Spirits - Suriname

The Spirits market in Suriname has been experiencing steady growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances. Customer preferences in Suriname have been shifting towards premium and craft spirits. Consumers are becoming more discerning and are willing to pay a premium for high-quality and unique spirits. This trend is in line with global consumer preferences, as customers worldwide are increasingly seeking out artisanal and small-batch spirits that offer a more personalized and authentic experience. Trends in the Surinamese spirits market include the rise of locally produced spirits and the growing popularity of flavored spirits. Local distilleries in Suriname have been gaining recognition for their high-quality products, which are often made using traditional methods and locally sourced ingredients. This has led to an increase in demand for Surinamese spirits both domestically and internationally. Additionally, flavored spirits such as fruit-infused vodkas and botanical gins have become increasingly popular among Surinamese consumers, who are looking for new and exciting flavors to enhance their drinking experience. Suriname's unique cultural and geographical circumstances also play a role in the development of the spirits market. Suriname is known for its diverse population, with influences from various ethnic groups including Indigenous, African, Indian, and Chinese. This cultural diversity has led to a rich and vibrant culinary scene, which in turn has influenced the demand for spirits. Surinamese consumers have a preference for spirits that complement their traditional dishes and cultural celebrations, resulting in a diverse range of spirits being consumed in the country. Additionally, Suriname's tropical climate and abundance of natural resources provide ideal conditions for the production of certain spirits, such as rum and fruit-based liqueurs. Underlying macroeconomic factors are also contributing to the growth of the spirits market in Suriname. The country's improving economy and rising disposable incomes have led to an increase in consumer spending on luxury goods, including spirits. This trend is expected to continue as Suriname's economy continues to develop and more consumers enter the middle class. Furthermore, the tourism industry in Suriname has been growing steadily, attracting visitors from around the world who are interested in experiencing the country's unique culture and natural beauty. This influx of tourists has created a demand for high-quality spirits, both as souvenirs and for consumption during their stay. In conclusion, the Spirits market in Suriname is developing in response to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As consumers in Suriname become more discerning and seek out premium and craft spirits, local distilleries are gaining recognition for their high-quality products. Additionally, the popularity of flavored spirits and the country's cultural and geographical diversity are contributing to the growth of the market. With Suriname's improving economy and rising disposable incomes, the spirits market is expected to continue to expand 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.