Spirits are distilled alcoholic beverages that typically contain a higher alcohol content than fermented drinks like beer or wine. They are produced through the distillation process, which concentrates alcohol by removing water and other components from a fermented liquid. 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 $117,778.34 million in 2019 which grew till 2024 at a compound annual growth rate (CAGR) of more than 4.00%.
Strong Economic Growth In Emerging Markets
During the historic period, the spirits market was driven by strong economic growth in emerging markets. Countries such as China, India, Brazil and several others witnessed rising disposable income, urbanization and a burgeoning middle class, leading to increased consumer spending on luxury goods, including spirits. This surge in economic prosperity not only bolstered domestic consumption but also fueled demand for premium and imported spirits. For instance, according to the World Bank, an international financial institution that provides loans and grants to the governments of low- and middle-income countries, China's gross domestic product (GDP) grew to $17.94 trillion in 2022, compared to $17.82 trillion in 2021 and $11.06 trillion in 2015. Additionally, in January 2022, according to the Ministry for Finance and Corporate Affairs an Indian government ministry, India's gross domestic product (GDP) grew by between 8% and 8.5% and 9.2% in 2021-2022. Therefore, strong economic growth in emerging markets contributed to the growth of the spirits market.
Innovative RTD Shots Promise A Safe And Unadulterated Drinking Experience
Companies operating in the spirits market are focusing on developing innovative ready-to-drink (RTD) shots that promise a safe and unadulterated drinking experience. As consumers seek quick, hassle-free options without compromising on quality, RTD shots offer a perfect solution by combining premium spirits with precise, pre-measured servings. These products promise a safe and unadulterated experience by using high-quality ingredients and ensuring consistency in flavor, making them attractive to both casual drinkers and those looking for a reliable, controlled alcohol consumption option. For instance, 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 Goa, blended with natural and organic flavors. The flavorful SWIGGER shots are now available in 60-milliliter (ml) double-shot glasses, with a pull-rip closing cap, guaranteeing customers a convenient, unadulterated and safe experience.
The global spirits market is concentrated, with large players operating in the market. The top 10 competitors in the market made up 45.99% of the total market in 2023.
Spirits Global Market Opportunities And Strategies To 2034 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.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Growth Analysis And Strategic Analysis Framework- Analysis on PESTEL, end use industries, market growth rate, global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods, forecast growth contributors and total addressable market (TAM).
- Global Market Size And Growth- Global historic (2019-2024) and forecast (2024-2029, 2034F) 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 (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2019-2024) (2024-2029, 2034F) and analysis for each segment by type, by application and by end-use in the market. Historic (2019-2024) and forecast (2024-2029) and (2029-2034) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2024), historic (2019-2024) and forecast (2024-2029, 2034F) 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.
- Other Major And Innovative Companies- Details on the company profiles of other major and innovative companies in the market.
- 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.
- Recent Developments- Information on recent developments in the market covered in the report.
- 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.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Type: Whiskey; Vodka; Rum; Tequila; Gin; Other Spirits
- 2) By Category: Mass; Premium
- 3) By Distribution Channel: Off-Trade Channels; On-Trade Channels
- Companies Mentioned: Diageo PLC; Pernod Ricard SA; Wuliangye Yibin Co.; Asahi Group Holdings, Ltd., and Bacardi Limited
- 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; 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