Spirits - Benin

The Spirits market in Benin is experiencing steady growth due to changing customer preferences and local special circumstances. Customer preferences in Benin are shifting towards premium and high-quality spirits. As the economy continues to grow, consumers in Benin are willing to spend more on luxury goods, including spirits. This trend is also influenced by the increasing middle class in the country, who have more disposable income to spend on alcoholic beverages. Additionally, there is a growing interest in international brands and flavors, as consumers in Benin are becoming more exposed to global trends and are seeking new and unique experiences. This has led to an increase in the demand for imported spirits, especially those from well-known brands. One of the key trends in the spirits market in Benin is the rising popularity of locally produced spirits. Benin has a rich tradition of producing traditional alcoholic beverages, such as palm wine and tchoukoutou. These locally produced spirits are gaining popularity among consumers who are looking for authentic and unique drinking experiences. In addition, the government of Benin has been promoting the production and consumption of local spirits, which has further contributed to their growing market share. Another trend in the market is the increasing demand for ready-to-drink (RTD) spirits. RTD spirits are pre-mixed alcoholic beverages that are convenient and easy to consume. They appeal to consumers who are looking for a quick and hassle-free way to enjoy their favorite spirits. This trend is driven by the busy lifestyles of consumers in Benin, who are seeking convenience without compromising on taste and quality. Local special circumstances in Benin also play a role in the development of the spirits market. Benin is known for its vibrant nightlife and social gatherings, where alcoholic beverages, including spirits, are an integral part of the culture. This has created a strong demand for spirits in the country, as they are seen as a symbol of celebration and socializing. Additionally, the government has implemented policies to promote the hospitality and tourism industry, which has further contributed to the growth of the spirits market. Underlying macroeconomic factors, such as economic growth and stability, also contribute to the development of the spirits market in Benin. The country has experienced consistent economic growth in recent years, which has led to an increase in disposable income and consumer spending. This has created a favorable environment for the spirits market to thrive. Furthermore, Benin has a relatively stable political environment, which provides a conducive business environment for both local and international spirits companies. In conclusion, the spirits market in Benin is growing due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. Consumers in Benin are increasingly seeking premium and high-quality spirits, as well as unique and authentic drinking experiences. The rising popularity of locally produced spirits and the demand for RTD spirits are also driving the market growth. Additionally, the vibrant nightlife and social gatherings in Benin, as well as the government's support for the hospitality and tourism industry, contribute to the development of the spirits market. The overall economic growth and stability in Benin provide a favorable environment for the market to thrive.

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.