The Spirits market in Taiwan has experienced significant growth in recent years, driven by changing consumer preferences and a growing economy.

Customer preferences: Taiwanese consumers have shown an increasing interest in premium and high-quality spirits, particularly whiskey and craft spirits. This shift in preference can be attributed to a growing middle class with higher disposable incomes, as well as a desire for unique and artisanal products. Additionally, there has been a rise in cocktail culture and the popularity of mixology, leading to increased demand for spirits that can be used in creative and innovative cocktails.

Trends in the market: One of the key trends in the spirits market in Taiwan is the growing popularity of whiskey. Taiwanese consumers have developed a taste for premium and aged whiskies, both domestic and imported. This trend can be attributed to the rise of whiskey appreciation clubs and events, as well as the influence of international whiskey brands. Another trend in the market is the increasing demand for craft spirits, including small-batch gins, vodkas, and rums. Taiwanese consumers are seeking unique and locally produced spirits that offer a distinct flavor profile and story.

Local special circumstances: Taiwan has a unique drinking culture that has contributed to the growth of the spirits market. The country has a strong tradition of drinking during social gatherings and celebrations, which has created a demand for a wide range of spirits. Additionally, Taiwan has a thriving bar and nightlife scene, with a growing number of cocktail bars and speakeasies. This has created a market for premium spirits and innovative cocktails, driving the growth of the spirits industry.

Underlying macroeconomic factors: The growth of the spirits market in Taiwan can also be attributed to the country's strong economic performance. Taiwan has experienced steady economic growth in recent years, which has led to an increase in disposable incomes and consumer spending. This has allowed consumers to trade up to premium spirits and indulge in higher-end products. Additionally, the tourism industry in Taiwan has been booming, with an influx of international visitors. This has created a demand for spirits, particularly those that are unique to Taiwan, as tourists seek to experience the local culture and flavors. In conclusion, the spirits market in Taiwan has experienced significant growth due to changing consumer preferences, a thriving bar scene, and a strong economy. Taiwanese consumers are increasingly interested in premium and high-quality spirits, particularly whiskey and craft spirits. The country's unique drinking culture and strong economic performance have also contributed to the growth of the market. As consumer tastes continue to evolve and the economy remains strong, the spirits market in Taiwan is expected to continue to thrive.

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.