PUBLISHER: DataM Intelligence | PRODUCT CODE: 1319229
PUBLISHER: DataM Intelligence | PRODUCT CODE: 1319229
Global Dark Spirits Market reached US$ 85.3 million in 2022 and is expected to reach US$ 132.9 million by 2030 and is expected to grow with a CAGR of 5.7% during the forecast period 2023-2030. The global dark spirits market is experiencing significant growth, driven by the increasing demand for a variety of brown and aged spirits. Whiskey, Scotch whisky, bourbon, rye whiskey, dark rum, cognac, and brandy are some of the prominent categories is driving the global dark spirits market expansion.
Consumers worldwide are increasingly appreciating the rich flavors, complex profiles, and unique characteristics offered by these dark spirits. The growing popularity of craft cocktails and mixology culture has also contributed to the market's growth, as bartenders and enthusiasts experiment with these spirits to create innovative and enticing concoctions.
Moreover, the rising disposable income and evolving consumer preferences, particularly among the millennial and younger demographics, have created a strong demand for premium and luxury spirits, further propelling the growth of the global dark spirits market revenue.
The global dark spirits market is witnessing a remarkable growth fueled by consumers' increasing preference for unique and sophisticated flavors. This shift in consumer demand is driven by a desire for new experiences and a quest for high-quality products that offer distinctive taste profiles. The availability of experimental expressions and limited-edition releases has further contributed to the rising demand for these spirits, as consumers actively seek out new and exciting flavor experiences.
As a result, the global dark spirits market is witnessing a surge in growth, with producers and distillers catering to this evolving consumer preference by offering a diverse range of spirits that tantalize the taste buds and satisfy the craving for unique and sophisticated flavors. For instance, on July 03, 2023, Chhota Hazri Spirits launched Baagh, a modern Indian craft gin that combines exceptional taste with a strong purpose, in the vibrant markets.
The food and beverage industry is witnessing a surging demand for dark spirits, including whiskey, Scotch whisky, bourbon, rye whiskey, dark rum, cognac, and brandy. These spirits are increasingly sought after due to their versatility and unique flavor profiles, making them popular ingredients for crafting innovative cocktails and enhancing culinary creations. Restaurants, bars, and food manufacturers are incorporating dark spirits into their offerings, leveraging their robust flavors and distinctive aromas to elevate the taste profiles of dishes and beverages.
For instance, on May 4, 2023, Oregon-based Wheyward Spirit, launched a new barrel-aged spirit: Wheyskey. Wheyward Spirit is a spirit for people who value a flexible, intricate, and favorable drinking experience. It is a version of the double-gold award-winning Wheyward Spirit that has been aged in barrels, allowing the distinctive flavor that is created naturally during the fermentation and distillation process to fully blossom and mature through oak aging.
The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown, and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).
The dark spirits industry relies heavily on artificial intelligence (AI) analysis, which enables companies to learn important things about consumer preferences, market trends, and product development. Businesses can examine a variety of data, including sales data, social media posts, and customer reviews, using AI-powered data analytics to glean insightful information and perform sentiment analysis that will better inform brand managers about consumer perceptions. Additionally, AI algorithms can spot new flavors, brands, and trends, empowering companies to make informed decisions and maintain an edge over rivals.
Moreover, AI supports personalized recommendations, demand forecasting, and inventory management, optimizing processes and improving the customer experience. All in all, AI analysis transforms the dark spirits market by delivering in-depth knowledge, foreseeing market trends, and boosting operational effectiveness.
The global dark spirits market is segmented based on type, application, distribution channel and region.
The whiskey segment, encompassing diverse variants such as Scotch whisky, bourbon, rye whiskey, and others, has experienced a surge in popularity due to its unique flavors and rich heritage. Whiskey's broad range of taste profiles, ranging from smoky and peaty to smooth and mellow, caters to a wide array of consumer preferences. Notably, this segment has witnessed significant investments in production, marketing, and product innovation, solidifying its prominent position in the dark spirits market.
With an expanding portfolio of premium and craft offerings, whiskey remains a driving force in the global dark spirits market, captivating an increasing number of consumers and continually raising the bar in terms of flavor and quality. For instance, on March 27, 2023, Fettecairn's 'Warehouse launched Scotch whisky, single malt, Highlands, 51.2% ABV.
Due to rising consumer demand for a variety of dark spirits including whisky, bourbon, rye whisky, dark rum, cognac, and brandy, North America has emerged as the market with the fastest growth. Its rapid growth has been facilitated by the area's thriving cocktail culture, growing interest in craft spirits, and growing appreciation for premium and aged offerings. The market has experienced rapid growth in part due to elements like changing consumer preferences, a focus on distinctive flavour experiences, and the influence of mixology trends.
With a significant number of distilleries, cutting-edge product offerings, and a vibrant market ecosystem, North America is well-positioned to continue acting as a major growth engine for the world's dark spirits market. For instance, on June 3, 2022, The Bureau National Interprofessionnel du Cognac (BNIC) conducted the 3rd annual Cognac Connection program in the USA. This virtual program's third iteration's main goals are to inform and motivate cocktail industry professionals about the Cognac region and dark spirit and to support bartenders in what is still a difficult period for the business.
The major global players in the market include: Diageo, Suntory Holdings, Bacardi Limited, LT Group, Inc, The Brown-Forman Corporation, Permod Richard, Krin Holdings, Ashai Group Holdings, Remy Cointreau, and Anheuser-Busch InBev.
The global Dark Spirits market report would provide approximately 61 tables, 58 figures and 190 Pages.
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