Wine - Suriname

The Wine market in Suriname has been experiencing steady growth in recent years, driven by changing customer preferences and local special circumstances. Customer preferences in Suriname have been shifting towards wine as a popular alcoholic beverage choice. Wine is seen as a sophisticated and elegant drink, and its consumption is often associated with special occasions and celebrations. Surinamese consumers are increasingly interested in exploring different varieties and flavors of wine, and are willing to spend more on higher quality products. This trend is in line with the global wine market, which has been experiencing a similar shift towards premium and artisanal wines. One of the key trends in the Surinamese wine market is the growing demand for red wine. Red wine is often favored for its perceived health benefits and its ability to complement a wide range of foods. Surinamese consumers are becoming more knowledgeable about different red wine varieties and are seeking out options that suit their tastes and preferences. This trend is also influenced by the increasing popularity of international cuisines in Suriname, which often pair well with red wine. Another trend in the Surinamese wine market is the rise of online wine sales. With the increasing availability of internet access and the convenience of online shopping, more Surinamese consumers are turning to online platforms to purchase wine. This allows them to access a wider variety of wines and compare prices and reviews before making a purchase. Online wine retailers are also offering delivery services, making it easier for consumers to enjoy their favorite wines without leaving their homes. Local special circumstances in Suriname also contribute to the development of the wine market. Suriname has a multicultural population with diverse tastes and preferences, which creates a demand for a wide range of wine options. Additionally, Suriname is known for its tropical climate, which makes it an ideal destination for tourists. The tourism industry in Suriname has been growing steadily, and this has led to an increase in demand for wine from both domestic and international tourists. Underlying macroeconomic factors also play a role in the development of the wine market in Suriname. Suriname has experienced economic growth in recent years, leading to an increase in disposable income and consumer spending. As a result, more Surinamese consumers are able to afford higher quality wines and are willing to spend more on their beverage choices. This economic growth has also led to an expansion of the hospitality industry in Suriname, including hotels, restaurants, and bars, which further drives the demand for wine. In conclusion, the Wine market in Suriname is developing due to changing customer preferences towards wine, the rise of online wine sales, local special circumstances such as a multicultural population and a growing tourism industry, and underlying macroeconomic factors including economic growth and increased disposable income. These factors are contributing to the steady growth of the wine market in Suriname and creating opportunities for both domestic and international wine producers and retailers.

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.