Known for its high alcohol content, Baijiu drinks offer a unique aroma and taste profile appealing to numerous consumers across China. The drinks help support gastrointestinal functions, relieve stress and provide antioxidants.
The global Baijiu Market is estimated to be valued at US$ 100.96 Bn in 2023 and is expected to exhibit a CAGR of 3.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Urbanization has been a key driver of growth in the Baijiu Market over the recent years. Once mostly consumed in rural areas of China, Baijiu drinks have found increasing adoption among urban populations transitioning to modern lifestyles. Young millennials have also showed higher acceptance of Baijiu compared to older generations, attracted by sophisticated flavors, attractive packaging and marketing campaigns tailored to their tastes. This has encouraged major Baijiu producers to innovate new premium product lines targeting younger demographics in Chinese cities, fueling higher demand and sales volumes. Furthermore, growth in disposable incomes among urban citizens is allowing greater affordability of premium Baijiu varieties, supporting the market's expansion.
Segment Analysis
The Global Baijiu market Size is dominated by the shengmingjiu segment which accounts for more than 60% of the overall market share. This segment has high demand owing to rising consumer preference for authentic tasting baijiu infused with strong flavors. Factors such as easy availability and economical pricing also support the growth of the shengmingjiu segment.
Key Takeaways
The global baijiu market is expected to witness high growth over the forecast period of 2023 to 2030. . The global Baijiu Market is estimated to be valued at US$ 100.96 Bn in 2023 and is expected to exhibit a CAGR of 3.0% over the forecast period 2023 to 2030
China accounts for over 95% of the global baijiu market. Factors such as easy availability, affordable pricing and cultural influence have helped China emerge as the dominant market for baijiu. The Chinese provinces of Sichuan, Guizhou and Anhui are the major producers and consumers of baijiu in the country.
Key players operating in the baijiu market are Kweichow Moutai Co., Ltd., Wuliangye Yibin Co., Ltd., Luzhou Laojiao Co., Ltd., Yanghe Distillery Co., Ltd., Fen Chiew Group Co., Ltd. Kweichow Moutai Co., Ltd is currently the dominant player with a market share of over 20% owing to strong brand equity of its ‘Feitian Moutai’ brand. Wuliangye Yibin Co., Ltd is another major player focusing on premiumization through innovative product launches.
Get More Insights On This Topic: https://newsstatix.com/baijiu-market-size-share-analysis-2023-2030/
Comments
0 comment