Wine - Nordics

The Nordic region is known for its stunning landscapes, high quality of life, and a strong appreciation for cultural traditions. One such tradition that has been gaining popularity in recent years is the consumption of wine. The Wine market in Nordics has been experiencing steady growth, driven by changing customer preferences, emerging trends, and local special circumstances. Customer preferences in the Nordic region have been shifting towards a more sophisticated and diverse wine palate. Traditionally, the consumption of wine in the Nordics was limited to special occasions and celebrations. However, in recent years, there has been a significant increase in the number of wine enthusiasts who are exploring different varieties and styles of wine. Customers are now seeking out wines from different regions and are willing to experiment with new flavors and pairings. This growing interest in wine has led to an increase in demand for both domestic and imported wines. One of the key trends in the Wine market in Nordics is the rise of organic and sustainable wines. Consumers in the Nordic region are known for their strong focus on sustainability and environmental responsibility. This trend has extended to the wine industry, with an increasing number of customers opting for wines that are produced using organic and sustainable practices. This trend is driven by a desire to support environmentally friendly practices and a growing awareness of the impact of conventional agriculture on the environment. Another trend in the Wine market in Nordics is the growing popularity of online wine sales. With the advent of e-commerce, customers now have access to a wide range of wines from around the world at their fingertips. Online platforms and apps have made it easier for customers to discover and purchase wines, and this trend is expected to continue to grow in the coming years. The convenience and accessibility of online wine sales have made it a preferred choice for many customers, especially those living in remote areas or with limited access to brick-and-mortar wine shops. Local special circumstances also play a role in the development of the Wine market in Nordics. The Nordic countries have a relatively high alcohol tax, which has traditionally made wine more expensive compared to other alcoholic beverages. However, in recent years, there have been efforts to reduce the alcohol tax, making wine more affordable and accessible to a wider range of customers. This has contributed to the growth of the wine market and has attracted new customers who were previously deterred by high prices. Underlying macroeconomic factors, such as a stable economy and increasing disposable income, have also contributed to the growth of the Wine market in Nordics. The Nordic countries have a strong economy and a high standard of living, which has resulted in an increase in disposable income. This has allowed customers to spend more on luxury items, including wine. Additionally, the Nordic countries have a strong wine culture, with wine being seen as a symbol of sophistication and status. This cultural preference for wine has further fueled the growth of the wine market in the region. In conclusion, the Wine market in Nordics is experiencing steady growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. With a growing interest in wine, a shift towards organic and sustainable wines, the rise of online wine sales, and efforts to reduce alcohol tax, the Nordic region is poised to become an even more prominent player in the global wine market.

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.