The Distilled Spirits Market is estimated to be valued at US$ 31.99 Bn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: Distilled spirits are alcoholic beverages produced by distilling ethanol or ethyl alcohol. Some common examples are whiskey, vodka, rum, gin, and tequila. They are consumed either straight or used as an ingredient in cocktails and mixed drinks. The distilled spirits market comprises a wide variety of products catering to different consumer tastes and preferences. Innovation in flavors and experimentation with different ingredients has increased the popularity of premium and craft distilled spirits. Market Dynamics: Increasing socializing and spending on experiences outside homes is driving the growth of on-trade spirits consumption globally. Young consumers especially prefer spending time and socializing at bars and clubs, which is fueling the demand for premium spirits served outside. Furthermore, the rising popularity of homemade cocktails prepared with craft distilled spirits is also propelling the market growth. Consumers are experimenting with novel ingredients and recipes to make unique cocktails at home, thereby favoring craft spirits. However, stringent regulations on production, marketing, labelling, and sales of alcoholic beverages act as a challenging factor. Various countries have regulations restricting or prohibiting advertising of alcohol products. Segment Analysis The global distilled spirits market is dominated by the whiskey segment, accounting for over 30% of the total market share. Whiskey is the preferred spirit globally and witnesses high consumption especially in countries like the US, UK, Canada and India. Within whiskey, blended whiskey dominates due to its affordability and smooth taste as compared to single malt and specialty whiskeys. PEST Analysis Political: The market is regulated by national and local authorities through taxation and licensing policies. Any changes in regulations can impact industry dynamics. Economic: The economic stability and disposable income levels determine the spending power of consumers on premium and super premium spirits. High income growth markets will propel future demand. Social: Changing lifestyle and socializing trends influence consumption patterns. Rise of young working professionals and social media influencing consumption occasions and new product trials. Technological: Technology aids in improving production facilities, ensures quality consistency and helps launch innovative packing and bottling solutions. E-commerce growth expanding reach. Key Takeaways The Global Distilled Spirits Market Growth is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing product premiumization and new product launches. The US accounts for over 25% value share and remains the largest and most lucrative market globally driven by high whiskey and premium vodka consumption. The Asia Pacific region is expected to be the fastest growing market during the forecast period due to rising disposable incomes, growth of young population and changing social trends in developing countries like China and India favoring spirits consumption in bars, restaurants and at home occasions. Key players operating in the distilled spirits market are Diageo plc, Pernod-Ricard SA, Constellation Brands Inc., Brown-Forman Corporation, Remy Cointreau SA, Marie Brizard Wine & Spirits, Lapostolle SA, and Berentzen-Gruppe AG. The market is highly consolidated with top 5 players accounting for over 50% share. Players are focusing on premiumization, innovation and expansion in high growth markets through mergers and acquisitions. Read More -https://www.newsanalyticspro.com/distilled-spirits-market-share-growth-analysis-size-and-demand-forecast/
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