Wine - Ireland

The Wine market in Ireland has experienced significant growth in recent years, driven by changing consumer preferences and an increasing interest in wine consumption.

Customer preferences: Irish consumers have shown a growing preference for wine over other alcoholic beverages, such as beer and spirits. This shift in preferences can be attributed to several factors. Firstly, wine is often perceived as a more sophisticated and refined drink, appealing to consumers who are looking for a more upscale experience. Additionally, wine is often associated with health benefits, such as antioxidants and potential cardiovascular benefits, which may be influencing consumer choices.

Trends in the market: One of the key trends in the Irish wine market is the increasing demand for organic and sustainable wines. Consumers are becoming more conscious of the environmental impact of their purchasing decisions and are seeking out wines that are produced using sustainable practices. This trend is in line with global consumer preferences, as sustainability and ethical consumption are becoming increasingly important factors in purchasing decisions. Another trend in the Irish wine market is the growing popularity of wine tourism. Wine enthusiasts are increasingly interested in visiting vineyards and wineries to learn about the production process and sample different varieties of wine. This trend is driven by a desire for unique and immersive experiences, as well as a growing interest in wine education.

Local special circumstances: Ireland has a unique climate that is not conducive to grape cultivation, resulting in a reliance on imported wines. This presents both challenges and opportunities for the Irish wine market. On one hand, it means that Irish consumers have access to a wide variety of wines from around the world. On the other hand, it also means that the cost of imported wines can be higher due to transportation and importation costs.

Underlying macroeconomic factors: The growth of the Irish wine market can also be attributed to favorable macroeconomic factors. Ireland has experienced strong economic growth in recent years, resulting in increased disposable income for consumers. This has allowed consumers to spend more on discretionary items, such as wine. Additionally, Ireland has a young and urban population, which is more likely to have a higher disposable income and be interested in wine consumption. In conclusion, the Wine market in Ireland is experiencing growth due to changing consumer preferences, including a growing preference for wine over other alcoholic beverages, as well as an increasing interest in organic and sustainable wines. The market is also influenced by trends such as wine tourism and favorable macroeconomic factors, including strong economic growth and a young and urban population.

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.