Spirits Market Projected to Reach US$ 92.9 Bn by 2032, At A CAGR of 5.2%, Says Future Market Insights

USA - English

• Middle East - English

DUBAI, UAE, March 16, 2022 /PRNewswire/ -- The global spirits market is set to witness growth at a CAGR of 5.2% over the forecast period (2022-2032) and top a valuation of US$ 92.9 Bn by 2032.

Spirit is an alcoholic beverage prepared through distillation process in which the component substances are separated from a liquid mixture via evaporation and condensation. This process is used for purification of the mixture and for removing the diluting components such as water. This is done in order to increase the alcohol content by volume (ABV).

Request a Sample to Obtain Authentic Analysis and Comprehensive Market Insights@ https://www.futuremarketinsights.com/reports/sample/rep-gb-14392

Rising demand for alcoholic beverages can be attributable to the increasing consumption among millennials. A gradual increase in the party culture has been noticed over the past few years which has contributed well to the market growth. Alongside this, peer pressure among students and adults and the influence of social media are convincing consumers to experiment with new drinks and different flavours.

The latest trend of partying at clubs, bars, cafes and pubs in developing economies like India and China owing to attractive pay packages and changing lifestyle is likely to result in surging demand for spirits in the coming years. Varied types of spirits such as vodka and whiskey are mostly consumed during outings.

Furthermore, increasing spending capacity of working population has encouraged them to switch to premium brands, which is expected to fuel the spirits market growth over the forecast period (2022-2032).

Key Takeaways from Market Study

• East Asia is expected to dominate the global market by accounting for the maximum market value share of about 25% by 2022 end
• Rising partying culture in different regions across the globe is predicted to result in surging demand during the assessment period (2022-2032)
• By product type, whiskey is expected to account for the maximum market share by 2022 end
• Higher income groups and working population have increased spending capacity, which is likely to increase the demand for premium brands of spirits in the near future
• Indirect channel is expected to account for a higher market value share than direct channel by 2032 end

Discover More About Report Analysis With Figures And Data Tables, Along With The Table Of Contents. Feel Free To Ask An Analyst- https://www.futuremarketinsights.com/ask-question/rep-gb-14392

"Trending partying culture at clubs and pubs among todays millennial is expected to result in an impressive growth in the spirits market in the coming decade," says a Future Market Insights analyst.

Competitive Landscape

Key market participants are following different marketing and promotional strategies such as new product launches, geographical expansion, merger and acquisitions, partnerships and collaboration to address the needs of the consumers and serve accordingly, thus, creating a larger customer base in the coming years.

Global Spirits by Category

By Product Type, Global Spirits is segmented as:

• Vodka
• Rum
• Whiskey
• Gin
• Tequila
• Others

By Category, Global Spirits is segmented as:

• Mass
• Premium

By Application, Global Spirits is segmented as:

• Household
• Commercial

By Distribution Channel, Global Spirits is segmented as:

• Direct
• Indirect
• Hypermarkets/Supermarkets
• Specialty Stores
• Independent Retailers
• Online Retailers

By Region, Global Spirits is segmented as:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• Middle East & Africa

Contact Sales for Further Assistance in Purchasing this Report- https://www.futuremarketinsights.com/checkout/14392

Key Questions Answered in the Report

• How big is the spirits market?
• At what rate is the global spirits market expected to grow?
• What are the key strategic adopted by spirits market players?
• How much share does the top 10 companies in the spirits market hold?
• Which are the major countries driving demand for spirits?

Top Reports Related To Food and Beverage Market Insights 

Champagne Market: The global champagne market is expected to reach a market valuation of US$ 7.0Bn by the year 2022, accelerating at a CAGR of 5.08% by 2022-2032, to reach a value of US$ 11.5Bn by 2032.

Vegan Flour Market: The global vegan flour market is expected to reach a valuation of US$ 1.1 Bn in 2022, with sales growing at a CAGR of 6.5% over the forecast period. Against this backdrop, the market valuation is set to top US$ 2.08 Bn by 2032.

Pre-Workout Supplements Market: Pre-Workout Supplements Market is expected to boost sales at a robust 8.4% CAGR, with the market valuation reaching US$ 31.5 Bn in 2032

About Future Market Insights (FMI) 

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers. 

Contact: 

Future Market Insights, 
1602-6 Jumeirah Bay X2 Tower, 
Plot No: JLT-PH2-X2A, 
Jumeirah Lakes Towers, Dubai, 
United Arab Emirates
For Sales Enquiries: [email protected] 
For Media Enquiries: [email protected] 
Website: https://www.futuremarketinsights.com/ 
Report: https://www.futuremarketinsights.com/reports/spirits-market

SOURCE Future Market Insights