Cider, Perry & Rice Wine - Vietnam

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

Customer preferences: Vietnamese 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 is a growing trend towards healthier lifestyles and a desire for more natural and organic products. Cider, perry, and rice wine are often perceived as being more natural and less processed compared to traditional alcoholic beverages. Additionally, these beverages offer a unique flavor profile that appeals to consumers looking for something different from the usual beer or spirits options.

Trends in the market: One of the key trends in the Cider, Perry & Rice Wine market in Vietnam is the increasing availability and variety of products. As the demand for these beverages grows, both local and international producers have been introducing new flavors and varieties to cater to different consumer preferences. This has resulted in a wider range of options for consumers, making it easier for them to find a product that suits their taste. Another trend in the market is the rise of craft cider and rice wine producers. Craft beverages have gained popularity worldwide, and Vietnam is no exception. These small-scale producers focus on creating high-quality, artisanal products that appeal to discerning consumers. Craft cider and rice wine often have unique flavors and are made using traditional production methods, which adds to their appeal.

Local special circumstances: Vietnam has a rich culinary tradition, and this has had an impact on the Cider, Perry & Rice Wine market. Vietnamese cuisine is known for its bold flavors and diverse ingredients, and cider, perry, and rice wine can complement these dishes perfectly. The local food culture has played a role in driving the demand for these beverages, as consumers look for options that pair well with traditional Vietnamese dishes.

Underlying macroeconomic factors: Several macroeconomic factors have contributed to the growth of the Cider, Perry & Rice Wine market in Vietnam. Firstly, the country has experienced strong economic growth in recent years, leading to an increase in disposable income. This has allowed consumers to spend more on premium and specialty products, including cider, perry, and rice wine. Furthermore, Vietnam has seen a rise in tourism, with an increasing number of international visitors coming to the country. These tourists often seek out unique experiences and are willing to try local products. As a result, the demand for cider, perry, and rice wine has been boosted by the influx of tourists. In conclusion, the Cider, Perry & Rice Wine market in Vietnam is growing due to changing customer preferences, the introduction of new products, the rise of craft producers, the local food culture, and underlying macroeconomic factors such as economic growth and tourism. As consumers continue to seek out alternative alcoholic beverages and look for products that complement Vietnamese cuisine, the market is expected to continue its upward trajectory.

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.