According to previous market surveys, global spirits sales reached USD 57,123 million in 2022. Future Market Insights (FMI) estimates the global spirits market to grow to approximately USD 59,408 million in 2023. The market is expected to continue this growth trajectory with a projected CAGR of 4% from 2023 to 2033, reaching an estimated USD 90,288.9 million by the end of the forecast period.
The growth of the spirits industry or distilleries can be attributed significantly to the expanding consumer base for alcohol consumption. There has been a noticeable rise in the consumption of various spirits, particularly among younger demographics, influenced by Western cultural trends in emerging economies.
Access strategic insights into current industry trends in Spirits Market. Request your sample report.
Furthermore, the advancement of distribution channels, including online retailers, has greatly bolstered global spirits sales in recent years. Additionally, the proliferation of new bars, restaurants, and hotels offering alcoholic beverages has further reinforced this market trend.
Craft spirits consumption has grown significantly in recent years, driven by the increasing preference for premium alcoholic beverages among younger consumers. As a result, craft spirit distillers are focusing on innovating their product offerings by incorporating a variety of herbs, spices, botanicals, and fruits to diversify their product lines.
Key Takeaways from the Spirits Market Study Report
- 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.
Competitive Landscape for the Spirits Market Players
Diageo, LVMH, Jose Cuervo, Patrón, Beam Suntory, Brown-Forman, Remy Cointreau, Marnier Lapostolle, and Belvedere are some key players in the global market. 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.
Gain Exclusive Access to Growth Strategies in Spirits Market Grab Your Essential Report
Spirits by Category
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
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.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
