Spirits - Equatorial Guinea | Statista Market Forecast

Revenue, at home (e.g., revenue generated in supermarkets and convenience stores) in the Spirits market amounts to US$46.9m in 2024.
Revenue, out-of-home (e.g., revenue generated in restaurants and bars) amounts to US$3.0m in 2024.
Revenue, combined amounts to US$49.8m in 2024.
The revenue, at home is expected to grow annually by 3.05% (CAGR 2024-2029).
In global comparison, most revenue, at home is generated China (US$146bn in 2024).
In relation to total population figures, the average revenue per capita, at home of US$26.71 are generated in 2024.
In the Spirits market, volume, at home is expected to amount to 2.7m L by 2024.
Volume, out-of-home is expected to amount to 51.2k L in 2024.
Volume, combined is expected to amount to 2.7m L in 2024.
The Spirits market is expected to show a volume growth, at home of 1.2% in 2025.0.
The average volume per person, at home in the Spirits market is expected to amount to 1.52L in 2024.

Definition:

The Spirits market includes alcoholic beverages that have been produced through the distillation of wine, fermented fruits, or grains. Due to the distillation process, the alcohol content of spirits is much higher than that of most wines and beers, typically ranging from 20% to 50% alcohol by volume (ABV).

Structure:

The Spirits market is divided into 8 markets:

The Whisky market encompasses spirits on a grain basis that have been aged in wooden casks for a duration of at least three years.
The Vodka market encompasses spirits based on grain and/or potatoes.
The Rum market encompasses spirits based on sugar cane.
The Gin market encompasses spirits based on juniper berries.
The Brandy market encompasses spirits based on fermented fruit juice.
The Tequila market encompasses spirits made primarily from the blue agave plant (Agave tequilana) in Mexico.
The Soju market encompasses the Korean distilled beverage, Soju, which is traditionally made from rice, barley, or sweet potatoes.
The Liqueurs & Other Spirits market encompasses all other spirits not previously mentioned as well as Ready-to-Drink (RTD) cocktails.

Additional information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per liter, as well as sales channels. Per capita figures refer to a country’s or region’s whole population.

At-home market data covers retail sales via super- and hypermarkets, eCommerce, convenience stores, and similar sales channels. Out-of-home market data includes all sales in hotels and restaurants, sales by catering companies, as well as sales in cafés, bars, and similar hospitality service establishments. Combined numbers encompass both the at-home market and the out-of-home market. All prices are valued at retail selling prices, including all sales and consumption taxes.

Key players include Diageo (e.g., Johnnie Walker, Smirnoff, and Tanqueray), Pernod Ricard, and Kweichow Moutai.

Whisky, such as Jack Daniel's Tenessee Whiskey
Vodka, such as Absolut Vodka
Rum, such as Bacardi Rum
Gin, such as Ginebra San Miguel
Brandy, such as Ararat Brandy

Wine, such as Red Wine
Beer, such as Budweiser
Non-Alcoholic Spirits, such as Tanqueray 0.0

The Spirits market in Equatorial Guinea has been experiencing significant growth in recent years.

Customer preferences: Equatorial Guinea has seen a rise in the consumption of spirits, with a particular preference for whiskey and vodka. This can be attributed to a growing middle class and an increasing number of young professionals who are seeking to enjoy premium alcoholic beverages. Additionally, the influence of Western culture has also played a role in shaping customer preferences, as there is a growing interest in exploring different types of spirits and experimenting with cocktails.

Trends in the market: One of the key trends in the spirits market in Equatorial Guinea is the increasing demand for premium and imported spirits. This can be attributed to the rising disposable income and changing lifestyles of consumers. As consumers become more willing to spend on high-quality products, there has been a shift towards premium spirits brands that offer unique flavors and superior quality. Another trend in the market is the growing popularity of craft spirits. Consumers are becoming more interested in supporting local and artisanal products, and this has led to a rise in the production and consumption of craft spirits in Equatorial Guinea. Craft spirits are often perceived as being of higher quality and offering a more personalized and unique experience, which appeals to consumers who are looking for something different from mass-produced spirits.

Local special circumstances: Equatorial Guinea's spirits market is also influenced by local cultural and social factors. The country has a vibrant nightlife scene, with bars and clubs being popular social destinations. This has created a demand for spirits that can be enjoyed in social settings, such as cocktails and mixed drinks. Additionally, the country's warm climate and tropical environment also contribute to the popularity of spirits, as they are often seen as refreshing and suitable for outdoor gatherings and parties.

Underlying macroeconomic factors: The growth of the spirits market in Equatorial Guinea can be attributed to several macroeconomic factors. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and consumer spending. This has allowed consumers to indulge in luxury goods and experiences, including premium spirits. Furthermore, the government's efforts to promote tourism and attract foreign investment have also contributed to the growth of the spirits market. As the country becomes more connected to the global economy, there has been an influx of international visitors and expatriates, who bring with them their own preferences and demand for a wide range of spirits. In conclusion, the spirits market in Equatorial Guinea is experiencing growth due to changing customer preferences, including a preference for premium and imported spirits, as well as the increasing popularity of craft spirits. Local cultural and social factors, such as the vibrant nightlife scene and warm climate, also contribute to the market's growth. Additionally, underlying macroeconomic factors, such as economic growth and government initiatives, have created a favorable environment for the spirits market to thrive in Equatorial Guinea.

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.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

The term “spirits” refers to an alcoholic beverage that has been distilled, contains no added sugar, and has at least 20 percent alcohol by volume. The term is derived from the medieval practice of alchemy and refers to the essential liquid element obtained from a substance through distillation, the “spirit” of the substance, so to speak. Popular spirits include whiskey, rum, vodka, tequila, and gin, among others.