Beer - Montenegro

The Beer market in Montenegro has been experiencing significant growth in recent years.

Customer preferences: Montenegrins have traditionally been beer drinkers, and this preference has continued to grow over time. Beer is the most popular alcoholic beverage in the country, with a wide range of local and international brands available. The younger generation, in particular, has shown a strong preference for craft beers and unique flavors. This shift in consumer preferences has led to an increase in the demand for craft breweries and specialty beers.

Trends in the market: One of the key trends in the Montenegrin beer market is the rise of craft breweries. These breweries produce small batches of beer with unique flavors and styles, catering to the growing demand for variety and quality. Craft beer festivals and events have also become popular, attracting both locals and tourists who are interested in trying new and innovative beer flavors. Another trend in the market is the increasing popularity of imported beers. Montenegro's tourism industry has been growing steadily, with a significant number of tourists coming from countries with strong beer cultures. As a result, there is a growing demand for imported beers, especially those from neighboring countries and popular European beer-producing countries such as Germany and Belgium.

Local special circumstances: Montenegro's geographical location and climate also play a role in shaping the beer market. The country's warm Mediterranean climate makes beer a popular choice among locals and tourists alike, especially during the summer months. The tourism industry, which is a major driver of the Montenegrin economy, has further contributed to the growth of the beer market. Tourists often seek out local beers as part of their cultural experience, leading to increased sales and exposure for local breweries.

Underlying macroeconomic factors: Montenegro's overall economic growth and stability have also had a positive impact on the beer market. As the country's economy continues to develop, disposable incomes have increased, allowing consumers to spend more on leisure activities such as dining out and socializing. This has led to an increase in the demand for beer, both in bars and restaurants and for at-home consumption. In conclusion, the Beer market in Montenegro has been growing due to changing customer preferences, including a shift towards craft beers and an increasing demand for imported beers. The country's warm climate and thriving tourism industry have also contributed to the market's growth. Additionally, Montenegro's overall economic stability and rising disposable incomes have created a favorable environment for the beer market to thrive.

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.