Wine - Cameroon

The Wine market in Cameroon is experiencing significant growth and development due to changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: Cameroonian consumers are increasingly embracing wine as a popular alcoholic beverage choice. This shift in preferences can be attributed to a growing interest in Western culture and lifestyle, as well as a desire for more sophisticated and diverse drinking options. Wine is seen as a symbol of elegance and sophistication, appealing to a wide range of consumers, from young adults to older generations. Additionally, the health benefits associated with moderate wine consumption, such as antioxidant properties and potential cardiovascular benefits, have also contributed to its popularity among health-conscious consumers.

Trends in the market: One of the key trends in the Cameroonian wine market is the increasing demand for imported wines, particularly from traditional wine-producing countries such as France, Italy, and Spain. Consumers are seeking out high-quality wines with distinct flavors and aromas, and are willing to pay a premium for these imported varieties. This trend is driven by a desire for authenticity and a perception that imported wines are of better quality than locally produced ones. Another trend in the market is the rise of wine tourism. Wine enthusiasts are increasingly interested in visiting vineyards and wineries to learn about the wine-making process and experience the culture and heritage associated with wine production. This trend is supported by the growing number of wine festivals and events in Cameroon, which attract both local and international visitors.

Local special circumstances: Cameroon's wine market is also influenced by its unique cultural and social factors. Wine consumption is often associated with special occasions and celebrations, such as weddings and religious ceremonies. As a result, wine sales tend to spike during festive seasons and holidays. Additionally, the presence of a large expatriate community in Cameroon, particularly from Europe, has contributed to the demand for imported wines and the establishment of specialty wine shops and bars.

Underlying macroeconomic factors: The growth of the wine market in Cameroon can also be attributed to favorable macroeconomic conditions. The country's GDP has been steadily increasing, leading to a rise in disposable income and consumer spending. This has allowed consumers to afford higher-priced wines and explore different wine varieties. Additionally, the expanding middle class in Cameroon has created a larger consumer base for wine, as more individuals have the means to purchase and enjoy this luxury product. In conclusion, the Wine market in Cameroon is experiencing growth and development due to changing customer preferences, emerging trends, local special circumstances, and favorable macroeconomic conditions. As consumers become more interested in wine and its associated culture, the demand for imported wines and wine tourism is expected to continue to rise. This presents opportunities for both local and international wine producers and retailers to cater to the evolving tastes and preferences of Cameroonian consumers.

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.