Alcoholic Drinks - Western Africa

The Alcoholic Drinks market in Western Africa is experiencing significant growth and development in recent years. This can be attributed to several factors, including changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Western Africa are shifting towards a greater demand for alcoholic drinks. This can be attributed to factors such as increasing disposable income, urbanization, and changing lifestyles. As people have more money to spend, they are more likely to indulge in alcoholic beverages as a form of leisure and entertainment. Additionally, the rising urban population in Western Africa has led to an increase in social gatherings and nightlife, further driving the demand for alcoholic drinks. Trends in the market are also contributing to the growth of the Alcoholic Drinks market in Western Africa. One notable trend is the increasing popularity of craft beers and spirits. Consumers are becoming more interested in unique and locally-produced alcoholic beverages, leading to a rise in the number of craft breweries and distilleries in the region. This trend reflects a growing appreciation for quality and craftsmanship in alcoholic drinks. Local special circumstances in Western Africa play a role in the development of the Alcoholic Drinks market. For example, the region has a rich cultural heritage that includes traditional alcoholic beverages. These local specialties, such as palm wine and sorghum beer, are still popular among consumers and contribute to the overall market growth. Additionally, the region's climate and agricultural resources make it suitable for the production of certain alcoholic beverages, such as rum and palm wine. Underlying macroeconomic factors also contribute to the development of the Alcoholic Drinks market in Western Africa. Economic growth and stability in the region have led to an increase in consumer spending power. This allows consumers to afford more expensive alcoholic drinks and fuels the growth of the market. Furthermore, government policies and regulations play a role in shaping the market environment. For example, the relaxation of alcohol regulations in some countries has led to an increase in the availability and variety of alcoholic beverages. In conclusion, the Alcoholic Drinks market in Western Africa is experiencing growth and development due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The increasing demand for alcoholic drinks, the popularity of craft beverages, the presence of local specialties, and favorable economic conditions all contribute to the overall growth of the market.

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.