As per the Future Market Insights (FMI) estimates, the global spirits market is estimated at US$ 59,408 million in 2023. During the forecast period, the market is anticipated by FMI to expand at a CAGR of nearly 4%. By 2033, the sales of spirits on a global scale are estimated to be worth around US$ 90,288.9 million.
One of the key reasons for the growth of the spirit industries or distilleries is the growing customer base for alcohol use. The overall consumption of different types of spirits, particularly among young people, has increased with the influence of Western cultures in emerging nations.
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In these years, a more developed distribution system used by alcohol producers such as online retailers, has boosted the sales of spirits globally. In addition to this, the expansion and emergence of new bars, restaurants, and hotels serving alcoholic beverages have also strengthened their market trend.
Craft spirits consumption has expanded over the past several years due to reasons including the rising popularity of premium alcoholic beverages among the younger generation. So, craft spirit distillers are also concentrating on creating novel products employing a variety of herbs, spices, botanicals, and fruits to diversify their product lines.
Key Takeaways:
- The absolute increment of the overall market over the next ten years is anticipated to be US$ 30,881 Million.
- The United States alone accounted for almost 32% of the total spirits consumed in the year 2022.
- Germany follows the United States in sales and consumption of spirits and contributed to nearly 15% of the market revenue share in 2022.
- The demand for spirits in the United Kingdom is higher than in any other country in Europe and could progress at a 6% CAGR through 2033.
- The capacity for the production of spirits in China is higher than in other Asia Pacific countries and during the projected period it could register a CAGR of 6.5%.
- India is another emerging country for both consumption and supply of spirits which is poised to progress at 4.6% CAR through 2033.
- Japan was figured out to have contributed 1.2% in global sales of spirits in 2022 while the contribution of Australia was only 0.9%.
- Among the different types of spirits, the whiskey segment dominates the overall market having a 28% revenue share in the year 2022.
- Based on distribution channels, the indirect sales of spirit accrued revenue of 71% in 2022.
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Competitive Landscape:
- Diageo plc.
- Pernod-Ricard SA
- LVMH
- Jose Cuervo
- Patrón
- Beam Suntory
- Brown-Forman Corp.
- Constellation Brands, Inc.
- Remy Cointreau SA
- Marnier Lapostolle SA
- Belvedere SA
- Berentzen-Gruppe AG.
- William Grant & Sons
- The Edrington Group
- Kweichow Moutai Group
- Wuliangye
- Yanghe Brewery
- Daohuaxiang
- Luzhou Laojiao
- Others
A few of the top producers of spirits are concentrating on taking advantage of the potential presented by the quickly expanding market sectors.
Future business of the spirits industry could shift in favor of the suppliers due to the ongoing introduction of product lines according to local preferences. As bigger spirit producers like Suntory Holding and Pernod Ricard are attempting to capitalize on this, new partnerships are taking place in the market. Acquired regional partners get access to a wider consumer base, and are also permitted to continue operations entirely independently of the new parent company.
Key Segmentation:
By Product Type:
- Vodka
- Rum
- Whiskey
- Gin
- Tequila
- Other Spirits
By Category:
- Mass
- Premium
By Application:
- Household
- Commercial
By Distribution Channel:
- Direct Sales Channels
- Indirect Sales Channels
- Hypermarkets or Supermarkets
- Specialty Stores
- Independent Retailers
- Online Retailers
By Region:
- North America Market
- Latin America Market
- Europe Market
- East Asia Market
- South Asia Market
- Oceania Market
- The Middle East & Africa Market
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Table of Content (ToC):
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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