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Cambodia’s cocktail market certainly not on the rocks
According to market analysts Inkwood Research, the Asia Pacific alcoholic spirits market is anticipated to grow considerably at a compound annual growth rate of 4.16 percent between 2020 and 2028, and is projected to bring in more than 2.7 billion in revenue by year end.
Across developing Asia, increasingly affluent millennials are opting to spend their cash on cocktails – proving to one of the most “significant factors boosting the market growth” – and Cambodia is no different
Marco Julia Eggert, co-founder of Phnom Penh based Seekers Gin, says that Cambodia offers a positive investment environment for spirit production.
“Compared to other regional markets, Cambodia is an attractive proposition for starting up a distiller. COVID-19 aside, we’re pretty bullish about the market outlook. In Cambodia, the middle class is growing and the younger generations in particular are eager to try good, quality cocktails, and to drink spirits other than just whiskey. Foreign investment is also bringing in higher income individuals, which in turn also helps the premium spirits market. We expect to see more people entering the market in the coming years.”
Samai, the first rum distiller in Cambodia, believes the country has what it takes to shake up the cocktail scene: “South East Asia is already becoming the next hub of craft distilling with major players in the industry looking for opportunities in this region. In particular, Cambodia has a huge potential to compete with any country and produce some of the best spirits in the world as it is an industry that can be easily developed.”
“The rum and sprits market in Cambodia is in its infancy. This is exciting because it really has the opportunity to develop into a strong player, not only in the region but globally.”
Cambodia has an abundance of rich natural resources which can be used to make very high-quality products, and in combination with the right manufacturing, can compete with products from around the world. However, as Sumai notes, the market is facing obstacles similar to other produce-based sectors – local processing.
“We had to import all our equipment, but as the industry develops, we do hope that these can be sourced locally, bringing jobs to local Cambodians and also making it easier for more distilleries to open up”.
Source: https://www.khmertimeskh.com/501058464/cambodias-cocktail-market-certainly-not-on-the-rocks/