The number of spirits market is anticipated to increase globally from around US$ 59.4 billion in 2023 to approximately US$ 90.3 billion by 2033, mostly as a result of the expanding market potential and the influence of Western culture.
The value of the worldwide spirits market is expected to reach US$ 90,288.9 million by 2033 at a compound annual growth rate (CAGR) of 4%, from an estimated value of US$ 59,408 million in 2023. The main factor fueling this surge is the rise in alcohol consumption, especially among young people who are influenced by Western culture. Spirit sales reached a global total of US$ 57,123 million in 2022, demonstrating the market’s strength and room for growth.
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As per various earlier market survey reports, the net worth of total spirits sold globally in the year 2022 stood at US$ 57,123 Million. In accordance with data from Future Market Insights (FMI), the global spirits market value is estimated to be around US$ 59,408 Million in 2023. Further, as per this market report, the market is projected to progress at a CAGR of 4% from 2023 to 2033. By following this moderate CAGR, the overall market value is projected to reach US$ 90,288.9 Million by 2033.
One of the main causes fueling the expansion of distilleries or the spirit industry is the rise in the number of alcohol consumers. The overall use of various types of spirits has increased, especially among young people, as a result of Western culture’s influence on developing countries.
Spirits sales have increased significantly in recent years thanks to a more sophisticated distribution system utilised by alcohol producers, such as internet merchants. In addition, the growth and introduction of new alcoholic beverage-serving pubs, restaurants, and hotels have enhanced their market trend.
The use of craft spirits has increased over the past several years for a variety of reasons, including the younger generation’s growing preference for premium alcoholic beverages. In order to broaden their product lines, craft spirit distillers are also focusing on developing new beverages using a variety of herbs, spices, botanicals, and fruits.
Key Takeaways:
- The absolute increment of the overall market over the next ten years is anticipated to be US$ 30,881 Million.
- The United States alone accounted for almost 32% of the total spirits consumed in the year 2022.
- Germany follows the United States in sales and consumption of spirits and contributed to nearly 15% of the market revenue share in 2022.
- The demand for spirits in the United Kingdom is higher than in any other country in Europe and could progress at a 6% CAGR through 2033.
- The capacity for the production of spirits in China is higher than in other Asia Pacific countries and during the projected period it could register a CAGR of 6.5%.
- India is another emerging country for both consumption and supply of spirits which is poised to progress at 4.6% CAR through 2033.
- Japan was figured out to have contributed 1.2% in global sales of spirits in 2022 while the contribution of Australia was only 0.9%.
- Among the different types of spirits, the whiskey segment dominates the overall market having a 28% revenue share in the year 2022.
- Based on distribution channels, the indirect sales of spirit accrued revenue of 71% in 2022.
Competitive Landscape:
- Diageo plc.
- Pernod-Ricard SA
- LVMH
- Jose Cuervo
- Patrón
- Beam Suntory
- Brown-Forman Corp.
- Constellation Brands, Inc.
- Remy Cointreau SA
- Marnier Lapostolle SA
- Belvedere SA
- Berentzen-Gruppe AG.
- William Grant & Sons
- The Edrington Group
- Kweichow Moutai Group
- Wuliangye
- Yanghe Brewery
- Daohuaxiang
- Luzhou Laojiao
- Others
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A few of the top producers of spirits are concentrating on taking advantage of the potential presented by the quickly expanding market sectors.
Future business of the spirits industry could shift in favor of the suppliers due to the ongoing introduction of product lines according to local preferences. As bigger spirit producers like Suntory Holding and Pernod Ricard are attempting to capitalize on this, new partnerships are taking place in the market. Acquired regional partners get access to a wider consumer base, and are also permitted to continue operations entirely independently of the new parent company.
Key Segmentation:
By Product Type:
- Vodka
- Rum
- Whiskey
- Gin
- Tequila
- Other Spirits
By Category:
- Mass
- Premium
By Application:
- Household
- Commercial
By Distribution Channel:
- Direct Sales Channels
- Indirect Sales Channels
- Hypermarkets or Supermarkets
- Specialty Stores
- Independent Retailers
- Online Retailers
By Region:
- North America Market
- Latin America Market
- Europe Market
- East Asia Market
- South Asia Market
- Oceania Market
- The Middle East & Africa Market
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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