Market Research Industry Today
GLOBAL ALCOHOLIC SPIRITS MARKET FORECAST 2020-2028
The global alcoholic spirits market is predicted to record a CAGR of 3.45% during the forecast period of 2020-2028.
Published 26 March 2020
KEY FINDINGS
The global alcoholic spirits market is predicted to record a CAGR of 3.45% during the forecast period of 2020-2028. The factors augmenting the market growth are increasing demand for alcoholic spirits consumption, rising demand from the millennial population, and innovative marketing campaigns by vendors.
MARKET INSIGHTS
Alcoholic spirit is commonly known as ‘liquor’ or ‘Hard Liquor.’ It is a distilled alcoholic beverage. These distilled spirits are made from fruits, grains, and other sugar sources by the process of fermentation followed by distillation in the heating and cooling process meant to concentrate the alcohol. The presence of popular brands has increased the demand for the premium quality of alcoholic drinks. At present, premium brands are in high demand compared to economically priced products owing to the increase in disposable income, the association of ‘premium’ labels with beverage quality and taste, and the use of alcohol as a status symbol. Hence, the trend of premiumization will continue to boost market demand. The market is restricted by factors such as the increased prevalence of illegal and spurious alcohol, high taxation, and campaigns against alcohol consumption. The market is facing a serious threat from the forged and illegal sale of alcoholic spirits in the market. Counterfeits damage market shares and brand names. The consumption of fake products also gives rise to serious health hazards, as the additives used in these products have no regulations.
REGIONAL INSIGHTS
The global alcoholic spirits market is geographically analyzed on the basis of the markets situated across the regions of North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. As of 2019, the region of Asia Pacific holds the largest market share in terms of revenue, and continues the trend by the end of the forecast period. This is attributed to the increasing disposable income of the consumers in the region.
COMPETITIVE INSIGHTS
Bacardi Limited, Davide Campari-Milano S.P.A., Brown-Forman Corporation, Radico Khaitan Limited, Diageo PLC, etc. are some of the renowned companies operating in the market.
The global alcoholic spirits market is predicted to record a CAGR of 3.45% during the forecast period of 2020-2028. The factors augmenting the market growth are increasing demand for alcoholic spirits consumption, rising demand from the millennial population, and innovative marketing campaigns by vendors.
MARKET INSIGHTS
Alcoholic spirit is commonly known as ‘liquor’ or ‘Hard Liquor.’ It is a distilled alcoholic beverage. These distilled spirits are made from fruits, grains, and other sugar sources by the process of fermentation followed by distillation in the heating and cooling process meant to concentrate the alcohol. The presence of popular brands has increased the demand for the premium quality of alcoholic drinks. At present, premium brands are in high demand compared to economically priced products owing to the increase in disposable income, the association of ‘premium’ labels with beverage quality and taste, and the use of alcohol as a status symbol. Hence, the trend of premiumization will continue to boost market demand. The market is restricted by factors such as the increased prevalence of illegal and spurious alcohol, high taxation, and campaigns against alcohol consumption. The market is facing a serious threat from the forged and illegal sale of alcoholic spirits in the market. Counterfeits damage market shares and brand names. The consumption of fake products also gives rise to serious health hazards, as the additives used in these products have no regulations.
REGIONAL INSIGHTS
The global alcoholic spirits market is geographically analyzed on the basis of the markets situated across the regions of North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. As of 2019, the region of Asia Pacific holds the largest market share in terms of revenue, and continues the trend by the end of the forecast period. This is attributed to the increasing disposable income of the consumers in the region.
COMPETITIVE INSIGHTS
Bacardi Limited, Davide Campari-Milano S.P.A., Brown-Forman Corporation, Radico Khaitan Limited, Diageo PLC, etc. are some of the renowned companies operating in the market.
Share on Social Media
Other Industry News
Ready to start publishing
Sign Up today!
