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Key regions: United States, United Kingdom, Worldwide, United Kingdom, Australia
The Spirits market in Western Africa has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances. Customer preferences in the region have shifted towards premium and high-quality spirits, as consumers become more discerning and willing to spend on luxury products. This trend is reflected in the increasing demand for imported spirits, particularly whiskey and vodka, which are seen as status symbols and symbols of sophistication. One of the key trends in the market is the rise of cocktail culture in Western Africa. As the region becomes more urbanized and cosmopolitan, there is a growing interest in mixology and craft cocktails. This has led to an increased demand for spirits that are versatile and can be used in a variety of cocktails. Additionally, there is a growing trend towards experimenting with local ingredients and flavors, resulting in unique and innovative cocktails that cater to the local palate. Another trend in the market is the growing popularity of locally-produced spirits. Western Africa has a rich tradition of distilling spirits, and there is a renewed interest in traditional and artisanal products. Consumers are increasingly seeking out spirits that are made using traditional methods and local ingredients, as they are seen as more authentic and reflective of the local culture. This trend is also driven by a desire to support local businesses and promote sustainable and ethical practices. Local special circumstances also play a role in the development of the Spirits market in Western Africa. One such circumstance is the presence of a large youth population in the region. Younger consumers are more open to trying new products and are willing to experiment with different flavors and brands. This demographic shift has created a demand for innovative and trendy spirits that cater to their preferences. Another special circumstance is the growing middle class in Western Africa. As disposable incomes rise, more consumers are able to afford premium and high-quality spirits. This has led to an increase in the consumption of luxury spirits, such as aged whiskey and premium vodka. Additionally, the growing middle class has also resulted in an increase in the number of bars, restaurants, and hotels, which has further fueled the demand for spirits in the region. Underlying macroeconomic factors also contribute to the growth of the Spirits market in Western Africa. Economic growth and stability in the region have created a favorable business environment for spirits companies. Additionally, improvements in infrastructure and logistics have made it easier for companies to import and distribute spirits in the region. These factors, combined with changing customer preferences and local special circumstances, have contributed to the development of a vibrant and growing Spirits market in Western Africa.
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)