Contact
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)
Key regions: United States, United Kingdom, Worldwide, United Kingdom, Australia
The Spirits market in Southeast Asia has seen significant growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances. Customer preferences in the Spirits market have shifted towards premium and craft spirits, as consumers increasingly seek unique and high-quality products. This trend is driven by a growing middle class with higher disposable incomes and a desire for more sophisticated and premium offerings. Additionally, there is a rising interest in artisanal and locally-produced spirits, as consumers prioritize supporting local businesses and sustainable practices. Trends in the market include the rise of cocktail culture, with consumers embracing the art of mixology and experimenting with different spirits and flavors. This trend is fueled by the growing popularity of bars and restaurants offering creative and innovative cocktail menus. Furthermore, there is a growing demand for healthier and low-alcohol options, as consumers become more health-conscious and seek alternatives to traditional high-alcohol spirits. This has led to the introduction of new products such as low-alcohol spirits and ready-to-drink cocktails with lower sugar content. Local special circumstances also play a significant role in shaping the Spirits market in Southeast Asia. Each country in the region has its own unique drinking culture and preferences, which influence the types of spirits consumed. For example, in Thailand, whisky is highly popular, while in the Philippines, rum is the spirit of choice. Local traditions and customs also impact the market, such as the popularity of rice-based spirits in Indonesia and Vietnam. Additionally, the region's tourism industry plays a significant role in driving the demand for spirits, as tourists seek to experience the local drinking culture and taste traditional spirits. Underlying macroeconomic factors contribute to the development of the Spirits market in Southeast Asia. The region's strong economic growth and rising disposable incomes have led to an increase in consumer spending on luxury and premium products, including spirits. Furthermore, the growing urbanization and westernization of the region have exposed consumers to international brands and trends, influencing their preferences and consumption patterns. Government policies and regulations also play a role, with some countries implementing measures to promote local production and protect traditional spirits, while others focus on controlling alcohol consumption through taxation and restrictions. Overall, the Spirits market in Southeast Asia is driven by evolving customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As consumers become more discerning and adventurous in their spirit choices, the market is expected to continue growing and diversifying in the coming years.
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)