Cider, Perry & Rice Wine - Iceland

The Cider, Perry & Rice Wine market in Iceland has been experiencing significant growth in recent years.

Customer preferences: Icelandic consumers have shown a growing interest in alternative alcoholic beverages, such as cider, perry, and rice wine. This shift in preferences can be attributed to several factors. Firstly, there has been an increasing focus on health and wellness, with consumers seeking out lighter and more natural options. Cider, perry, and rice wine are often perceived as healthier alternatives to traditional alcoholic beverages, as they are typically lower in alcohol content and can be made from natural ingredients. Additionally, these beverages offer a unique and refreshing flavor profile that appeals to a wide range of consumers.

Trends in the market: One of the key trends in the Cider, Perry & Rice Wine market in Iceland is the rise of craft and artisanal products. Consumers are increasingly seeking out locally produced and unique beverages, and this trend is reflected in the growing number of small-scale cider, perry, and rice wine producers in the country. These producers often use traditional and innovative techniques to create high-quality and distinctive products. This trend is also driven by the desire for authenticity and a connection to the local culture and heritage. Another trend in the market is the increasing availability and variety of flavored ciders, perry, and rice wines. Manufacturers are constantly innovating and introducing new flavors to cater to consumer demand. Flavored options, such as fruit-infused ciders or perry with a hint of spices, provide consumers with a wider range of choices and a more enjoyable drinking experience. This trend is also influenced by the popularity of flavored beverages in general, as consumers seek out unique and exciting flavor combinations.

Local special circumstances: Iceland's unique climate and geographical conditions have also played a role in the development of the Cider, Perry & Rice Wine market. The country's cool climate and volcanic soil provide ideal conditions for growing apples, pears, and rice. This has led to the cultivation of local varieties of these fruits and the establishment of small-scale orchards and rice fields. The availability of locally sourced ingredients has further fueled the growth of the market, as consumers appreciate the authenticity and quality of these products.

Underlying macroeconomic factors: The growing tourism industry in Iceland has also contributed to the development of the Cider, Perry & Rice Wine market. As more tourists visit the country, there is an increased demand for unique and local products. Cider, perry, and rice wine offer tourists a taste of Icelandic culture and provide a memorable experience. This has led to an expansion of the market and the establishment of new distribution channels to cater to both domestic and international consumers. In conclusion, the Cider, Perry & Rice Wine market in Iceland is experiencing growth due to changing customer preferences, including a focus on health and wellness, the rise of craft and artisanal products, and the increasing availability of flavored options. The unique climate and geographical conditions in Iceland, as well as the growing tourism industry, have also contributed to the development of the 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.