Spirits Market Size To Reach USD 241250 Million By The End of 2027 With A CAGR of 0.4% - Valuates Reports
BANGALORE, India, Oct. 11, 2021 /PRNewswire/ -- Spirits Market By Type - Brandy, Tequila, Liquor and Spirits(Baijiu), Rum, Vodka, Whisky, Others, By Application - Household Application, Commercial Application. Global Opportunity Analysis and Industry Forecast, 2021 - 2027. It is published in Valuates Reports under the Alcoholic Beverages Category.
In 2020, the global Spirits market size was USD 234500 million and it is expected to reach USD 241250 million by the end of 2027, with a CAGR of 0.4% during 2021-2027.
Major factors driving the growth of spirits market are:
Increased demand for alcoholic beverages among people of all ages, rising disposable income, changing lifestyles, and the easy availability of a wide variety of alcoholic beverages in supermarkets are all driving the growth of the spirits market.
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TRENDS INFLUENCING THE GROWTH OF GLOBAL SPIRITS MARKET
The steady rise in demand for alcoholic beverages among adults of practically all demographics is expected to drive the growth of the spirits market. The rapid surge in demand for spirits among millennials is giving the spirits business a new dimension. The influence of social media and peer pressure among college students and young adults is causing a significant stir in the spirits market. In recent years, millennial and young people in emerging economies have developed a habit of going out to clubs and pubs due to generous pay packages and lifestyle freedom. Alcoholic beverages, primarily spirits such as whisky and vodka, are commonly consumed during such outings.
The spirit market is being driven by an increase in disposable income. Premium brands are preferred by consumers, and they are willing to pay more for them. The worldwide spirit market is predicted to benefit from a growing younger population, which will add to the growing demand for spirits.
With increased urbanization in numerous emerging economies, the number of supermarkets is increasing in practically all major cities. This in turn is expected to drive the growth of the spirits market. Supermarkets offer low-cost spirits and the availability of a wide selection of alcoholic beverages at supermarkets. The high visibility and appealing assortment of alcoholic beverages in supermarkets help increase sales thereby increasing spirits market size.
Furthermore, companies in the Spirits (Distilleries) industry are strategizing moves to increase market share by emphasising their unique selling propositions, designing attractive product packaging, offering a diverse product portfolio, and showcasing products on online platforms, to name a few key winning strategies.
Factors such as limits on alcohol advertising, high taxes, severe laws and regulations across areas, health risks associated with excessive alcohol consumption, and the ready availability of substitutes are all limiting the growth of the alcoholic spirits business. The presence of counterfeit and smuggled alcohol is projected to have a negative influence on the market. Consumption of counterfeit items is also dangerous to one's health because the ingredients used in counterfeit products are not regulated.
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GLOBAL SPIRITS MARKET SHARE ANALYSIS
Asia-Pacific is expected to be the most lucrative segment during the forecast period. Due to rising domestic consumption in countries like China and India, Asia-Pacific is likely to maintain its dominance in the global spirit industry. The Asia-Pacific spirit market is led by China, while India is predicted to expand the fastest. In the previous ten years, sales of imported spirits in China have increased fourfold.
Baijiu (white spirit) and rice wine are expected to be the most lucrative. This is attributed to the wide consumption of white spirit among the majority of the Asian population.
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TOP COMPANIES IN THE SPIRITS MARKET:
The spirits business is a labor-intensive industry with a low technological barrier. The global spirits sector currently has a large number of generating enterprises. With around 14 percent market shares, Diageo, Pernod Ricard, Brown Forman, Bacardi Limited, and LVMH are the key market players.
SPIRITS MARKET SEGMENTATION
Spirits Market By Type
- Brandy
- Tequila
- Liquor and Spirits(Baijiu)
- Rum
- Vodka
- Whisky
- Others
Spirits Market By Application
- Household Application
- Commercial Application
Spirits Market By Region
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- South Korea
- India
- Southeast Asia
- Australia
- Rest of Asia-Pacific
- Europe
- Germany
- France
- U.K.
- Italy
- Russia
- Nordic Countries
- Rest of Europe
- Latin America
- Mexico
- Brazil
- Rest of Latin America
- Middle East & Africa
- Turkey
- Saudi Arabia
- UAE
- Rest of MEA
Spirits Market By Company
- Diageo
- Pernod Ricard
- Brown Forman
- Bacardi Limited
- LVMH
- Beam Suntory
- William Grant & Sons
- Remy Cointreau
- The Edrington Group
- Kweichow Moutai Group
- Wuliangye
- Yanghe Brewery
- Daohuaxiang
- Luzhou Laojiao
- Jose Cuervo
- Patrón
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SIMILAR REPORTS :
- In 2020, the global Alcoholic Drinks market size was USD 1238620 million and it is expected to reach USD 1446960 million by the end of 2027, with a CAGR of 2.9% during 2021-2027.
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- In 2020, the global Tequila market size was USD 5784 million and it is expected to reach USD 8134 million by the end of 2027, with a CAGR of 5.0% during 2021-2027.
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