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Key regions: United States, United Kingdom, Worldwide, United Kingdom, Australia
The Spirits market in Nordics has been experiencing steady growth in recent years, driven by changing customer preferences and a favorable economic environment. Customer preferences in the Spirits market in Nordics have shifted towards premium and craft spirits, as consumers increasingly seek unique and high-quality products. This trend is driven by a growing interest in cocktail culture and the desire to try new and innovative flavors. Additionally, health-conscious consumers are opting for lower-alcohol options, such as spirits with lower ABV (alcohol by volume) or non-alcoholic alternatives. Trends in the market include a rise in the popularity of local and regional spirits, as consumers in Nordics value products that are produced locally and have a connection to their culture and heritage. This has led to an increase in the production and consumption of traditional Nordic spirits, such as aquavit and akvavit. Furthermore, there is a growing demand for organic and sustainable spirits, as consumers in Nordics prioritize products that are environmentally friendly and ethically produced. Local special circumstances in the Spirits market in Nordics include strict regulations and high taxes on alcohol. The Nordic countries have some of the highest alcohol taxes in the world, which has led to a thriving black market and cross-border shopping. This has prompted governments to implement measures to combat illegal alcohol trade and encourage consumers to purchase alcohol from licensed retailers. Additionally, the state-owned alcohol retail monopolies in some Nordic countries have a significant influence on the market, as they control the distribution and pricing of spirits. Underlying macroeconomic factors, such as a strong economy and high disposable income levels, have contributed to the growth of the Spirits market in Nordics. The Nordic countries have a high standard of living and consumers are willing to spend more on premium and high-quality products. Furthermore, the tourism industry plays a significant role in the Spirits market, as tourists visiting the region often purchase local spirits as souvenirs. In conclusion, the Spirits market in Nordics is experiencing growth due to changing customer preferences, including a preference for premium and craft spirits, as well as a focus on local and sustainable products. Strict regulations, high taxes, and state-owned alcohol retail monopolies are local special circumstances that impact the market. The strong economy and high disposable income levels in the region are underlying macroeconomic factors that contribute to the growth of the Spirits market in Nordics.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)