Dublin, Jan. 11, 2024 (GLOBE NEWSWIRE) -- The "Spirits Global Market Report 2024" has been added to ResearchAndMarkets.com's offering.
The spirits market size has grown strongly in recent years. It will grow from $145.07 billion in 2023 to $153.83 billion in 2024 at a compound annual growth rate (CAGR) of 6%.
The growth observed during the historical period can be attributed to various factors, including the cultural and social significance of spirits, the traditional craftsmanship involved in their production, the expansion of global exports, consumer demand for premium products, and the flourishing mixology and cocktail culture. These elements have played a significant role in shaping the spirits industry.
The spirits market size is expected to see strong growth in the next few years. It will grow to $191.11 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%.
Anticipated growth in the forecast period can be attributed to several factors, including the influence of health-conscious consumer preferences, a focus on sustainability and environmental practices, the impact of digital marketing and e-commerce, the popularity of flavored spirits and innovation, the emergence of new markets, and a heightened focus on premiumization within the spirits industry.
Major trends expected in the forecast period include the growth of craft distillation, the rise of low-ABV and non-alcoholic spirits, a stronger emphasis on sustainable and ethical sourcing, the exploration of aging and barrel finishing techniques, and the integration of global flavors and fusion in the creation of new spirit offerings.
Spirits manufacturers are now introducing ready-to-mix hybrid beverages to cater to evolving consumer tastes and preferences. Hybrid beverages are a fusion of alcoholic drinks from different beverage categories, utilizing unique flavor combinations, ingredients, and production methods from multiple drink types. Examples include producing spirits or beers in a wine barrel to impart distinctive flavors. Hybrid beverages are particularly prevalent in the spirits category, with products such as beer blended with rum or tea combined with vodka. Popular hybrid beverages include Malibu Red (rum and tequila), Kahlua Midnight (rum and Kahlua), and Absolut Tune (vodka and sparkling wine).
Leading companies operating in the spirits market are placing their focus on premium spirits to capitalize on the growing demand and expand their market presence. Premium spirits are characterized by high-quality ingredients and production methods, resulting in superior alcoholic beverages. For example, in August 2021, Beam Suntory, a Japan-based beverage company, introduced a collection of five premium spirits in North India, including Oaksmith, India's first international Indian whisky, Yamazaki Japanese Whisky, Hibiki Japanese Harmony, Toki Japanese Whisky, and Roku Japanese Craft Gin. This new range offers consumers a diverse selection of premium spirits to choose from, enhancing their overall drinking experience. Moreover, it provides a variety of distinct flavor profiles for a more enjoyable experience.
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.
Report Scope
- Markets Covered:
- By Type: Whiskey; Vodka; Rum; Tequila; Gin; Other Spirits;
- By Category: Mass; Premium;
- By Distribution Channel: Off-Trade Channels; On-Trade Channels
- Subsegments Covered: Single Malt; Other Whiskey
- Countries: Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
- Data segmentations: Country and regional historic and forecast data, market share of competitors, market segments.
Companies Profiled
- Diageo
- Pernod Ricard
- Thai Beverage Public Company Limited
- Brown-Forman Corporation
- Kirin Holdings Company Limited
- Christian Dior SE
- The Molson Coors Brewing Company
- Suntory Holdings Limited
- Asahi Group Holdings Ltd.
- Anheuser-Busch InBev SA/NV
- Bacardi Limited
- Beam Suntory Inc.
- Remy Cointreau
- William Grant & Sons Ltd.
- The Edrington Group Ltd.
- Campari Group
- Heaven Hill Distilleries Inc.
- The Patron Spirits Company
- Mast-Jagermeister SE
- The Macallan Distillers Limited
- The Glenmorangie Company
- The Balvenie Distillery
- The Famous Grouse
- The Dalmore
- The Glenlivet Distillery
- The Aberlour Distillery
- The Chivas Brothers
- The Glenfiddich Distillery
- The Singleton of Dufftown
- The Johnnie Walker Company
- The Dewar's Company
- The Jameson Distillery
- The Bushmills Distillery
- The Teeling Whiskey Company
- The Tullamore Dew Company
- The Kilbeggan Distillery
For more information about this report visit https://www.researchandmarkets.com/r/5wa10o
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