Impact of COVID-19 on Luxury Wines and Spirits Market and the Way Forward - ReAnIn Report

According to an estimate, a large chunk of the restaurants (up to 60%) was closed permanently due to COVID and may never re-open, while others may need financial support to re-open. As this is the primary distribution channel for the majority of the wine manufacturers, few companies are coming forward to help them. For instance, in June 2020, Diageo plc launched a USD 100 million recovery fund to help pubs and bars welcome back customers after lockdown. According to an estimate, a large chunk...

According to an estimate, a large chunk of the restaurants (up to 60%) was closed permanently due to COVID and may never re-open, while others may need financial support to re-open. As this is the primary distribution channel for the majority of the wine manufacturers, few companies are coming forward to help them. For instance, in June 2020, Diageo plc launched a USD 100 million recovery fund to help pubs and bars welcome back customers after lockdown.

Furthermore, companies are investing heavily in digital infrastructure to boost direct-to-consumer (DTC) sales and compensate for revenue loss from restaurants. According to Liv-Ex, about 80% of the people involved in the wine business expect that technology will make buying fine wine easier in the next five years.

Market Overview:

According to ReAnIn, the global luxury wines and spirits market was valued at USD 76,219.4 million in the year 2021 and is projected to reach USD 104,493.4 million by the year 2028, registering a CAGR of 4.8% during the forecast period. According to this report, the market has bounced back in 2021 and will reach to pre-pandemic level by the end of 2022. An increase in luxury travel, ease in restriction for restaurants and hotels, and improving disposable income is expected to be the primary contributors to this bounce-back.

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Key Highlights of the Report:

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Market Segmentation:

ReAnIn has segmented the global luxury wines and spirits market by:

Competitive Landscape

The global luxury wines and spirits market is dominated by a few leading players such as Pernod Ricard, Diageo, Edrington Group, LVMH, and Remy Martin; these five companies combined account for more than 50% of the market share. Other prominent players in this market are Bacardi, Beam Suntory, William Grant & Sons, Terlato, Davide Campari-Milano N.V., Brown-Forman, United Wines, and Thai Beverage Plc.

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About ReAnIn

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