Wine - Benin

The Wine market in Benin is developing steadily, driven by changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. Customer preferences in Benin are shifting towards wine as a popular alcoholic beverage. Wine is increasingly seen as a sophisticated and trendy choice, especially among the younger population. This preference is influenced by global trends, where wine consumption is on the rise worldwide. As more people travel and experience different cultures, there is a growing interest in exploring new flavors and beverages, including wine. Trends in the wine market in Benin reflect the global demand for diverse and high-quality wines. Consumers are becoming more knowledgeable about wine varieties, regions, and production methods. They are seeking wines that offer unique flavors and characteristics, such as organic or biodynamic wines. This trend is driven by a desire for healthier and more sustainable products. Local special circumstances also contribute to the development of the wine market in Benin. The country has a growing middle class with increased purchasing power, which allows for greater spending on luxury goods, including wine. Additionally, Benin has a thriving tourism industry, attracting visitors from around the world who want to explore the country's rich cultural heritage. These tourists often seek out local wines as part of their culinary experiences, boosting the demand for wine in the market. Underlying macroeconomic factors play a significant role in the growth of the wine market in Benin. The country's stable economic conditions and rising disposable incomes have created a favorable environment for the wine industry to thrive. Furthermore, government policies promoting tourism and the development of the hospitality sector have also contributed to the increased consumption of wine. In conclusion, the wine market in Benin is experiencing steady growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As consumers become more knowledgeable about wine and seek unique flavors and experiences, the demand for diverse and high-quality wines is expected to continue rising. The country's growing middle class and thriving tourism industry further support this growth.

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.