Wine - Gambia

The Wine market in Gambia has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances. Customer preferences in Gambia have shifted towards the consumption of wine, as it is seen as a more sophisticated and trendy beverage compared to traditional alcoholic drinks. Wine is often associated with luxury and elegance, making it popular among the younger generation who are looking for new and exciting experiences. Additionally, the growing middle class in Gambia has more disposable income to spend on luxury items, including wine. As a result, there has been an increase in demand for a wide variety of wines, both imported and locally produced. One of the key trends in the wine market in Gambia is the growing popularity of red wine. Red wine is known for its health benefits and is often seen as a healthier alternative to other alcoholic beverages. This trend is driven by the increasing awareness of the health benefits of red wine, as well as the influence of Western culture on consumer preferences. Red wine is also seen as a status symbol and is often associated with celebrations and special occasions. Another trend in the market is the rise of wine tourism. Gambia has a growing tourism industry, with visitors from around the world coming to explore its natural beauty and cultural heritage. Wine tours and tastings have become popular activities for tourists, providing them with the opportunity to learn about the local wine production process and taste a variety of wines. This trend has led to an increase in the number of wineries and vineyards in Gambia, as well as the development of wine-themed events and festivals. Local special circumstances also play a role in the development of the wine market in Gambia. The country has a favorable climate for grape cultivation, with warm temperatures and ample sunshine. This allows for the production of high-quality grapes, which are used to produce a variety of wines. Additionally, Gambia has a growing number of skilled winemakers who are dedicated to producing premium wines. These local wines are gaining recognition both domestically and internationally, contributing to the growth of the wine market in Gambia. Underlying macroeconomic factors also contribute to the development of the wine market in Gambia. The country has experienced steady economic growth in recent years, which has led to an increase in disposable income and consumer spending. This has created a favorable environment for the wine market to thrive, as consumers have more money to spend on luxury items such as wine. Additionally, Gambia has a stable political environment and a growing tourism industry, which attracts visitors from around the world who are interested in exploring the local wine culture. Overall, the wine market in Gambia is experiencing significant growth due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. The increasing demand for wine, particularly red wine, and the rise of wine tourism are driving the expansion of the market. With favorable climate conditions and a growing number of skilled winemakers, Gambia is well-positioned to become a prominent player in the global wine industry.

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.