White Spirits Market Size, Share, Growth, Trends and Industry Analysis Report
by Susan Hill Business ConsultantThe
global white spirits market size is expected to reach USD
67.6 billion by 2025, according to a new report by Grand View Research, Inc.,
registering a CAGR of 4.0% over the forecast period. Increasing cocktail
consumption as well as improved standard of living in countries, such as China
and India, are the key factors responsible for the growth of the market.
Growing
population at a global level, coupled with rising per capita income, have
induced consumers with aspirational drinking among the cosmopolitan consumers.
Increasing acceptance of shim drinks focusing on lower-alcohol content is driven
majorly by millennials on account of choosing premium products of spirits and
cocktails. Premiumization is expected to be a prominent trend influencing the
alcohol market, particularly in the market of Europe.
The market
of Europe, particularly in U.K., witnessed growing demand for gin spirits,
whereas surge in demand for vodka was observed in North America, particularly
in U.S. Consumer preference for fruit flavored alcohol is witnessing a surge in
the vodka spirit market. In June 2018, Pernod Ricard brand Absolut introduced
flavored drinks from fruit juice and Licor 43 launched its new line extension
made from coffee.
Key industry
players are striving for product innovation and new product launches as
consumers are focusing on the ingredients of alcoholic drinks. For instance, in
March 2019, White Claw Hard Seltzer launched a limited-edition variant of
alcoholic seltzer.
Asia Pacific
held the largest market share and is expected to grow due to improving living
standards and increasing per capita income, especially in China and India.
Moreover, growing population in the region with more number of younger
population will fuel the industry expansion over the coming years.
Further key
findings from the study suggest:
- In terms of
revenue, the gin product segment is projected to exhibit a CAGR of 3.7%
over the forecast period. Vodka dominated the global market with 60.4%
share of the overall revenue in 2018
- Asia Pacific
dominated the global market in 2018 and constituted 28.7% share of the
overall revenue
- The market is
anticipated to witness growth due to increasing consumption of vodka in
countries such as U.S., India, and China
- On-trade
distribution channel is expected to witness the highest growth over the
forecast period due to higher penetration of clubs, bars, and brews
- The industry is
highly competitive in nature and is marked by the presence of companies
such as Diageo plc; Rémy Cointreau; Bacardi Limited; Pernod Ricard; Beam
Suntory, Inc.; and The Brown–Forman
- Various manufacturers are concentrating on new product launches and inclusion of fruit flavor.
Access
full research report on global white spirits market:
www.grandviewresearch.com/industry-analysis/white-spirits-market
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Created on Nov 6th 2019 05:50. Viewed 287 times.