Spirits Market Growth Report 2023 | Key Players: Diageo, LVMH, Beam Suntory, Jose Cuervo, & Wuliangye: Radiant Insights, Inc.
Growing urbanization and rising disposable income of middle-class population is anticipated to propel market growth.
SAN FRANCISCO, Sept. 3, 2019 /PRNewswire/ -- The global Spirits Market is anticipated to witness a healthy CAGR during the forecast period (2012 to 2023). Spirit is defined as an alcoholic drink produced by distillation of fruit, grains, and vegetables. These grains, vegetables and fruits have already gone through alcoholic fermentation. Distillation helps in removal of distilling components such as water to increase the volume of alcohol content. Spirit contains no added sugar and offers 20% of alcohol by volume (ABV).
Growing urbanization and rising disposable income of middle-class population is anticipated to propel market growth. Increasing consumption of alcoholic beverages offering variety of flavors is driving the market. Growing adoption of luxury lifestyle among people and shifting preference for branded liquor is expected to impel market growth. In addition, increasing investments by manufacturing companies to advertise their product and lure consumers is stimulating demand for branded spirits. Moreover, advent of wide range of flavored spirits being liked by consumers will drive the market over the forecast period.
To cater to rising demand for innovative alcoholic drinks, manufacturing companies are launching new products to gain traction among consumers. For instance, in April 2019, Jiangsu Yanghe Diageo Spirit Company launched whiskey called Zhong Shi Ji. This whiskey is produced by unique method that includes softening of whiskey using Chinese ceramic pot maturation. The company is a joint venture formed between Diageo and Yanghe.
Product Insights
Based on product type, the spirits market can be categorized into vodka, gin, brandy, flavored spirits, cane, rum, whiskey, natural spirits, and tequila. Whiskey segment has dominated the market in past few years. The segment is anticipated to continue its dominance over the forecast period by accounting highest market share. Rising consumption of whiskey across the globe is likely to impel segment's growth. Officer's choice is expected to be the world's best-selling brown spirit. The brand is owned by Allied Blenders and Distillers.
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Distribution Channel Insights
On the basis of distribution channel, the spirits market can be bifurcated into on-trade and off-trade. Off-trade distribution channel is further divided into retail outlets supermarkets, hypermarkets, duty free, and wine shops. On-trade distribution channel includes restaurants, clubs, bars, and hotels. On-trade segment is expected to account for highest market share in the coming years attributed to rising adoption of luxury lifestyle among people. Increasing number of liquor consumers visiting bars and clubs to experience luxury lifestyle is driving segment's growth.
Regional Insights
Regional segmentation includes North America, Europe, Asia Pacific, Latin America, and Middle East and Asia. Asia Pacific is predicted to hold highest spirits market share over the forecast period. This is attributed to growth of urbanization and increasing number of alcohol consumers in the region. Rising awareness regarding spirits and increasing disposable income are also contributing well to regional growth. Moreover, growth of on-trade distribution channel in developing countries such as India and China will drive regional market growth in the coming years. China accounts for world's most essential emerging market for whiskey. Around 80% of whiskey consumed is during meals in the country.
North America and Europe are likely to contribute well to spirits market revenue over the forecast period. Shifting consumer preference from ciders and beer to spirits is augmenting regional growth. In addition, rising consumption of vodka and gin in U.S. and U.K. respectively is expected to impel regional market growth in the coming years.
Some of the leading companies operating in the spirits market are Alberta Distillers Limited, Brown-Forman Corporation, and Bodegas Williams & Humbert, Agave Loco LLC, Bacardi Limited. Most companies are adopting business strategies such as merger and acquisition to expand their product portfolio. Companies are also investing in R&D activities to develop unique products that can help them can competitive edge over others. For instance, in January 2018, Pernod Ricard announced acquisition of Avion Spirits LLC.
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Market Segmentation:
- Geographically, this report is segmented into several key Regions, with production, consumption, revenue (million USD), market share and growth rate of Spirits in these regions, from 2012 to 2023 (forecast), covering
- North America (United States, Canada and Mexico)
- Europe (Germany, France, UK, Russia and Italy)
- Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
- South America (Brazil, Argentina, Columbia)
- Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
- Global Spirits market competition by top manufacturers, with production, price, and revenue (value) and market share for each manufacturer; the top players including
- Diageo
- Pernod Ricard
- Brown Forman
- Bacardi Limited
- LVMH
- Beam Suntory
- William Grant & Sons
- Remy Cointreau
- The Edrington Group
- Kweichow Moutai Group
- Wuliangye
- Yanghe Brewery
- Daohuaxiang
- Luzhou Laojiao
- Jose Cuervo
- On the basis of product, this report displays the production, revenue, price, and market share and growth rate of each type, primarily split into
- Brandy
- Tequila
- Baijiu
- Rum
- Vodka
- Whisky
- Others
- On the basis on the end users/applications, this report focuses on the status and outlook for major applications/end users, consumption (sales), market share and growth rate of Spirits for each application, including
- Household Application
- Commercial Application
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