demand for innovative and unique spirits.
Local special circumstances: Bahrain is known for its vibrant nightlife and hospitality industry, which has contributed to the growth of the spirits market. The country attracts a large number of tourists and expatriates, who often indulge in alcoholic beverages. This has created a strong demand for spirits in bars, restaurants, and hotels, further fueling the market growth. Furthermore, Bahrain has a relatively liberal alcohol policy compared to its neighboring countries in the Gulf region. While alcohol consumption is regulated, it is legal for non-Muslim residents and tourists to purchase and consume alcoholic beverages. This has created a favorable environment for the spirits market to thrive.
Underlying macroeconomic factors: The growth of the spirits market in Bahrain can also be attributed to the overall economic development of the country. Bahrain has a strong economy, driven by sectors such as finance, tourism, and construction. The increasing disposable income and purchasing power of consumers have contributed to the growth of the spirits market. Additionally, the government's efforts to diversify the economy and promote tourism have attracted international brands and investors, further boosting the market. In conclusion, the spirits market in Bahrain is experiencing growth due to changing customer preferences, including a preference for premium and craft spirits, as well as the rise of cocktail culture. The local special circumstances, such as the vibrant nightlife and liberal alcohol policy, have also contributed to the market growth. The underlying macroeconomic factors, including the strong economy and government initiatives, have further fueled the growth of the spirits market in Bahrain.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)