Wine - Colombia

The Wine market in Colombia has been experiencing significant growth in recent years. Customer preferences have shifted towards wine consumption, leading to an increase in demand for both domestic and imported wines. This trend can be attributed to several factors, including changing consumer tastes, increased disposable income, and a growing wine culture in the country.

Customer preferences: Colombian consumers have developed a taste for wine, which has become increasingly popular in recent years. Wine is now seen as a sophisticated and trendy beverage, and consumers are embracing it as a part of their social and cultural experiences. This shift in preferences can be attributed to the influence of international travel and exposure to different wine cultures.

Trends in the market: One of the key trends in the wine market in Colombia is the growing demand for premium and high-quality wines. Consumers are willing to pay a premium for wines that offer unique flavors and are produced using traditional winemaking techniques. This trend is driven by a desire for authenticity and a preference for wines that reflect a sense of place. Another trend in the market is the increasing popularity of sparkling wines. Colombians are embracing sparkling wines as a celebratory drink and are enjoying them on various occasions. This trend can be attributed to the influence of global celebrations and the growing trend of wine as a part of the dining experience.

Local special circumstances: Colombia's wine market is unique due to its geographical location and climate. The country has a diverse range of climates, which allows for the cultivation of different grape varieties. This diversity has led to the production of a wide range of wines, including both red and white wines. Additionally, Colombia's growing wine culture has led to the establishment of local wineries, which produce wines that reflect the country's unique terroir.

Underlying macroeconomic factors: The growth of the wine market in Colombia is also influenced by underlying macroeconomic factors. The country has experienced steady economic growth in recent years, leading to an increase in disposable income. This has allowed consumers to spend more on luxury goods, including wine. Additionally, the expanding middle class in Colombia has contributed to the growth of the wine market, as more consumers are able to afford premium and imported wines. In conclusion, the wine market in Colombia is experiencing significant growth due to changing customer preferences, including a shift towards premium and high-quality wines. The market is also influenced by local special circumstances, such as the country's diverse climate and growing wine culture. Furthermore, underlying macroeconomic factors, such as steady economic growth and an expanding middle class, have contributed to the development of the wine market in Colombia.

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.