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Key regions: Worldwide, Philippines, India, China, United Kingdom
The Wine market in ASEAN is experiencing significant growth and development, driven by changing customer preferences, emerging trends, and favorable local special circumstances.
Customer preferences: Customer preferences in the ASEAN Wine market are shifting towards premium and high-quality wines. Consumers are becoming more knowledgeable about different wine varieties and are willing to explore new flavors and styles. This trend is driven by a growing middle class with higher disposable incomes and a desire for luxury and indulgence. Additionally, there is a rising interest in wine as a lifestyle choice, with consumers seeking wines that pair well with food and offer unique experiences.
Trends in the market: One of the key trends in the ASEAN Wine market is the increasing popularity of red wine. Red wine is favored for its health benefits and perceived sophistication. This trend is particularly strong in countries like Thailand and Vietnam, where red wine consumption has been growing steadily. Another trend is the rise of wine tourism, with consumers visiting vineyards and wineries for tastings and educational experiences. This trend is driven by a desire for experiential travel and a growing interest in wine culture.
Local special circumstances: The ASEAN region is home to diverse cultures and cuisines, which influence the local wine market. For example, in countries like Thailand and Indonesia, where spicy and flavorful cuisine is popular, there is a demand for wines that can complement and enhance the flavors of the food. This has led to an increased interest in aromatic white wines, such as Riesling and Gewürztraminer. In contrast, in countries like Malaysia and Singapore, where Western cuisine is more prevalent, there is a preference for classic grape varieties like Chardonnay and Cabernet Sauvignon.
Underlying macroeconomic factors: The growth of the Wine market in ASEAN is also supported by favorable macroeconomic factors. The region has experienced strong economic growth in recent years, resulting in rising incomes and an expanding middle class. This has led to an increase in discretionary spending on luxury goods, including wine. Additionally, the ASEAN region is becoming more integrated, with the establishment of the ASEAN Economic Community (AEC) promoting trade and investment. This has created opportunities for wine producers and exporters to expand their presence in the region. In conclusion, the Wine market in ASEAN is witnessing growth and development due to changing customer preferences, emerging trends, favorable local special circumstances, and underlying macroeconomic factors. As consumers become more knowledgeable and adventurous, the demand for premium wines is increasing. Red wine and wine tourism are gaining popularity, driven by health benefits and a desire for unique experiences. Local cuisines and cultures influence the wine market, with preferences varying across countries. The region's strong economic growth and regional integration also contribute to the market's expansion.
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)