Alcoholic Drinks - Montenegro

Montenegro, a small country located in Southeast Europe, has seen significant developments in its Alcoholic Drinks market in recent years. Customer preferences in Montenegro have played a key role in shaping the market trends. One of the notable preferences is the growing demand for premium and craft alcoholic beverages. Consumers in Montenegro are increasingly seeking unique and high-quality products, which has led to the rise of craft breweries and distilleries in the country. This trend aligns with the global shift towards artisanal and small-batch alcoholic drinks, as consumers appreciate the authenticity and craftsmanship behind these products. Additionally, there is a growing preference for locally produced alcoholic beverages, as consumers value supporting local businesses and enjoying products that showcase the country's cultural heritage. The market trends in Montenegro also reflect the local special circumstances of the country. Montenegro has a strong tourism industry, attracting visitors from around the world. This has created a demand for a wide variety of alcoholic drinks, catering to the diverse preferences of both domestic and international tourists. The country's picturesque coastal areas and vibrant nightlife have contributed to the popularity of beach bars and clubs, where a range of alcoholic beverages are consumed. Furthermore, Montenegro has a rich tradition of wine production, with vineyards spread across the country. This has led to an increased focus on wine tourism, with wineries offering tastings and tours to visitors. Underlying macroeconomic factors have also influenced the development of the Alcoholic Drinks market in Montenegro. The country has experienced steady economic growth in recent years, which has resulted in increased disposable income for consumers. As a result, people are more willing to spend on premium alcoholic beverages and indulge in the vibrant nightlife that Montenegro has to offer. Furthermore, Montenegro's accession to the European Union has opened up new opportunities for the export of alcoholic drinks to other member countries. This has encouraged local producers to expand their operations and invest in quality improvement to meet the standards of the EU market. In conclusion, the Alcoholic Drinks market in Montenegro has been shaped by customer preferences for premium and craft beverages, as well as a growing demand for locally produced drinks. The country's tourism industry and economic growth have also played a significant role in driving market trends. As Montenegro continues to develop and attract more visitors, the Alcoholic Drinks market is expected to further expand and diversify to meet the evolving preferences of 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.