The global spirits market is on a steady growth trajectory, with a value of approximately US$ 59,408 million in 2023, projected to reach US$ 90,288.9 million by 2033 at a CAGR of 4%. This growth is primarily driven by the increasing number of alcohol consumers, particularly among young people, influenced by Western culture. In 2022, the total worth of spirits sold worldwide was US$ 57,123 million, reflecting the market’s strength and potential for further expansion.
According to a number of previous market survey surveys, the total value of spirits sold worldwide in 2022 was US$ 57,123 million. Future industry Insights (FMI) data indicates that the worldwide spirits industry is expected to reach a valuation of approximately US$ 59,408 million by 2023. Additionally, the market is anticipated to grow at a CAGR of 4% between 2023 and 2033, according to this market analysis. The total market value is anticipated to reach US$ 90,288.9 million by 2033 if this moderate CAGR is followed.
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An important factor driving the growth of distilleries and the spirit sector is the increase in the number of people who use alcohol. The general growth in the use of different kinds of spirits is a result of the influence of Western culture in developing nations, particularly among youth.
Alcohol producers, including online retailers, have been using a more advanced distribution system, which has led to a notable increase in spirits sales in recent years. Furthermore, their market trend has been strengthened by the expansion and opening of new hotels, restaurants, and bars that serve alcoholic beverages.
The use of craft spirits has increased over the past several years for a variety of reasons, including the younger generation’s growing preference for premium alcoholic beverages. In order to broaden their product lines, craft spirit distillers are also focusing on developing new beverages using a variety of herbs, spices, botanicals, and fruits.
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.
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
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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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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 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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