Spirits - Singapore

  • Singapore
  • Revenue, at home (e.g., revenue generated in supermarkets and convenience stores) in the Spirits market amounts to €289.5m in 2024.
  • Revenue, out-of-home (e.g., revenue generated in restaurants and bars) amounts to €200.8m in 2024.
  • Revenue, combined amounts to €490.3m in 2024.
  • The revenue, at home is expected to grow annually by 5.85% (CAGR 2024-2028).
  • In global comparison, most revenue, at home is generated in China (€139,500m in 2024).
  • In relation to total population figures, the average revenue per capita, at home of €47.83 are generated in 2024.
  • In the Spirits market, volume, at home is expected to amount to 4.5m L by 2024.
  • Volume, out-of-home is expected to amount to 1,239.0k L in 2024.
  • Volume, combined is expected to amount to 5.8m L in 2024.
  • The Spirits market is expected to show a volume growth, at home of 3.0% in 2025.
  • The average volume per person, at home in the Spirits market is expected to amount to 0.75L in 2024.

Key regions: Australia, Singapore, India, Worldwide, United States

 
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Analyst Opinion

The Spirits market in Singapore has been experiencing significant growth in recent years. Customer preferences in the Spirits market in Singapore have been shifting towards premium and craft spirits. Consumers are increasingly seeking unique and high-quality products, and are willing to pay a premium for them. This trend is driven by the growing sophistication of consumers and their desire for more experiential and personalized products. As a result, there has been a rise in the number of craft distilleries and specialty bars offering a wide range of spirits options to cater to this demand. Another trend in the market is the increasing popularity of cocktails. Singaporeans are becoming more adventurous in their drinking habits and are embracing the cocktail culture. This has led to a surge in the demand for spirits that are used as key ingredients in cocktails, such as gin, vodka, and rum. Bars and restaurants are also capitalizing on this trend by offering creative and innovative cocktail menus to attract customers. Local special circumstances in Singapore have also contributed to the growth of the Spirits market. Singapore is known for its vibrant nightlife and food and beverage scene, with a wide range of bars and restaurants catering to locals and tourists alike. The city-state has also positioned itself as a hub for cocktail and spirits events, attracting international bartenders and mixologists to showcase their skills and products. This has further fueled the interest in spirits and cocktails among consumers. Underlying macroeconomic factors have also played a role in the development of the Spirits market in Singapore. The country's strong economy and high disposable income levels have enabled consumers to indulge in premium and luxury products, including spirits. Additionally, the tourism industry in Singapore has been booming, with an increasing number of tourists visiting the country. This has created a larger customer base for the Spirits market, as tourists often seek out local spirits and beverages as part of their travel experience. In conclusion, the Spirits market in Singapore is experiencing growth due to changing customer preferences towards premium and craft spirits, the increasing popularity of cocktails, local special circumstances such as the vibrant nightlife and cocktail culture, and underlying macroeconomic factors such as a strong economy and a growing tourism industry. As these trends continue to evolve, it is expected that the Spirits market in Singapore will continue to thrive in the coming years.

Methodology

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.

Vue d’ensemble

  • Revenue
  • Volume
  • Price
  • Demographics
  • Sales Channels
  • Global Comparison
  • Analyst Opinion
  • Methodology
  • Key Market Indicators
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