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Key regions: Worldwide, Philippines, India, China, United Kingdom
The Wine market in Southeast Asia has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development. Customer preferences in Southeast Asia have shifted towards Western alcoholic beverages, including wine. This can be attributed to the increasing exposure to Western culture and the perception of wine as a sophisticated and trendy drink. Additionally, the rising middle class in the region has led to an increase in disposable income, allowing consumers to explore new and premium products like wine. Trends in the market indicate a growing demand for wine in Southeast Asia. Wine consumption has become more popular among young adults, who are increasingly interested in exploring different flavors and experiences. This has led to an increase in wine bars, wine clubs, and wine tasting events in major cities across the region. Furthermore, wine tourism has gained traction, with more tourists visiting vineyards and wineries in countries like Thailand and Vietnam. Local special circumstances also play a role in the development of the Wine market in Southeast Asia. For instance, countries like Thailand and Vietnam have a long history of grape cultivation and winemaking, which has helped establish a local wine industry. This has led to the production of indigenous wines that cater to the local palate and preferences. Additionally, the region's tropical climate poses challenges for wine storage and distribution, which has created opportunities for wine importers and distributors to provide specialized solutions. Underlying macroeconomic factors have also contributed to the growth of the Wine market in Southeast Asia. The region's strong economic growth, urbanization, and increasing tourism have created a conducive environment for the wine industry to thrive. Additionally, the signing of free trade agreements and the reduction of import tariffs have made wine more affordable and accessible to consumers in the region. In conclusion, the Wine market in Southeast Asia is experiencing significant growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As the region continues to develop and consumers become more sophisticated, the demand for wine is expected to further increase 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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)