Wine - Guinea

The Wine market in Guinea has been experiencing significant growth in recent years.

Customer preferences: Guinea is a country known for its rich cultural heritage and diverse gastronomy. Wine is increasingly becoming a popular choice among consumers in Guinea, as it is seen as a sophisticated and elegant beverage. Wine is often associated with special occasions and celebrations, and consumers in Guinea are embracing this trend by incorporating wine into their social gatherings and meals.

Trends in the market: One of the key trends in the wine market in Guinea is the growing demand for imported wines. Guinea does not have a significant domestic wine production industry, which has led to a reliance on imported wines from countries such as France, Italy, Spain, and South Africa. Consumers in Guinea are increasingly seeking out wines from these countries, as they are perceived to be of higher quality and offer a wider range of flavors and styles. This trend is driven by a desire for variety and the influence of global wine trends. Another trend in the market is the increasing popularity of rosé wines. Rosé wines are known for their refreshing and light characteristics, making them a popular choice for consumers in Guinea, especially during the hot summer months. This trend is in line with the global rise in demand for rosé wines, as they are seen as a versatile and easy-to-drink option.

Local special circumstances: One of the factors that contribute to the growth of the wine market in Guinea is the country's growing middle class. As the economy continues to develop and incomes rise, more consumers have the disposable income to spend on luxury goods such as wine. Additionally, the influence of Western cultures and lifestyles has also played a role in the increasing popularity of wine in Guinea.

Underlying macroeconomic factors: The political stability and economic growth in Guinea have also contributed to the development of the wine market. With a stable political environment, businesses have been able to invest in the wine sector and import a wide variety of wines. Furthermore, the country's growing tourism industry has also had a positive impact on the wine market, as tourists often seek out local wines and contribute to the overall demand for wine in the country. In conclusion, the wine market in Guinea is experiencing significant growth due to the increasing preference for imported wines, the popularity of rosé wines, the growing middle class, and the stable political and economic environment. As consumers in Guinea continue to embrace wine as a sophisticated beverage, the market is likely to continue its upward trajectory in the coming years.

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.