Alcoholic Drinks - Togo

The Alcoholic Drinks market in Togo has been experiencing steady growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: In Togo, there has been a notable shift in customer preferences towards premium and craft alcoholic drinks. Consumers are increasingly seeking high-quality products that offer unique flavors and experiences. This trend is in line with global market developments, where there is a growing demand for artisanal and locally-produced alcoholic beverages. Additionally, there has been an increased interest in healthier alcoholic options, such as low-alcohol or alcohol-free drinks, as consumers become more health-conscious.

Trends in the market: One of the key trends in the Alcoholic Drinks market in Togo is the rise of locally-produced beverages. Togo has a rich cultural heritage and a growing number of local breweries and distilleries are capitalizing on this by offering traditional drinks with a modern twist. These local brands are gaining popularity among consumers who value authenticity and are willing to support local businesses. This trend is also driven by the desire to reduce dependence on imported alcoholic beverages. Another trend in the market is the growing popularity of flavored alcoholic drinks. This includes flavored spirits, wines, and beers that offer unique taste profiles and cater to a wide range of consumer preferences. Flavored alcoholic drinks appeal to younger consumers who are looking for innovative and exciting options. This trend is also influenced by the increasing popularity of cocktails and mixology, as consumers seek to experiment with different flavors and ingredients.

Local special circumstances: Togo has a relatively young population, with a significant proportion of the population falling within the legal drinking age. This demographic factor contributes to the growth of the Alcoholic Drinks market, as there is a large consumer base for alcoholic beverages. Additionally, Togo has a vibrant nightlife scene, with a growing number of bars, clubs, and restaurants. This creates opportunities for the sale and consumption of alcoholic drinks, particularly in urban areas.

Underlying macroeconomic factors: The economic development and stability in Togo have played a role in the growth of the Alcoholic Drinks market. As the country's economy continues to improve, consumers have more disposable income to spend on discretionary items such as alcoholic beverages. This has led to an increase in the demand for premium and higher-priced alcoholic drinks. Additionally, the government's efforts to attract foreign investment and promote tourism have contributed to the growth of the hospitality sector, which includes the sale of alcoholic drinks. In conclusion, the Alcoholic Drinks market in Togo is experiencing growth due to changing customer preferences towards premium and craft beverages, the rise of locally-produced drinks, and the popularity of flavored alcoholic drinks. The country's young population, vibrant nightlife scene, and improving economy also contribute to the market's development.

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.