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Key regions: Worldwide, Philippines, India, China, United Kingdom
Central Asia, a region known for its rich history and cultural diversity, is experiencing a growing trend in the wine market. With its unique geography and favorable climate, Central Asia has become an emerging player in the global wine industry. Customer preferences in Central Asia have shifted towards wine consumption in recent years. This can be attributed to several factors, including changing lifestyles, increasing disposable incomes, and a growing interest in Western culture. Wine is seen as a sophisticated and fashionable beverage, appealing to a younger generation seeking new experiences and social status. Additionally, the health benefits associated with moderate wine consumption have also contributed to its popularity. Trends in the wine market in Central Asia reflect the changing preferences of consumers. Red wine, in particular, has gained popularity due to its perceived health benefits and rich flavor profile. Consumers are increasingly opting for premium and high-quality wines, showing a willingness to spend more on their wine purchases. This trend is driven by a desire for luxury and a growing appreciation for fine wines. Local special circumstances in Central Asia also play a role in the development of the wine market. The region's unique geography, which includes mountainous terrain and diverse soil types, provides ideal conditions for grape cultivation. Central Asia's continental climate, with hot summers and cold winters, allows for the production of a wide variety of grape varieties. This diversity in grape cultivation contributes to the range of wine styles available in the market. Underlying macroeconomic factors further support the growth of the wine market in Central Asia. Economic development and rising incomes have led to an increase in consumer spending power. This, coupled with a growing middle class, has created a larger market for wine consumption. Additionally, the region's increasing integration into the global economy has facilitated the importation of foreign wines, providing consumers with a wider selection and further driving market growth. In conclusion, the wine market in Central Asia is experiencing a positive trend, driven by changing customer preferences, local special circumstances, and underlying macroeconomic factors. As consumers in the region become more discerning and adventurous in their wine choices, the market is expected to continue its growth trajectory. With its unique geography and favorable climate, Central Asia has the potential to become a prominent player in the global wine industry.
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)