Wine - Senegal

The Wine market in Senegal has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances. Customer preferences in Senegal have shifted towards a greater appreciation for wine, with an increasing number of consumers incorporating it into their social and cultural activities. Wine is no longer seen as a luxury item reserved for special occasions, but rather as a beverage that can be enjoyed on a regular basis. This change in mindset has led to an increase in wine consumption across different segments of the population, including the middle class and younger generations. Trends in the market reflect this growing demand for wine in Senegal. There has been a noticeable increase in the availability and variety of wines in the country, with both local and international brands expanding their presence. Wine bars and restaurants specializing in wine have also emerged, catering to the growing demand for wine-related experiences. Furthermore, wine tastings and events are becoming more popular, providing consumers with opportunities to learn about and explore different types of wines. Local special circumstances have played a role in the development of the Wine market in Senegal. The country's proximity to wine-producing regions in Europe has facilitated the importation of a wide range of wines. Additionally, Senegal's growing tourism industry has contributed to the demand for wine, as tourists often seek out local culinary experiences that include wine pairings. This has created opportunities for both local and international wine producers to tap into the market and establish their brands. Underlying macroeconomic factors have also supported the growth of the Wine market in Senegal. The country's stable economic growth and increasing disposable income levels have allowed consumers to allocate more of their budget towards discretionary items such as wine. Additionally, a growing urban population and changing lifestyles have led to an increase in social gatherings and dining out, creating a conducive environment for the growth of the wine market. In conclusion, the Wine market in Senegal is experiencing significant growth due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. As consumers develop a greater appreciation for wine and seek out wine-related experiences, the market is expected 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.