The global Baijiu Market is estimated to be valued at Us$ 900.24 Mn in 2022 and is expected to exhibit a CAGR Of 4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Baijiu is a Chinese white spirit or liquor. It is one of the most popular alcoholic beverages in China due to its affordability. Baijiu contains alcohol in the range of 40%-60% and has a pungent aroma. It is considered as the national spirit of China and is usually served warm at social gatherings, business dinners and festivals.
Market key trends:
One of the major trends driving the growth of global baijiu market is the growing consumption of baijiu in China. China accounts for almost 90% of the total baijiu production globally. The baijiu market in China has been growing steadily, supported by rising disposable incomes and acceptance of baijiu as a ceremonial drink among young population in China. Moreover, increasing popularity of premium and high-end baijiu variants is also fueling the market growth in China. Chinese companies are innovating new flavors and taste to attract millennials in China as well as expand export markets globally. This trend is expected to significantly contribute to the global market growth over the forecast period.
Segment Analysis
The global baijiu market is dominated by the strong aromatic segment. Strong aromatic baijiu accounts for over 50% of the overall market share owing to its widespread popularity and large scale production across China. Traditionally used for festive occasions and business events, strong aromatic baijiu appeals to a majority of Chinese consumers looking for a potent alcoholic beverage. Factors such as standardized production processes and mass marketing have further strengthened the dominance of strong aromatic baijiu over other segments including sauce aroma, light aroma, and rice aroma varieties.
Key Takeaways
The global Baijiu Market is expected to witness high growth, exhibiting a CAGR of 4% over the forecast period 2023-2030, due to the increasing popularity of baijiu as a social beverage and festive drink outside of China.
Regional analysis: Asia Pacific dominates the global baijiu market with over 80% share majorly contributed by China where baijiu is consumed widely in social and business gatherings. Within China, regions including Sichuan, Guizhou, Hunan account for the highest consumption of baijiu due to traditional preference and climatic conditions favoring production.
Key players: Key players operating in the baijiu market include Kweichow Moutai Group, Wuliangye, Yanghe Brewery, Daohuaxiang, Luzhou Laojiao, Langjiu Group, Shunxin Holdings, Fen Chiew Group, Baiyunbian Group, Gujing Group, Red Star, Laobaigan, and Guyuelongshan. Kweichow Moutai Group dominates the global market with its bestselling ‘Feitian Moutai’ brand accounting for over 10% of the domestic baijiu market share in China.
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