Wine - Seychelles

The Wine market in Seychelles has experienced significant growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances.

Customer preferences: In Seychelles, there has been a notable shift in customer preferences towards wine consumption. Traditionally, the market was dominated by beer and spirits, but there has been a growing interest in wine among consumers. This can be attributed to the increasing influence of Western culture and the rise of a more sophisticated and cosmopolitan consumer base. Wine is now seen as a symbol of luxury and refinement, appealing to those who seek a more upscale drinking experience.

Trends in the market: One of the key trends in the Seychelles wine market is the growing demand for premium and imported wines. Consumers are willing to pay a premium for high-quality wines from renowned wine-producing regions such as France, Italy, and Australia. This trend is driven by the desire for authenticity and a preference for wines with a strong reputation for excellence. Additionally, there has been a rise in the popularity of organic and biodynamic wines, as consumers become more conscious about their health and environmental impact.

Local special circumstances: Seychelles, with its tropical climate and stunning natural beauty, is a popular tourist destination. The tourism industry plays a crucial role in driving the wine market in the country. Tourists, especially those from Europe and North America, bring with them a demand for wine, creating a significant market for wine producers and importers. The presence of luxury resorts and fine dining establishments also contributes to the growth of the wine market, as these establishments cater to the discerning tastes of their clientele.

Underlying macroeconomic factors: The Seychelles economy has been growing steadily, and this has had a positive impact on the wine market. As disposable incomes rise, consumers have more purchasing power to spend on premium products, including wine. Additionally, the government has implemented policies to promote tourism and attract foreign investment, which has further boosted economic growth. This has created a favorable environment for the development of the wine market in Seychelles. In conclusion, the Wine market in Seychelles has experienced significant growth due to changing customer preferences, emerging trends, and local special circumstances. The demand for premium and imported wines, driven by a desire for luxury and authenticity, has been a key trend in the market. The influence of tourism and the presence of luxury establishments also contribute to the growth of the market. Overall, the positive macroeconomic factors in Seychelles have created a conducive environment for the development of the 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.