Cider, Perry & Rice Wine - Sri Lanka

The Cider, Perry & Rice Wine market in Sri Lanka is experiencing steady growth and development.

Customer preferences: In Sri Lanka, there is a growing interest in alternative alcoholic beverages such as cider, perry, and rice wine. Consumers are becoming more adventurous in their choices and are seeking unique and diverse flavors. There is also a rising trend of health-consciousness among consumers, leading them to opt for beverages that are perceived to be healthier options.

Trends in the market: One of the key trends in the Cider, Perry & Rice Wine market in Sri Lanka is the increasing demand for locally produced and artisanal products. Consumers are showing a preference for beverages that are made using traditional methods and ingredients sourced locally. This trend is driven by a desire to support local businesses and promote sustainability. Another trend in the market is the influence of international flavors and trends. Sri Lankan consumers are becoming more exposed to global cuisines and beverages, leading to a growing interest in trying new and exotic flavors. This has created opportunities for international brands to enter the market and cater to the evolving tastes of consumers.

Local special circumstances: Sri Lanka has a rich tradition of rice cultivation, making rice wine a natural choice for consumers. Rice wine, also known as "kithul toddy," has been consumed in Sri Lanka for centuries and holds cultural significance. This local special circumstance has contributed to the popularity of rice wine in the country. Additionally, Sri Lanka has a tropical climate, which is conducive to the cultivation of fruits used in the production of cider and perry. The abundance of fruits such as apples, pears, and other tropical fruits provides a favorable environment for the production of these beverages.

Underlying macroeconomic factors: The growing tourism industry in Sri Lanka is playing a significant role in the development of the Cider, Perry & Rice Wine market. As more tourists visit the country, there is an increased demand for unique and local experiences, including trying traditional beverages. This has created opportunities for local producers and has spurred the growth of the market. Furthermore, the rising disposable income and changing lifestyles of consumers in Sri Lanka have contributed to the growth of the market. As consumers have more discretionary income, they are willing to explore new and premium products, including cider, perry, and rice wine. In conclusion, the Cider, Perry & Rice Wine market in Sri Lanka is developing due to changing consumer preferences, the influence of international flavors, local special circumstances, and underlying macroeconomic factors such as the growing tourism industry and rising disposable income. As consumers become more adventurous in their choices and seek unique experiences, the market is expected to continue its growth trajectory in the coming years.

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.