Spirits - Ivory Coast

The Spirits market in Ivory Coast has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: Ivory Coast has a long-standing tradition of consuming spirits, particularly locally produced beverages such as palm wine and locally brewed beers. However, there has been a shift in customer preferences towards imported spirits, especially premium brands from Europe and North America. This can be attributed to the increasing disposable income and changing lifestyles of the middle class, who are seeking more sophisticated and diverse alcoholic beverages. Additionally, the growing influence of Western culture and the rise of social media have contributed to the popularity of imported spirits among the younger generation.

Trends in the market: One of the key trends in the Spirits market in Ivory Coast is the rising demand for premium spirits. As consumers become more affluent and brand-conscious, they are willing to spend more on high-quality and premium products. This trend is particularly evident in urban areas, where there is a growing number of upscale bars and restaurants catering to the preferences of the middle class. Additionally, the increasing number of international events and festivals in Ivory Coast has also contributed to the demand for premium spirits, as consumers seek to indulge in luxury and exclusive experiences. Another trend in the market is the growing popularity of flavored spirits. Flavored spirits, such as fruit-infused vodka and spiced rum, have gained traction among consumers who are looking for unique and innovative taste experiences. This trend is driven by the desire for variety and experimentation, as well as the influence of global beverage trends. Manufacturers have responded to this demand by introducing a wide range of flavored spirits, targeting both the younger generation and the more adventurous consumers.

Local special circumstances: One of the local special circumstances that has influenced the Spirits market in Ivory Coast is the presence of a large informal sector. Many small-scale producers and retailers operate outside of formal regulations and are able to offer lower-priced spirits. This has created a competitive environment and has put pressure on established brands to adapt their strategies to remain competitive. Additionally, the informal sector has also led to concerns about product quality and safety, as there is limited oversight and regulation.

Underlying macroeconomic factors: The growth of the Spirits market in Ivory Coast can be attributed to several underlying macroeconomic factors. The country has experienced steady economic growth in recent years, driven by increased investment in infrastructure and strong performance in sectors such as agriculture and manufacturing. This has resulted in rising disposable incomes and an expanding middle class, who are able to afford higher-priced spirits. Additionally, the government has implemented policies to attract foreign investment and promote the tourism industry, which has further contributed to the growth of the market. In conclusion, the Spirits market in Ivory Coast is experiencing growth due to changing customer preferences, including a shift towards premium and flavored spirits. The presence of a large informal sector and underlying macroeconomic factors such as economic growth and government policies have also influenced the market.

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.