Spirits - Cameroon

The Spirits market in Cameroon is experiencing significant growth and development, driven by changing customer preferences, emerging trends, and local special circumstances. Customer preferences in Cameroon are shifting towards premium and high-quality spirits, as consumers become more discerning and willing to pay a premium for a superior product. This trend is driven by a growing middle class with increased disposable income and a desire for luxury goods. Additionally, there is a rising interest in craft spirits and locally produced beverages, as consumers seek unique and authentic experiences. Trends in the market include a growing demand for whiskey and other international spirits, as well as a resurgence in traditional African spirits. Whiskey, in particular, has gained popularity among Cameroonians, with a preference for premium brands and aged variants. This trend can be attributed to the influence of Western culture and the perception of whiskey as a sophisticated and prestigious drink. At the same time, there is a renewed interest in traditional African spirits, such as palm wine and tchapalo, which are seen as part of the country's cultural heritage. Local special circumstances also contribute to the development of the Spirits market in Cameroon. The country has a rich cultural diversity, with various ethnic groups that have their own traditional alcoholic beverages. This diversity creates a vibrant market for both local and international spirits, as consumers seek to explore different flavors and experiences. Furthermore, Cameroon has a growing tourism industry, attracting both domestic and international visitors who are interested in experiencing the local food and drink culture. This presents an opportunity for spirits producers to showcase their products and cater to the preferences of tourists. Underlying macroeconomic factors also play a role in the development of the Spirits market in Cameroon. The country's economic growth and increasing urbanization have led to a rise in disposable income and a growing middle class. This has created a larger consumer base with the purchasing power to afford premium spirits. Additionally, the government's efforts to improve infrastructure and promote tourism have contributed to the growth of the hospitality industry, which in turn drives the demand for spirits. In conclusion, the Spirits market in Cameroon is experiencing growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. With a shift towards premium and high-quality spirits, a growing demand for whiskey and traditional African spirits, a diverse cultural landscape, and a favorable economic environment, the market is poised for further expansion in the coming years.

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.