Alcoholic Drinks - Taiwan

The Alcoholic Drinks market in Taiwan has been experiencing significant growth in recent years.

Customer preferences: Taiwanese consumers have shown a growing preference for premium and high-quality alcoholic beverages. This shift in consumer behavior can be attributed to the increasing disposable income and changing lifestyles of the population. Additionally, there is a growing interest in craft beers, wines, and spirits, as consumers seek unique and differentiated products.

Trends in the market: One of the key trends in the Alcoholic Drinks market in Taiwan is the rise of craft beer. Craft breweries have gained popularity among consumers who appreciate the variety and quality of these locally produced beers. This trend is driven by the desire for unique flavors and the support for local businesses. Furthermore, there is an increasing demand for imported wines and spirits, as Taiwanese consumers become more knowledgeable and sophisticated in their taste preferences.

Local special circumstances: Taiwan has a unique drinking culture that influences the Alcoholic Drinks market. The country has a strong tradition of social drinking, where alcohol is often consumed during business meetings, social gatherings, and celebrations. This cultural aspect contributes to the steady demand for alcoholic beverages in Taiwan. Additionally, the government has implemented policies to promote the local alcohol industry, such as tax incentives for craft breweries and wineries. These initiatives have further fueled the growth of the market.

Underlying macroeconomic factors: The strong economy of Taiwan has played a significant role in the growth of the Alcoholic Drinks market. The country has experienced steady economic growth, which has led to an increase in disposable income and consumer spending. As a result, consumers are more willing to spend on premium and high-quality alcoholic beverages. Furthermore, Taiwan has a well-developed distribution network, with a wide range of retail channels available to consumers. This accessibility has made it easier for consumers to explore and purchase different types of alcoholic drinks. In conclusion, the Alcoholic Drinks market in Taiwan is witnessing growth due to changing customer preferences, including a preference for premium and high-quality beverages, the rise of craft beer, and an increasing demand for imported wines and spirits. The local drinking culture and government initiatives to support the local alcohol industry have also contributed to the market's development. The strong economy and well-developed distribution network in Taiwan have further facilitated the growth of the market.

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.