Dublin, Aug. 18, 2023 (GLOBE NEWSWIRE) -- The "Spirits Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global spirits market grew from $143.48 billion in 2022 to $153.33 billion in 2023 at a compound annual growth rate (CAGR) of 6.9%. The spirits market is expected to grow to $193.02 billion in 2027 at a CAGR of 5.9%.
Where is the largest and fastest growing market for spirits? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The world's population is growing and is expected to reach 10 billion by 2050. An increase in the population creates more demand for alcoholic beverages. Crop production, farming activities, and trade volumes will have to increase in order to meet the increased population. Therefore, companies in this market are expected to benefit from rising demand for spirits manufacturing (distilleries) products due to the rising population, during the forecast period.
Spirits manufacturers are now offering ready-to-mix hybrid beverages to cater to changing consumer tastes and preferences. Hybrid beverages are a blend of alcoholic drinks from multiple beverage categories. They are prepared by using unique flavour combinations, ingredients, and production methods from multiple drinks. For example, producing spirits or beers in a wine barrel to give them a distinct taste. Hybrid beverages are particularly evident in the spirit category, with products such as beer mixed with rum and tea mixed with vodka. Some of the popular hybrid beverages include Malibu Red (rum and tequila), Kahlua Midnight (rum and Kahlua), and Absolut Tune (vodka and sparkling wine).
The outbreak of COVID-19 disease (COVID-19) has acted as a massive restraint on the spirits manufacturing (distilleries) market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally. Food and beverage manufacturers depend on the supply of raw materials from domestic and international suppliers. As many governments restricted the movement of goods across countries and locally, manufacturers had to halt production due to a lack of raw materials. Also, restrictions on the trade of non-essential goods and fear of contamination through manufacturing facilities contributed to the decline. The outbreak has had a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the spirits manufacturing (distilleries) market will recover from the shock over the forecast period as it is a 'black swan' event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Asia-Pacific was the largest region in the spirits market in 2022. North America was the second-largest region in the spirits market. The regions covered in the spirits market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
- Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis
Key Attributes
| Report Attribute | Details |
| No. of Pages | 300 |
| Forecast Period | 2023-2027 |
| Estimated Market Value (USD) in 2023 | $153.33 Billion |
| Forecasted Market Value (USD) by 2027 | $193.02 Billion |
| Compound Annual Growth Rate | 5.9% |
| Regions Covered | Global |
Key Topics Covered
1. Executive Summary
2. Report Structure
3. Spirits Market Characteristics
3.1. Market Definition
3.2. Key Segmentations
4. Spirits Market Product Analysis
4.1. Leading Products/Services
4.2. Key Features and Differentiators
4.3. Development Products
5. Spirits Market Supply Chain
5.1. Supply Chain
5.2. Distribution
5.3. End Customers
6. Spirits Market Customer Information
6.1. Customer Preferences
6.2. End Use Market Size and Growth
7. Spirits Market Trends And Strategies
8. Spirits Market - Macro Economic Scenario
8.1 COVID-19 Impact On Spirits Market
8.2 Ukraine-Russia War Impact On Spirits Market
8.3 Impact Of High Inflation On Spirits Market
9. Spirits Market Size And Growth
9.1. Market Size
9.2. Historic Market Growth, Value ($ Billion)
9.2.1. Drivers Of The Market
9.2.2. Restraints On The Market
9.3. Forecast Market Growth, Value ($ Billion)
9.3.1. Drivers Of The Market
9.3.2. Restraints On The Market
10. Spirits Market Regional Analysis
10.1. Global Spirits Market, 2022, By Region, Value ($ Billion)
10.2. Global Spirits Market, 2017-2022, 2022-2027F, 2032F, Historic And Forecast, By Region
10.3. Global Spirits Market, Growth And Market Share Comparison, By Region
11. Spirits Market Segmentation
11.1. Global Spirits Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Whiskey
- Vodka
- Rum
- Tequila
- Gin
- Other Spirits
11.2. Global Spirits Market, Segmentation By Distribution Channel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Off-Trade Channels
- On-Trade Channels
11.3. Global Spirits Market, Segmentation By Category, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Mass
- Premium
12. Spirits Market Segments
12.1. Global Whiskey Market, Segmentation By Type, 2017-2022, 2022-2027F, 2032F, Value ($ Billion) - Single Malt; Other Whiskey
12.2. Global Vodka Market, Segmentation By Type, 2017-2022, 2022-2027F, 2032F, Value ($ Billion) -
12.3. Global Rum Market, Segmentation By Type, 2017-2022, 2022-2027F, 2032F, Value ($ Billion) -
12.4. Global Tequila Market, Segmentation By Type, 2017-2022, 2022-2027F, 2032F, Value ($ Billion) -
12.5. Global Gin Market, Segmentation By Type, 2017-2022, 2022-2027F, 2032F, Value ($ Billion) -
12.6. Global Other Spirits Market, Segmentation By Type, 2017-2022, 2022-2027F, 2032F, Value ($ Billion)
13. Spirits Market Metrics
13.1. Spirits Market Size, Percentage Of GDP, 2017-2027, Global
13.2. Per Capita Average Spirits Market Expenditure, 2017-2027, Global
A selection of the major companies mentioned in this report includes:
- Diageo plc
- Pernod Ricard
- Thai Beverage Public co.
- The Brown-Forman Corporation
- Kirin Holdings Co. Ltd.
- Christian Dior SE
- The Molson Coors Brewing Company
- Suntory Holdings Limited
- Asahi Group Holdings Ltd.
- Anheuser-Busch InBev SA/NV
For more information about this report visit https://www.researchandmarkets.com/r/dfzfx
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