Wine - Southern Asia

The Wine market in Southern Asia is experiencing significant growth and development in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to this positive trajectory. Customer preferences in Southern Asia have shifted towards a more sophisticated and cosmopolitan lifestyle, with an increasing desire for luxury goods and experiences. Wine, with its association with elegance, refinement, and social status, has become increasingly popular among the region's affluent consumers. Additionally, the younger generation in Southern Asia is more open to trying new and exotic products, including different types of wine. This growing interest in wine is driving demand and fueling the expansion of the market. Trends in the wine market in Southern Asia reflect the global wine industry. Consumers are becoming more knowledgeable about wine, seeking out different varieties, and exploring different regions and styles. This trend is supported by the increasing availability of wine education programs and wine-tasting events in the region. Wine tourism is also on the rise, with more people visiting vineyards and wineries both domestically and internationally. These trends indicate a growing appreciation for wine as a cultural and sensory experience, rather than just a beverage. Local special circumstances in Southern Asia also contribute to the development of the wine market. For example, in some countries, there are government initiatives to promote the local wine industry, such as providing subsidies to vineyards and wineries. This support encourages the growth of domestic wine production and consumption. Additionally, the region's diverse cuisines, which include a wide range of flavors and spices, provide opportunities for wine pairing and enhance the overall dining experience. This cultural context creates a favorable environment for the wine market to thrive. Underlying macroeconomic factors further contribute to the growth of the wine market in Southern Asia. Rising disposable incomes and an expanding middle class have led to increased purchasing power and a greater ability to afford luxury goods, including wine. Economic growth in the region has also led to urbanization and lifestyle changes, with more people opting for Western-style dining and entertainment experiences. These factors create a larger consumer base for the wine market and drive demand for wine products. In conclusion, the Wine market in Southern Asia is experiencing significant growth and development due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. As consumers in the region become more sophisticated and open to new experiences, the demand for wine continues to rise. The industry is also supported by government initiatives, diverse cuisines, and favorable macroeconomic conditions. These factors combined create a promising outlook for the future of the wine market in Southern Asia.

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.