The Spirits Global Market Report 2023 by The Business Research Company, provides spirits market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-yearforecast period – 2023-2032.
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According to The Business Research Company’s Spirits Global Market Report 2023, the market size grew from $143.48 billion in 2022 to $153.33 billion in 2023 at a compound annual growth rate (CAGR) of 6.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global global spirits market is expected to grow to $193.02 billion in 2027 at a CAGR of 5.9%.
The world’s population is growing and is expected to reach 10 billion by 2050. An increase in the population creates more demand for alcoholic beverages. Crop production, farming activities, and trade volumes will have to increase in order to meet the increased population. Therefore, companies in this market are expected to benefit from rising demand for spirits manufacturing (distilleries) products due to the rising population, during the forecast period
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The spirits market is segmented:
1) By Type: Whiskey, Vodka, Rum, Tequila, Gin, Other Spirits
2) By Distribution Channel: Off-Trade Channels, On-Trade Channels
3) By Category: Mass, Premium
Top Major Players:
Diageo plc
Pernod Ricard
Thai Beverage public co
The Brown–Forman Corporation
kirin holdings co Ltd
Asia-Pacific was the largest region in the spirits market share in 2022.
Spirits manufacturers are now offering ready-to-mix hybrid beverages to cater to changing consumer tastes and preferences. Hybrid beverages are a blend of alcoholic drinks from multiple beverage categories. They are prepared by using unique flavour combinations, ingredients, and production methods from multiple drinks. For example, producing spirits or beers in a wine barrel to give them a distinct taste. Hybrid beverages are particularly evident in the spirit category, with products such as beer mixed with rum and tea mixed with vodka. Some of the popular hybrid beverages include Malibu Red (rum and tequila), Kahlua Midnight (rum and Kahlua), and Absolut Tune (vodka and sparkling wine).
The spirits market report table of contents includes:
1. Executive Summary
2. Report Structure
3. Spirits Market Characteristics
4. Spirits Market Product Analysis
5. Spirits Market Supply Chain
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21. Spirits Market Competitive Landscape
22. Key Mergers And Acquisitions In The Spirits Market
23. Market Background: Alcoholic – Beverages Market
24. Recommendations
25. Appendix
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