Alcoholic Drinks - Mexico

The Alcoholic Drinks market in Mexico has been experiencing significant growth in recent years. Customer preferences for alcoholic beverages are shifting, leading to new trends in the market. Additionally, there are local special circumstances and underlying macroeconomic factors that are influencing the development of the market. Customer preferences in Mexico are changing when it comes to alcoholic drinks. Traditionally, beer has been the most popular alcoholic beverage in the country. However, there has been a growing interest in other types of drinks, such as spirits and wine. This change in preference is driven by various factors, including the influence of global trends and the desire for more diverse options. Consumers are becoming more adventurous and willing to try new and different drinks, leading to a broader range of choices in the market. One of the trends in the Alcoholic Drinks market in Mexico is the rise of craft beer. Craft beer has gained popularity worldwide, and Mexico is no exception. Consumers are increasingly seeking out unique and locally brewed beers, appreciating the quality and craftsmanship that goes into their production. This trend has led to the emergence of numerous craft breweries across the country, offering a wide variety of flavors and styles. Craft beer festivals and events have also become more common, providing opportunities for consumers to explore and discover new brews. Another trend in the market is the growing demand for premium spirits. As consumers become more knowledgeable about different types of alcoholic beverages, they are willing to invest in higher-quality products. This has led to an increase in the sales of premium spirits, such as aged tequila and mezcal. These spirits are often associated with Mexican culture and heritage, making them particularly appealing to both domestic and international consumers. The trend towards premium spirits is also driven by the rise of mixology and cocktail culture, with consumers looking to create unique and sophisticated drinks at home. In addition to changing customer preferences, there are local special circumstances that are influencing the Alcoholic Drinks market in Mexico. One such circumstance is the country's strong tradition of drinking during social gatherings and celebrations. Alcohol is often seen as an integral part of Mexican culture, and this cultural norm contributes to the demand for alcoholic beverages. Furthermore, Mexico's proximity to the United States has also had an impact on the market, with cross-border trade and tourism playing a role in shaping consumer preferences and market dynamics. Underlying macroeconomic factors are also contributing to the development of the Alcoholic Drinks market in Mexico. The country's growing middle class and increasing disposable income have created a larger consumer base with more purchasing power. This has resulted in higher demand for alcoholic beverages, as consumers have more money to spend on leisure activities and luxury goods. Additionally, Mexico's tourism industry is thriving, attracting visitors from around the world who are eager to experience the country's vibrant culture and cuisine, including its drinks. This influx of tourists has further boosted the demand for alcoholic beverages, driving market growth. In conclusion, the Alcoholic Drinks market in Mexico is experiencing growth and evolving customer preferences. The rise of craft beer and premium spirits, along with local special circumstances and underlying macroeconomic factors, are shaping the market and creating new opportunities for both domestic and international producers.

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.