Alcoholic Drinks - Suriname

The Alcoholic Drinks market in Suriname has been experiencing steady growth in recent years.

Customer preferences: Surinamese consumers have shown a growing interest in premium and craft alcoholic beverages. They are increasingly seeking out unique and high-quality products, such as artisanal beers, small-batch spirits, and boutique wines. This trend is driven by a desire for more sophisticated and diverse drinking options, as well as a growing appreciation for the craftsmanship and heritage behind these products. Additionally, there is a preference for locally produced alcoholic drinks, as Surinamese consumers value supporting local businesses and promoting domestic industries.

Trends in the market: One of the key trends in the Surinamese Alcoholic Drinks market is the rise of craft beer. Microbreweries and brewpubs have emerged in the country, offering a wide range of innovative and flavorful beers. This trend mirrors the global craft beer movement, as consumers seek out unique and artisanal alternatives to mass-produced beers. Another trend is the increasing popularity of premium spirits, particularly rum. Suriname has a rich history of rum production, and local distilleries are capitalizing on this heritage by producing high-quality and aged rums. Additionally, there is a growing interest in wine, with more wine bars and shops opening up in major cities.

Local special circumstances: Suriname's cultural diversity plays a significant role in shaping the Alcoholic Drinks market. The country is home to various ethnic groups, each with their own drinking preferences and traditions. For example, the Hindustani community has a strong preference for rum and whiskey, while the Creole community favors beer and locally brewed spirits. This diversity creates opportunities for both local and international brands to cater to specific consumer segments. Furthermore, Suriname's tropical climate and vibrant nightlife contribute to the demand for refreshing and sociable alcoholic beverages.

Underlying macroeconomic factors: Suriname's growing economy and increasing disposable income levels have contributed to the development of the Alcoholic Drinks market. As more Surinamese consumers have the means to spend on non-essential items, the demand for premium and higher-priced alcoholic beverages has risen. Additionally, tourism plays a significant role in driving the market, as Suriname attracts a growing number of international visitors who are eager to explore the country's unique drinking culture. The government's efforts to promote local industries and support small businesses have also created a favorable environment for the growth of the Alcoholic Drinks market in Suriname.

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.