The 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.
To request a sample copy
or view summary of this report, click the link below:
https://www.grandviewresearch.com/industry-analysis/white-spirits-market
https://www.grandviewresearch.com/industry-analysis/white-spirits-market
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.
Grand View Research has segmented the
global white spirits market on the basis of product, distribution channel, and
region:
White Spirits Product Outlook (Revenue, USD
Billion, 2015 - 2025)
·
Vodka
·
Rum
·
Gin
·
Others
White Spirits Distribution Channel Outlook
(Revenue, USD Billion, 2015 - 2025)
·
On-trade
·
Off-trade
White Spirits Regional Outlook (Revenue,
USD Billion, 2015 - 2025)
·
North America
·
Europe
·
Asia Pacific
·
Central & South America
·
Middle East & Africa
About Grand View
Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports,
customized research reports, and consulting services. To help clients make
informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
