Spirits - Montenegro

Montenegro, a small country located in Southeast Europe, has been experiencing significant growth in its Spirits market in recent years. This growth can be attributed to several key factors, including changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Montenegro have shifted towards higher quality and premium spirits. Consumers are increasingly seeking out unique and artisanal products, as well as spirits that are made using traditional production methods. This trend is in line with global preferences, where consumers are becoming more discerning and willing to pay a premium for high-quality products. As a result, Montenegro has seen an increase in the demand for premium spirits, such as craft cocktails, small-batch whiskies, and boutique gins. In addition to changing customer preferences, there are several trends in the Spirits market that are driving growth in Montenegro. One such trend is the rise of experiential drinking, where consumers are looking for unique and immersive experiences when enjoying spirits. This has led to an increase in the number of craft cocktail bars and speakeasies in the country, as well as the popularity of mixology classes and tasting events. Another trend is the growing popularity of local and regional spirits, as consumers seek out products that are made using local ingredients and reflect the cultural heritage of Montenegro. This trend is also in line with the global movement towards supporting local businesses and sustainability. Montenegro also benefits from several local special circumstances that contribute to the growth of its Spirits market. The country is known for its rich culinary traditions and hospitality, which includes a strong tradition of enjoying spirits. This cultural affinity for spirits creates a favorable environment for the growth of the market. Additionally, Montenegro has a growing tourism industry, with an increasing number of international visitors seeking out unique experiences. This presents an opportunity for the Spirits market to cater to both locals and tourists, further driving growth. Underlying macroeconomic factors also play a role in the development of the Spirits market in Montenegro. The country has seen 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 higher-quality spirits and explore new products. Furthermore, Montenegro's integration into the European Union has opened up new opportunities for trade and investment, which has positively impacted the Spirits market. In conclusion, the Spirits market in Montenegro is experiencing significant growth due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The demand for premium and unique spirits, coupled with the rise of experiential drinking and the support for local products, has contributed to the growth of the market. Additionally, Montenegro's rich culinary traditions, growing tourism industry, and favorable economic conditions have created a conducive environment for the development of the Spirits 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.