Wine - Equatorial Guinea

Equatorial Guinea, a small country located on the west coast of Central Africa, has seen a significant development in its wine market in recent years. Customer preferences in Equatorial Guinea have shifted towards wine, with an increasing demand for both red and white varieties. This can be attributed to several factors. Firstly, there has been a growing interest in wine culture and consumption worldwide, and Equatorial Guinea is no exception. As global travel and exposure to different cultures have become more accessible, consumers in Equatorial Guinea have been exposed to different types of wine and have developed a taste for it. Additionally, wine is often associated with sophistication and luxury, and the rising middle class in Equatorial Guinea has embraced wine as a symbol of status and social standing. Trends in the wine market in Equatorial Guinea reflect the global trends in the industry. One major trend is the increasing popularity of organic and biodynamic wines. Consumers in Equatorial Guinea, like in many other countries, are becoming more conscious of their health and the environment, and are seeking out wines that are produced using sustainable and natural methods. This trend is also driven by the perception that organic and biodynamic wines are of higher quality and offer a more authentic taste experience. Another trend in the wine market in Equatorial Guinea is the growing interest in wine tourism. Wine tourism involves visiting vineyards and wineries, learning about the wine-making process, and tasting different wines. This trend is fueled by the desire for unique and immersive travel experiences, and Equatorial Guinea, with its beautiful landscapes and growing wine industry, is well-positioned to attract wine tourists. Local special circumstances in Equatorial Guinea also play a role in the development of the wine market. The country's tropical climate and fertile soil provide favorable conditions for grape cultivation, and local winemakers have been able to produce high-quality wines that cater to the preferences of the domestic market. Additionally, the government has implemented policies to support the wine industry, such as reducing import tariffs on wine and providing incentives for local winemakers. These measures have encouraged investment in the sector and have contributed to its growth. Underlying macroeconomic factors, such as economic growth and increasing disposable income, have also contributed to the development of the wine market in Equatorial Guinea. As the economy has expanded, more consumers have the financial means to afford wine, and this has driven demand. Additionally, the country's young population, with its changing tastes and preferences, has been a key driver of growth in the wine market. In conclusion, the wine market in Equatorial Guinea has experienced significant development in recent years, driven by changing customer preferences, global trends, local special circumstances, and underlying macroeconomic factors. As the market continues to grow, it presents opportunities for both domestic and international wine producers to tap into the increasing demand.

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.