Wine - Peru

The Wine market in Peru has been experiencing significant growth in recent years. Customer preferences have shifted towards wine as a popular choice for both social occasions and personal consumption. This trend can be attributed to several factors, including changing consumer tastes, increased disposable income, and a growing interest in wine culture.

Customer preferences: Peruvian consumers have shown a growing preference for wine over other alcoholic beverages. This can be attributed to the increasing popularity of wine as a versatile and sophisticated drink that can be enjoyed on various occasions. Wine is often associated with social gatherings and celebrations, making it an appealing choice for consumers looking to enhance their social experiences. Additionally, the health benefits associated with moderate wine consumption have also contributed to its rising popularity among health-conscious consumers.

Trends in the market: One of the key trends in the Peruvian wine market is the growing demand for premium and imported wines. As consumers become more knowledgeable about wine, they are willing to explore different varieties and regions. This has led to an increase in the consumption of wines from established wine-producing countries such as France, Italy, and Spain. Furthermore, the rise of e-commerce platforms has made it easier for consumers to access a wide range of wines from around the world, further fueling the demand for imported wines.

Local special circumstances: Peru's unique geography and climate provide favorable conditions for wine production. The country's diverse terroir allows for the cultivation of a variety of grape varietals, resulting in a wide range of wine styles. The coastal regions of Peru, such as Ica and Lima, are known for producing high-quality wines, particularly white and sparkling wines. Additionally, the rising popularity of Peruvian cuisine, which is characterized by its rich flavors and diverse ingredients, has also contributed to the growing demand for wine in the country.

Underlying macroeconomic factors: Peru's strong economic growth and increasing disposable income have played a significant role in the development of the wine market. As the country's middle class expands, more consumers have the financial means to afford premium and imported wines. Additionally, the growing tourism industry in Peru has also contributed to the demand for wine, as tourists often seek to experience the local food and drink culture. The government's efforts to promote wine tourism and support the development of the wine industry have further boosted the market's growth. In conclusion, the Wine market in Peru is experiencing growth due to changing customer preferences, the increasing demand for premium and imported wines, favorable local circumstances, and underlying macroeconomic factors. As consumer tastes continue to evolve and the economy expands, the wine market in Peru is expected to continue its upward trajectory.

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.