Spirits Market Size to Reach $ 241,250 Million by End of 2027 with CAGR of 0.4%

BANGALORE from India, October 11, 2021 / PRNewswire / – Spirits market By type – Brandy, Tequila, Liquor and spirits (Baijiu), Rum, Vodka, Whiskey, Others, By application – Home application, Commercial application. Global Opportunity Analysis and Industry Forecast, 2021 – 2027. It is published in Evaluate reports under the Alcoholic beverages Category.

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In 2020, the size of the global spirits market was $ 234,500 million and it is expected to achieve $ 241,250 million by the end of 2027, with a CAGR of 0.4% in 2021-2027.

The main growth factors of the spirits market are:

The increased demand for alcoholic beverages among people of all ages, increasing disposable income, changing lifestyles and the easy availability of a wide variety of alcoholic beverages in supermarkets are driving the growth of the spirits market.

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Steadily increasing demand for alcoholic beverages among adults of virtually all demographic categories is expected to drive the spirits market growth. The sharp increase in the demand for spirits among millennials is giving the spirits industry a new dimension. The influence of social media and peer pressure among students and young adults is causing significant turmoil in the spirits market. In recent years, millennials and young people in emerging economies have gotten into the habit of going out to clubs and pubs because of their generous pay and freedom of life. Alcoholic beverages, primarily spirits such as whiskey and vodka, are commonly consumed on these outings.

The spirits market is driven by an increase in disposable income. Premium brands are preferred by consumers, and they are willing to pay more for them. The global spirits market is expected to benefit from an increasingly young population, which will add to the growing demand for spirits.

With increasing urbanization in many emerging economies, the number of supermarkets is increasing in virtually all major cities. This in turn is expected to drive the growth of the spirits market. Supermarkets offer spirits at low prices and the availability of a wide selection of alcoholic beverages in supermarkets. The high visibility and attractive assortment of alcoholic beverages in supermarkets helps to increase sales, thus increasing the size of the spirits market.

In addition, companies in the spirits sector (distilleries) are developing strategies to increase their market share by emphasizing their unique selling propositions, designing attractive product packaging, offering a diverse product portfolio and showcasing products on online platforms, to name just a few key winning strategies.

Factors such as alcohol advertising limits, high taxes, tough laws and regulations in all areas, the health risks associated with excessive alcohol consumption, and the immediate availability of substitutes all limit the availability of alcohol. growth of the alcoholic spirits sector. The presence of counterfeit and smuggled alcohol is expected to have a negative influence on the market. Consuming counterfeit items is also dangerous for health as the ingredients used in counterfeit products are not regulated.

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Asia Pacific is expected to be the most lucrative segment during the forecast period. Due to the increase in domestic consumption in countries like China and India, Asia Pacific is likely to maintain its dominance in the global spirits industry. The Asia Pacific the spirits market is led by China, while India should develop the fastest. Over the past ten years, sales of spirits imported into China have quadrupled.

Baijiu (white alcohol) and rice wine should 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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The spirits trade is a labor intensive industry with a low technological barrier. The global spirits industry currently has a large number of generating companies. With around 14% market share, Diageo, Pernod Ricard, Brown Forman, Bacardi Limited and LVMH are the main players in the market.


Spirits Market by Type

Spirits Market by Application

  • Domestic application

  • Commercial application

Spirits market by region

  • North America

  • Asia Pacific

  • Europe

  • Latin America

  • Middle East & Africa

Spirits market by company

  • Diageo

  • Pernod Ricard

  • Brown Forman

  • Bacardi Limited

  • LVMH

  • Suntory beam

  • Guillaume Grant & son

  • Remy Cointreau

  • The Edrington Group

  • Kweichow Moutai Group

  • Wuliangye

  • Yanghe Brewery

  • Daohuaxiang

  • Luzhou Laojiao

  • Jose cuervo

  • Patron

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– In 2020, the Alcoholic Beverage Market the size was $ 1,238,620 million and it is expected to achieve $ 1,446,960 million by the end of 2027, with a CAGR of 2.9% in 2021-2027.

– In 2020, the Brandy market the size was $ 23,170 million and it is expected to achieve $ 25,320 million by the end of 2027, with a CAGR of 1.1% in 2021-2027.

– In 2020, the Tequila market the size was $ 5,784 million and it is expected to achieve $ 8134 million by the end of 2027, with a CAGR of 5.0% in 2021-2027.

– Global Artisanal rum sales market The research report contains market size, market share, market dynamics, Porter’s 5 forces analysis, segmentation, regional, and competitor analysis. Product: artisan rum, product type: white rum, black rum, golden rum, spiced rum, application: bottle stores, bars, online, restaurants, others.

– In 2020, the Ethanol in the beverage market the size was $ 1,860 million and it is expected to achieve $ 3,080.3 million by the end of 2027, with a CAGR of 6.4% in 2021-2027.

– In 2020, the Whiskey market the size was $ 24,830 million and it is expected to achieve $ 35,940 million by the end of 2027, with a CAGR of 5.1% in 2021-2027.

– Global Premium gin sales market The research report contains market size, market share, market dynamics, Porter’s 5 forces analysis, segmentation, regional, and competitor analysis. Product: Premium Gin, Product type: Dry Gin, Old Tom Gin, Juniper Gin, Others.

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