Wine - Ivory Coast

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

Customer preferences: Ivorian consumers have shown an increasing interest in wine, with a growing number of people incorporating it into their social gatherings and meals. This can be attributed to a shift in consumer preferences towards more sophisticated and diverse alcoholic beverages. Wine is seen as a symbol of elegance and refinement, making it appealing to a wider consumer base. Additionally, the rising middle class in Ivory Coast has led to an increase in disposable income, allowing consumers to explore new and more expensive options in the wine market.

Trends in the market: One noticeable trend in the wine market in Ivory Coast is the growing demand for imported wines. While domestic wine production is limited, consumers are increasingly looking for imported wines from countries such as France, Italy, Spain, and South Africa. This trend can be attributed to the perception of imported wines being of higher quality and offering a wider variety of flavors and styles. As a result, wine importers and distributors have been capitalizing on this trend by expanding their product offerings and establishing partnerships with international wineries. Another trend in the market is the rise of wine consumption among younger consumers. Wine is no longer seen as a drink exclusively for older generations or special occasions. Younger consumers are increasingly experimenting with different types of wine and incorporating it into their social activities. This trend is driven by the desire to explore new flavors and experiences, as well as the influence of global wine culture through social media and travel.

Local special circumstances: One of the unique aspects of the wine market in Ivory Coast is the influence of local cuisine and cultural traditions. Wine is often paired with traditional Ivorian dishes, such as grilled fish or braised meat, enhancing the dining experience. This cultural aspect has contributed to the growing popularity of wine among Ivorian consumers and has created opportunities for wine producers to cater to local tastes and preferences.

Underlying macroeconomic factors: The growth of the wine market in Ivory Coast can also be attributed to favorable macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable income and consumer spending. This has allowed more consumers to afford higher-priced wines and indulge in the luxury of wine consumption. Additionally, the expanding middle class has created a larger consumer base for wine, driving demand and market growth. In conclusion, the wine market in Ivory Coast is developing due to shifting consumer preferences, including a growing interest in sophisticated alcoholic beverages and the influence of global wine culture. The demand for imported wines and the rise of wine consumption among younger consumers are key trends driving market growth. Local cultural traditions and favorable macroeconomic factors also contribute to the development of the wine market in Ivory Coast.

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.