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Spirits Market

Spirits Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030

Spirits Market: Overview

The spirits market is rising at a steady pace and is predicted to garner handsome revenues over the course of the 2020 – 2030 forecast period. The persistent rise in demand for alcoholic beverages among adults of almost all groups provides vast opportunities for the spirits market. The various alcoholic products within spirits include vodka, tequila, gin, rum, brandy, whisky, cane, flavored spirits, and natural spirits.

The report studies the spirits market on the basis of application, product, type, and region.

The report examines the spirits market from ground-up to provide an exhaustive analysis of the said market for the 2020 – 2030 forecast period. The report covers demand dynamics, growth indices, trends, and opportunities that will influence the growth curve of spirits market over the 2020 – 2030 forecast period. Furthermore, the report provides analysis of growth behavior of key segments, along with their revenue share projections for the aforementioned forecast period. Lastly, the report provides a detailed discussion on the competitive landscape, with valuable insights on growth strategies of key players in the spirits market.

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Spirits Market: Competitive Landscape

The global spirits market is fragmented with the presence of global players as well as mid-size and small-size local players. However, the spirits market is dominated by premium and super premium brands.

Some of the prominent companies in the spirits market are Diageo plc, Brown-Forman Corp., Remy Cointreau SA, Belvedere SA, Pernod-Ricard SA, Constellation Brands Inc., Marnier Lapostolle SA, and Berentzen-Gruppe AG.

Spirits Market: Key Trends

Economic slowdown in several parts of the world leading to reduced spending is hampering the growth of spirits market over the past few years. However, rising disposable income resulting in higher spending on expensive food and beverages is creating demand in the spirits market. Individuals in the high income bracket spend large amount of money on luxury food and beverages such as premium brands wines and spirits for themselves and to entertain guests. This creates opportunities in the spirits market.

Rapid rise in demand for spirits from millennials is adding another dimension to the spirits market. Influence of social media and peer pressure among college goers, young adults is stirring the spirits market considerably. In emerging economies, handsome pay packets and freedom of lifestyle in the past few years have created trends of outings at clubs and bars among millennials and young adults. Consumption of alcoholic beverages, which predominantly includes spirits such as whisky and vodka is common for such outings.

Meanwhile, long practice of consumption of spirits in Western countries continues to expand the scope of growth of the spirits market. For example, in the U.K., 47% of the population from 18 – 24 years of age drink alcohol regularly, whereas the percentage to 67% for individuals from 25 to 44 years.

However, on the downside, government regulations and increasing taxes on sale of spirits in emerging economies such as India is challenging the growth of spirits market. The government is levying higher taxes on spirit manufacturers which is translating into higher retail price of spirits. This, in turn, is slowing sales of spirits.

Spirits Market: Regional Assessment

Asia Pacific holds substantial share in the overall spirits market. Rapid rise in demand for alcoholic beverages in emerging economies of the region is increasing the revenue of spirits market in the region. China currently accounts for leading revenue in the Asia Pacific spirits market, however, India is predicted to display the leading growth rate in the coming years. In China, sales of imported spirits have increased four times in the last ten years, with white spirit and rice wine being the most popular alcoholic drinks.

In India, spirit account for approximately 88% alcohol consumption, and beer and whisky account for remaining 12% alcohol consumption.

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