The global premium spirt market is presently worth USD 149.74 billion and is expected to expand with a CAGR of 10.3% over 2022-2030, thereby amassing a valuation of USD 328.06 billion by end of the forecast period.
Global Premium Spirit Market– Overview
Premium spirit is defined as the liquor that is sold by any big brand and is called premium in marketing terms.
The premium spirit market has seen a growth in few years and is projected to boost over the forecast period because of the rising popularity of high-end drinks among consumers.
Also, the premium spirits are better in quality than cheaper liquor as they have natural ingredients and these are prepared by using a more careful distilling and aging process.
Additionally, the premium spirit market is benefitted considerably due to the adult consumers who demand diverse, innovative, and exclusive products.
Key Market Trends
Every market has its growth determinant and challenges. One of the major factor that has fuelled the market growth over the forecast period is the rising popularity of the high-end drinks. The sales of cocktails that includes, margaritas, martinis, and manhattans have gained remarkable traction in the developed economies that has in turn, fuelled the market growth.
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Also, the rise of the high-end alcohol segment has outpaced the growth of the overall segment also pushed the overall consumption of alcohol over the world. This has boosted the market growth over the forecast period.
On the flip side, the overconsumption of liquor has caused a number of health issues and therefore, health conscious consumers prefer not to buy it that has acted as a major factor affecting the demand for premium spirits in the market.
Also, the overconsumption of liquor can cause skin problems, damage heart and muscles, and increase blood pressure and calories. This has acted as a major restrain to the market growth over the forecast period.
Segmental analysis of the Market
Based on Product Type
- Whiskey
- Tequila
- Vodka
- Gin
- Scotch
- Others
The whiskey segment has dominated the market growth over the forecast period. This is because it is more preferable by the consumers than other product types.
Based on End-User
- Individual
- Commercial
The individual segment has dominated the market growth over the forecast period.
Based on Distribution Channel
- Online
- Offline
The offline segment has dominated the market growth over the forecast period.
North America is anticipated to amplify at a considerable CAGR
The global premium spirits market is segmented into 5 main regions namely, North America, Europe, Asia Pacific, Middle east and Africa, and South America. Among these, North America has dominated the market growth over the forecast period. This is because of the rising purchasing power among consumers in the region.
Competitive Landscape
Some of the prominent companies operating in the market are
- Brown Forman
- Bacardi Company
- Allied Blenders & Distillers Pvt. Ltd
- Pernod Ricard
- Alliance Global
- Diageo
- Campari Group
- Beam Suntory
- Constellation Brands
- Heineken Holding NV
Major questions answered in this report
- What is the growth rate of the global premium spirits market?
- What are the primary growth determinants of the market?
- Which are the major regions constituting the geographical landscape of the market?
- Which are the prominent companies operating in the market?
Key takeaways from the report
- The global premium spirits market is projected to expand at a CAGR of 10.3% over the forecast period.
- The rising popularity of high-end drinks is aiding market progression.
- The offline segment is poised to expand significantly over the forecast period.
- North America has dominated the regional market sphere over the forecast period.
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