Cibi e Bevande
Spirits Market Growth Report 2023 | Key Players: Diageo, LVMH, Beam Suntory, Jose Cuervo, & Wuliangye: Radiant Insights, Inc.
To cater to rising demand for innovative alcoholic drinks, manufacturing companies are launching new products to gain traction among consumers. For instance, in April 2019 , Jiangsu Yanghe Diageo Spirit Company launched whiskey called Zhong Shi Ji . This whiskey is produced by unique method that includes softening of whiskey using Chinese ceramic pot maturation. The company is a joint venture formed between Diageo and Yanghe.
Based on product type, the spirits market can be categorized into vodka, gin, brandy, flavored spirits, cane, rum, whiskey, natural spirits, and tequila. Whiskey segment has dominated the market in past few years. The segment is anticipated to continue its dominance over the forecast period by accounting highest market share. Rising consumption of whiskey across the globe is likely to impel segment's growth. Officer's choice is expected to be the world's best-selling brown spirit. The brand is owned by Allied Blenders and Distillers.
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On the basis of distribution channel, the spirits market can be bifurcated into on-trade and off-trade. Off-trade distribution channel is further divided into retail outlets supermarkets, hypermarkets, duty free, and wine shops. On-trade distribution channel includes restaurants, clubs, bars, and hotels. On-trade segment is expected to account for highest market share in the coming years attributed to rising adoption of luxury lifestyle among people. Increasing number of liquor consumers visiting bars and clubs to experience luxury lifestyle is driving segment's growth.
Regional segmentation includes North America , Europe , Asia Pacific , Latin America , and Middle East and Asia . Asia Pacific is predicted to hold highest spirits market share over the forecast period. This is attributed to growth of urbanization and increasing number of alcohol consumers in the region. Rising awareness regarding spirits and increasing disposable income are also contributing well to regional growth. Moreover, growth of on-trade distribution channel in developing countries such as India and China will drive regional market growth in the coming years. China accounts for world's most essential emerging market for whiskey. Around 80% of whiskey consumed is during meals in the country.
North America and Europe are likely to contribute well to spirits market revenue over the forecast period. Shifting consumer preference from ciders and beer to spirits is augmenting regional growth. In addition, rising consumption of vodka and gin in U.S. and U.K. respectively is expected to impel regional market growth in the coming years.
Some of the leading companies operating in the spirits market are Alberta Distillers Limited, Brown-Forman Corporation, and Bodegas Williams & Humbert, Agave Loco LLC, Bacardi Limited. Most companies are adopting business strategies such as merger and acquisition to expand their product portfolio. Companies are also investing in R&D activities to develop unique products that can help them can competitive edge over others. For instance, in January 2018 , Pernod Ricard announced acquisition of Avion Spirits LLC.
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