Spirits refer to a specific category of alcoholic beverages that are distilled from fermented grains, fruits or vegetables. The process of distillation involves heating the fermented liquid to separate alcohol from water, resulting in a higher alcohol content. Spirits include whiskey, vodka, rum, gin and others.
The spirits market consists of sales, by entities (organizations, sole traders and partnerships), of spirits that are produced by the distillation of grains, fruits or vegetables that have already gone through alcoholic fermentation.
The global spirits market was valued at $112,752.0 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 4.0%.
Rise In Consumption Of Alcoholic Drinks Among Young People
The rise in consumption of alcoholic beverages among young people propelled the growth of the spirits market during the historic period. Young people's attitudes toward alcohol use changed over time, increasing acceptance and normalizing drinking in social situations. Spirits and other alcoholic beverages were consumed at a higher rate, as drinking became more socially acceptable among younger populations. For instance, in September 2021, according to Numerator, a US-based consumer insights and data company, when it comes to alcohol buying habits, Gen Z (born between 1996 and the early-mid 2000s) and Millennials (born between 1980-1995) differ significantly. In particular, 84% of Gen Z consumers purchase alcohol, compared to 90% of Millennials. Additionally, in July 2020, according to the 2019 National Drug Strategy Household Survey results, published by the Australian Institute of Health and Welfare (AIHW), an Australian-based national agency producing authoritative and accessible information and statistics, 2.8% of people aged 14 to 17 reported drinking once a week, compared to 27.9% of people aged 18 to 24. Therefore, the rise in consumption of alcoholic beverages among young people drove the growth of the spirits market.
Launch Of Ready-To-Drink (RTD) Spirits To Meet Consumer Demand For Convenience
Companies operating in the spirits market are focused on the launch of ready-to-Drink (RTD) beverages to meet changing customer demands for flavor diversity, portability and convenience. Consumers looking for convenient options for socializing and on-the-go consumption are catered to by RTD products, which include canned spirits and pre-mixed cocktails. These products take advantage of consumers' desire for unusual flavor combinations and the trend of experience drinking. For example, in December 2023, Incredible Spirits Private Limited, an India-based beverage and spirits manufacturing company, launched the SWIGGER brand of premium spirits-based ready-to-drink (RTD) shots in the state of Goa, India, blended with natural and organic flavors. The flavorful SWIGGER shots are available in 60-milliliter (ml) double-shot glasses with a pull-rip cap closing, guaranteeing customers a convenient, unadulterated and safe experience.
The global spirits market is fairly concentrated, with large players operating in the market. The top ten competitors in the market made up to 38.83% of the total market in 2022.
Spirits Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global spirits market as it emerges from the COVID-19 shut down.
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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? The spirits market global report from The Business Research Company 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 history and forecasts market growth by geography. It places the market within the context of the wider spirits market; and compares it with other markets.
The report covers the following chapters
- Introduction And Market Characteristics - Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by type, by category and by distribution channel.
- Product Analysis- The product analysis section of the report describes the leading products in the spirits market, along with key features and differentiators for those products.
- Supply Chain- The supply chain section of the report defines and explains the key players in the spirits industry supply chain.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario-The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the spirits market.
- Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation -Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by type, by category and by distribution channel in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size And Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Competitive Benchmarking -Briefs on the financials comparison between major players in the market.
- Competitive Dashboard-Briefs on competitive dashboard of major players.
- Key Mergers And Acquisitions- Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for spirits providers in terms of product/service offerings geographic expansion, marketing strategies and target groups next five years.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Scope
Markets Covered:
- 1) By Type: Whiskey; Vodka; Rum; Tequila; Gin; Other spirits
- 2) By Category: Mass; Premium
- 3) By Distribution Channel: Off-Trade Channel; On-Trade Channels
- Companies Mentioned: Diageo PLC; PernodRicard SA; Asahi Group Holdings, Ltd.; Bacardi Limited; Brown-Forman Corporation
- Countries: Australia; China; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore Philippines; 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; Israel; 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; spirits indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.