Spirits - Guinea

The Spirits market in Guinea has been experiencing steady growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances. Customer preferences in the Spirits market in Guinea have been shifting towards premium and high-quality products. Consumers are increasingly seeking unique and sophisticated spirits that offer a premium drinking experience. This trend is driven by a growing middle class with higher disposable incomes and a desire to indulge in luxury products. Additionally, there is a rising interest in craft spirits and locally produced beverages, as consumers value authenticity and supporting local businesses. One of the key trends in the Spirits market in Guinea is the increasing popularity of whiskey. Whiskey has gained a strong foothold in the market, with a growing number of consumers appreciating its rich flavors and versatility. This trend is in line with the global whiskey boom, as whiskey consumption continues to rise worldwide. The demand for whiskey is driven by its association with prestige and sophistication, making it a preferred choice for many consumers in Guinea. Another trend in the market is the growing demand for ready-to-drink (RTD) cocktails and flavored spirits. These products offer convenience and variety, appealing to consumers who are looking for pre-mixed drinks that are easy to consume and have unique flavors. The popularity of RTD cocktails is also fueled by the increasing number of social gatherings and events where consumers prefer to have pre-mixed drinks readily available. Local special circumstances in Guinea also contribute to the development of the Spirits market. Guinea has a rich cultural heritage, with traditional spirits playing an important role in local customs and celebrations. This cultural significance drives the demand for traditional spirits, which are often made using traditional methods and ingredients. Consumers value these spirits for their authenticity and connection to their cultural roots. Underlying macroeconomic factors also play a role in the growth of the Spirits market in Guinea. The country has experienced stable economic growth in recent years, leading to an increase in disposable incomes and a growing middle class. This has created a larger consumer base with the purchasing power to afford premium spirits. Additionally, urbanization and changing lifestyles have contributed to the growth of the market, as consumers in urban areas are more likely to have access to a wider range of spirits and are more open to trying new products. Overall, the Spirits market in Guinea is witnessing growth driven by changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As consumers seek premium and high-quality products, the market is expected to continue expanding, with a focus on whiskey, RTD cocktails, and traditional spirits.

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.