The global spirits market is estimated at US$ 56 Bn in 2022 and is projected to reach US$ 92.9 Bn by 2032, at a CAGR of 5.2% from 2022 to 2032.
Spirit is an alcoholic beverage prepared through distillation process in which the component substances are separated from a liquid mixture via evaporation and condensation. This process is used for purification of the mixture and for removing the diluting components such as water. This is done in order to increase the alcohol content by volume (ABV).
Rising demand for alcoholic beverages can be attributable to the increasing consumption among millennials. A gradual increase in the party culture has been noticed over the past few years which has contributed well to the market growth. Alongside this, peer pressure among students and adults and the influence of social media are convincing consumers to experiment with new drinks and different flavours.
The latest trend of partying at clubs, bars, cafes and pubs in developing economies like India and China owing to attractive pay packages and changing lifestyle is likely to result in surging demand for spirits in the coming years. Varied types of spirits such as vodka and whiskey are mostly consumed during outings.
Furthermore, increasing spending capacity of working population has encouraged them to switch to premium brands, which is expected to fuel the spirits market growth over the forecast period (2022-2032).
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Key Takeaways from Market Study
- East Asia is expected to dominate the global market by accounting for the maximum market value share of about 25% by 2022 end
- Rising partying culture in different regions across the globe is predicted to result in surging demand during the assessment period (2022-2032)
- By product type, whiskey is expected to account for the maximum market share by 2022 end
- Higher income groups and working population have increased spending capacity, which is likely to increase the demand for premium brands of spirits in the near future
- Indirect channel is expected to account for a higher market value share than direct channel by 2032 end
“Trending partying culture at clubs and pubs among today’s millennial is expected to result in an impressive growth in the spirits market in the coming decade,” says a Future Market Insights analyst.
Key market participants are following different marketing and promotional strategies such as new product launches, geographical expansion, merger and acquisitions, partnerships and collaboration to address the needs of the consumers and serve accordingly, thus, creating a larger customer base in the coming years.
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Future Market Insights, in its new report, offers an impartial analysis of the global spirits market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
By Product Type, Global Spirits is segmented as:
By Category, Global Spirits is segmented as:
By Application, Global Spirits is segmented as:
By Distribution Channel, Global Spirits is segmented as:
- Specialty Stores
- Independent Retailers
- Online Retailers
By Region, Global Spirits is segmented as:
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa
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