PUBLISHER: DataM Intelligence | PRODUCT CODE: 1082913
PUBLISHER: DataM Intelligence | PRODUCT CODE: 1082913
The global dark spirits market was valued at USD XX million in 2021. It is forecasted to reach USD XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).
Dark spirits are distilled liquors that mature well in sealed barrels and become darker in appearance. Rum, brandy, cognac, bourbon and scotch whiskey, and wine are some of the most prevalent dark spirits. Sugarcane molasses, barley, corn, wheat, and grapes are fermented in distilleries to produce them. The spirits are stored in reconditioned barrels with burned interiors to enhance the taste and color. They're also used to produce alcoholic chocolates, candies, sauces, and marinades. The moderate use of dark spirits can help with pain relief, bone mineral density, preventing the common cold and peripheral artery disease, and maintaining body temperatures warm. The increased popularity of scotch whiskey and the growing demand for rum-based spirits worldwide are likely to drive market expansion over the forecast period.
Increase demand for dark spirits in food & beverage industry
One of the primary reasons contributing to the market's favorable outlook is significant global growth in the food and beverage industry. Dark spirits are commonly provided in restaurants, hotels, bars, and pubs and are often mixed with exotic flavored juices and sparkling water to give consumers novel experiences. Apart from this, as consumers are willing to try new blends, bar owners are expanding their offerings, including dark spirit-based cocktails made with sparkling water and exotic fruit juices. These drinks are also being used as flavor enhancers.
Furthermore, the advent of online alcohol delivery services is a growth-inducing factor. Brands and merchants are participating in online promotional efforts using social media platforms to raise brand awareness among consumers. To fulfill the needs of health-conscious consumers, product manufacturers are launching clean label dark spirits made with organic, GMO-free, additive-free, and naturally produced components. Other factors, such as considerable growth in the spirit tourism sector and expanding consumer expenditure capacity, will propel the market forward.
Whiskey segment accounted for the highest share in global dark spirits market
In 2021, the whisky sector had more than XX percent revenue share in the global market. The high disposable income of developing nations like China and India and the expanding consumption of whiskey in Japan is expected to propel the industry forward in the future years. Furthermore, there has been a significant increase in people who want to try new tastes and flavors, resulting in increased demand for craft whiskies. Whiskey sales will be boosted throughout the predicted period by its great taste and lower fat content.
In 2021, offline trading had around XX percent revenue share in the global market. Liquor stores, restaurants, bars, taverns, supermarkets, and specialty stores are offline trading suppliers. Most restaurants, taverns, and pubs provide dark spirits, often mixed with interesting flavored juices and sparkling water, to provide customers with pleasurable experiences. Domestic providers are offering a wider range of spirits at reduced prices, which will help the market flourish. The market will develop as people become more interested in western culture and embrace new drinking habits.
Asia-Pacific is the dominating region during the forecast period
Due to the rising demand for fruity, clean, and polished malt scotch whisky in China and Japan, Asia Pacific contributed the most to the global dark spirits market in 2021, with over XX percent share. The increased popularity of bourbon and sherry cask spirits among Indian customers would aid industry expansion. The rising consumption rate of rum and brandy goods drives China's market share. Furthermore, private Japanese corporations provide infrastructural conditions for constructing alcoholic beverage manufacturing units. These production units are increasing the global market's consumption rate. Increased whiskey and rum imports in the region are likely to promote market growth.
North America is expected to grow at a CAGR of XX percent during the projection period. This can be attributed to customers' preference for agave-based alcohol. The popularity of high-end and super-premium US whiskey brands and the creation of big cognac brands are credited with the dark spirit market's strong performance in the United States. The industry is growing due to a growing trend in the United States to consume distilled alcoholic beverages. The region's increasing acceptance of Scotch, Irish, and Canadian whiskeys is expected to expand quickly during the projected period.
Some of the key players in the dark spirits market include Anheuser-Busch InBev, Asahi Group Holdings, Kirin Holdings, Diageo, Suntory Holdings, and The Brown-Forman Corporation. The companies' main focus is on launching rum-based products to meet the growing demand for alcoholic beverages. To meet the demand for alcoholic spirits, the major firms are turning to digital online channels. However, implementing sustainability comes with its own set of difficulties and limits. Several businesses are working on expanding and launching premium brand products in the market. In 2018, Bacardi introduced a new line of premium rums in the United States, including Reserva, Ocho, and Anejo Cuatro.
Negative impact on the global dark spirits market
The demand for alcoholic beverages has declined marginally during the COVID-19 pandemic. The global shutdown hampered the distribution of alcoholic beverages. Due to the lockdown, bars, restaurants, pubs, and breweries were forced to close, and client visits were severely restricted. However, during the fiscal year 2021-2022, Europe's top suppliers launched an online platform to optimize the supply chain for alcoholic beverages. This type of activity boosted the industry by increasing the sale of alcoholic beverages.
Understand the current market scenario and viability of global dark spirits market over the forecast period.
Visualize the composition of the global dark spirits market in terms of type, distribution channel and application to identify major players, growth potential, and market strategies.
Identify the key regulations prevailing in the market and understand their impact on the market over the forecast period.
Understand the key business factors such as market competition, product pricing, new product developments, and patent filings pertaining in the market
PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study
Excel data sheet with valuable data points of the global dark spirits market - Regional and Country level segmentation
Product mapping in excel for the key products of all major market players
Market Share Analysis covering business revenues ($) and revenue share (%) of key market players
The global dark spirits market report would provide an access to approximately 61 market data tables, 42 figures and 180 pages
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