Spirits - Ireland

The Spirits market in Ireland has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: Irish consumers have shown a growing interest in premium and craft spirits, as they seek unique and high-quality products. This shift in preferences has led to an increased demand for small-batch and artisanal spirits, such as craft whiskey and gin. Consumers are also becoming more adventurous in their choices, exploring new flavors and experimenting with different types of spirits.

Trends in the market: One of the key trends in the Irish Spirits market is the rise of Irish whiskey. Irish whiskey has been gaining popularity worldwide, and this trend is reflected in the local market as well. The growth of Irish whiskey can be attributed to its smooth and distinctive taste, as well as the increasing global recognition of Irish whiskey brands. Another trend in the market is the growing popularity of gin. Gin has seen a resurgence in recent years, with a wide range of new and innovative gin brands entering the market. This trend can be attributed to the versatility of gin, which can be enjoyed in various cocktails and mixed drinks.

Local special circumstances: One of the unique factors in the Irish Spirits market is the country's rich history and tradition of distilling. Ireland has a long-standing reputation for producing high-quality spirits, particularly whiskey. This heritage has played a significant role in shaping consumer preferences and creating a strong demand for Irish spirits both domestically and internationally. Additionally, the growing tourism industry in Ireland has also contributed to the development of the Spirits market. Tourists visiting Ireland often seek to experience the country's rich cultural heritage, including its distilleries and traditional spirits. This has led to an increase in sales of Irish spirits, as tourists purchase these products as souvenirs or gifts.

Underlying macroeconomic factors: The improving economic conditions in Ireland have also played a role in the growth of the Spirits market. As disposable incomes rise, consumers have more purchasing power to spend on premium and high-end spirits. This has created a favorable environment for the development of the market, as consumers are willing to pay a premium for quality products. Furthermore, the increasing global demand for Irish spirits has also contributed to the growth of the market. Irish whiskey, in particular, has gained popularity in markets such as the United States and Europe. This international demand has created opportunities for Irish distilleries to expand their production and reach new customers. In conclusion, the Spirits market in Ireland is experiencing growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The rise of premium and craft spirits, the growing popularity of Irish whiskey and gin, the country's rich distilling heritage, the influence of tourism, improving economic conditions, and international demand are all contributing to the development 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.