It’s being expected that by 2032, the Spirits market cap will hit US$ 92.9 Bn at a CAGR growth of about 5.2%.
One of the key factors contributing to the spirit market growth across the globe is the rising disposal income of the middle-class population. Moreover, increasing consumption of alcoholic beverages in several countries including Brazil, Russia, China and India will further boost the global spirits market growth over the forecast spell. In addition, several innovative as well as attractive advertisements by media are expected to lure customers that will, in turn, fuel the spirit market. Conversely, the strict government regulations will probably restrain the growth of global spirit market.
The global spirits market has been segmented by different type, application and geography. Furthermore, type segment of the market is sub-divided into brandy, gin, cane, flavored spirits, vodka, rum, natural spirits, whiskey and tequila. Vodka section of the segment is expected to govern the spirit market across the globe followed by whiskey. Further, application segment of the global spirit market is bifurcated into household application and commercial application.
Geographically, the spirits market across the world is sub-segmented into North America, Latin America, Europe, Asia Pacific and Middle East & Africa. Asia-Pacific will dominate the with largest spirits market share in upcoming years owing to the growing domestic consumption in the developing countries.
Some of the key players operating in the competitive edge of global spirit market include Carrington Distillers (Ont) Ltd, Alberta Distillers Limited, Bodegas Williams & Humbert, Bacardi Limited, Agave Loco LLC, Asbach Gmbh, Bardinet S.A.S, Blavod Drinks Ltd., Bodegas Rey Fernando de Castilla, Brooklyn Gin, Camus, “OAK POLAND” General Partnership Jerzy Markiewicz, Brown-Forman Corporation, Brown-Forman Corporation and Agave Tequilana Prod. Y Comercializadores.
Other prominent market players across the world are Jun, Agropecuária Grande Sul Ltda, AB Stumbras, 3 Medronhos, AF INTERNATIONAL CORP, Agave Industries India Ltd., S.A. C.V., Akwawit-Polmos S.A, Pernod Ricard, Aivy Vodka, Aguardiente Llanero, Brown-Forman Corp. and Diageo Plc.
Spirits Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2032||US$ 92.9 Bn|
|Growth Rate||CAGR of 5.2% during 2021-2032|
|Segment Covered||Distribution Channel, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and Africa|
|Key Players Profiled||Suntory Holdings Ltd.; Pernord Ricard; Constellation Brands; Rémy Cointreau; Brown-Forman; Asahi Group Holdings, Ltd.; Bacardi Ltd.; Campari Group; William Grant & Sons|
Key segments of the global spirit market include:
- Product Type Segment of spirit market
- Brandy & Cognac
- White Spirits
- Other Spirits
- Application segment of spirit market
- Household Application
- Commercial Application
- Geographical Segment of spirit market
- North America
- The U.S.
- The UK
- Asia Pacific
- Latin America
- Middle East and Africa