Spirits - Gambia

The Spirits market in Gambia is experiencing steady growth, driven by changing consumer preferences and local special circumstances. Customer preferences in the Spirits market in Gambia have shifted towards premium and high-quality products. Consumers are becoming more discerning and are willing to pay a premium for spirits that offer unique flavors and superior craftsmanship. This trend is in line with global consumer preferences, as customers worldwide are increasingly seeking out premium spirits that provide a more elevated drinking experience. In addition to premiumization, there is a growing demand for locally produced spirits in Gambia. Consumers are showing a preference for spirits that are made using traditional methods and locally sourced ingredients. This trend is driven by a desire to support local businesses and promote cultural heritage. Locally produced spirits often have a unique flavor profile that appeals to consumers looking for an authentic and distinctive drinking experience. The Spirits market in Gambia is also influenced by local special circumstances. The country has a rich cultural heritage and a tradition of producing spirits, such as palm wine and local brews. These traditional spirits have long been a part of Gambian culture and are still widely consumed today. The popularity of these local spirits contributes to the overall growth of the market and provides opportunities for local producers to cater to the domestic market. Furthermore, Gambia's growing tourism industry is driving the demand for spirits. As more tourists visit the country, there is an increasing need for a variety of spirits to cater to different tastes and preferences. This presents an opportunity for both local and international spirits brands to expand their presence in the market and capture the growing tourist demand. Underlying macroeconomic factors also play a role in the development of the Spirits market in Gambia. The country's economy has been growing steadily in recent years, leading to an increase in disposable income and consumer spending. As consumers have more money to spend, they are more likely to indulge in premium spirits and explore different options in the market. This economic growth creates a favorable environment for the Spirits market to thrive and expand. In conclusion, the Spirits market in Gambia is witnessing growth due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. Consumers are increasingly seeking premium and locally produced spirits, driven by a desire for unique flavors and cultural authenticity. The growing tourism industry and the country's economic growth further contribute to the expansion 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.