The global Distilled Spirits Market is estimated to be valued at US$ 31.99 Bn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Distilled spirits are alcoholic beverages produced by fermenting and distilling grains, fruits or vegetables. They contain ethanol and have an alcohol percentage ranging from 20% to 60%. The growing social acceptability and popularity of premium spirits is fueling the growth of this market.
Market key trends:
Many small-scale distilleries are emerging which produce unique, high-quality and locally focused spirits. These craft spirits offer variety in taste and are increasingly being preferred by consumers looking to experiment with new flavors.Furthermore, the craft distilleries focus on sustainable production methods using locally grown ingredients which appeals to health-conscious consumers. The growing number of craft distilleries worldwide is thus driving innovation and boosting the sales of premium and super premium spirits.
Segment Analysis
The Global Distilled Spirits Market Size is segmented on the basis of type, quality, distribution channel, and region. Based on type, the market is segmented into whiskey, rum, vodka, tequila, gin and others. The whiskey segment dominated the market in 2022, accounting for around 30% of the global sales. Whiskey is popular across diverse set of consumers worldwide and offers varieties based on styles like American, Scotch, Canadian, Irish and Japanese whiskey. This has boosted the growth of the whiskey segment over the years.
Key Takeaways
The global distilled spirits market is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to increasing disposable income and rising consumption in developing economies.
Regional analysis
Asia Pacific dominated the global market in 2022 and is expected to remain dominant during the forecast period. Countries like China, India and Japan have emerged as highly lucrative markets owing to growing acceptance of Western drinking culture and improving economic conditions.
Key players
Key players operating in the distilled spirits market are Diageo plc, Pernod-Ricard SA, Constellation Brands Inc., Brown-Forman Corporation, Remy Cointreau SA, Marie Brizard Wine & Spirits, Lapostolle SA, and Berentzen-Gruppe AG. Diageo plc and Pernod Ricard SA hold a significant market share due to their diverse brand portfolios and extensive distribution networks worldwide.
For More Insights, Read- https://www.newsstatix.com/distilled-spirits-market-size-share-analysis-2023-2030/
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