Wine - Honduras

The Wine market in Honduras has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Honduras have been shifting towards a more sophisticated and diverse range of wines. Previously, the market was dominated by low-priced and mass-produced wines. However, there has been a growing demand for higher quality wines, including premium and luxury brands. This change in customer preferences can be attributed to increasing disposable income levels, a growing middle class, and a desire for more sophisticated and international products. Trends in the market have also contributed to the development of the Wine market in Honduras. One notable trend is the increasing popularity of wine consumption among younger consumers. This can be attributed to a growing interest in wine culture, influenced by international travel and exposure to different culinary experiences. As a result, there has been a rise in wine bars, wine clubs, and wine tasting events, providing consumers with opportunities to explore and learn about different wines. Local special circumstances have also played a role in the growth of the Wine market in Honduras. The country has a favorable climate for grape cultivation, particularly in the western region. This has led to the establishment of local wineries, producing wines with unique flavors and characteristics. Additionally, the government has implemented policies to support the development of the wine industry, such as providing incentives for vineyard expansion and promoting wine tourism. Underlying macroeconomic factors have also contributed to the growth of the Wine market in Honduras. The country has experienced steady economic growth in recent years, resulting in an increase in disposable income levels. This has allowed consumers to allocate a larger portion of their income towards premium and luxury products, including wine. Furthermore, the expanding tourism industry in Honduras has attracted international visitors who are interested in experiencing the local wine culture, driving demand for wines in hotels, restaurants, and duty-free shops. In conclusion, the Wine market in Honduras is developing due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. With a growing demand for higher quality wines, increasing popularity among younger consumers, favorable climate for grape cultivation, and a supportive government, the wine industry in Honduras is poised for further growth 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.