Wine - Montenegro

The Wine market in Montenegro is experiencing steady growth and development in recent years.

Customer preferences: Montenegrin consumers have shown an increasing interest in wine, both as a beverage for social occasions and as a part of their dining experience. Wine consumption has become more popular among the younger generation, who view it as a sophisticated and trendy choice. There is also a growing demand for premium and high-quality wines, as consumers become more knowledgeable and discerning about different grape varieties and wine regions.

Trends in the market: One of the key trends in the Montenegrin wine market is the rising popularity of local wines. Montenegro has a long history of winemaking, and local wineries have been gaining recognition for their unique and distinctive products. Consumers are increasingly embracing Montenegrin wines, appreciating their authenticity and the connection to the local terroir. This trend is also fueled by the growing interest in wine tourism, with visitors seeking to explore the local wine regions and taste the wines produced there. Another trend in the market is the increasing availability of imported wines. Montenegro is becoming more connected to the global wine market, with a wider range of international wines being imported and distributed in the country. This provides consumers with a greater choice and access to wines from different parts of the world. Imported wines are particularly popular among consumers looking for specific grape varieties or wine styles that are not commonly produced in Montenegro.

Local special circumstances: Montenegro's geographical location and climate contribute to the development of its wine market. The country has a Mediterranean climate, with hot summers and mild winters, which is favorable for grape cultivation. The diverse terroir, with its mix of coastal and mountainous regions, allows for the production of a wide range of wine styles. Additionally, Montenegro's natural beauty and cultural heritage make it an attractive destination for wine tourism, further boosting the local wine industry.

Underlying macroeconomic factors: The overall economic growth and increasing disposable income in Montenegro have also played a role in the development of the wine market. As people's purchasing power increases, they are more willing to spend on premium and higher-priced wines. Additionally, the tourism sector has been growing steadily, attracting visitors from around the world who are interested in exploring Montenegro's wine offerings. This has created a positive environment for the wine market to thrive and expand. In conclusion, the Wine market in Montenegro is experiencing growth and development driven by customer preferences for local and imported wines, as well as the country's favorable geographical conditions and growing tourism sector. The increasing interest in wine among consumers, particularly the younger generation, is contributing to the overall expansion of the market. With its unique terroir and diverse wine offerings, Montenegro is well-positioned to continue its growth in the 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.