White Spirits Market To Hit Value $67.6 Billion By 2025 |Grand View Research, Inc.
The global white
spirits market size is expected to reach WHITE SPIRITS 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.
Some of the key companies are Diageo plc; Rémy Cointreau; Bacardi
Limited; Pernod Ricard; The Brown - Forman; Beam Suntory, Inc.; Radico Khaitan;
Stock Spirits Group; Hite Jinro Co Ltd; and Constellation Brands Inc.
Leading players in the market are focusing on product innovation as a result of
which new product development have gained prominence.
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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.
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.
Shifting
preference for white spirit alcohol on account of varietal flavors as well as
ingredients is prominent among the millennials. For instance, in 2017, 32% of
millennials consumed spirit in U.S. Moreover, the millennial population is
expected to drive online sales in the coming years as they are more digital
oriented. In the offline stores, retailers engage in in-store promotions to
influence millennials in the retail environment.
Prominent
players focus on innovative ingredients. For instance, in April 2019, Bacardi
Limited launched lime-flavored rum in their product portfolio with intense
flavor and aroma of lime and natural citrus. In April 2019, Quintessential
Brands Group introduced a blueberry variant under the brand Greenall’s Gin.
Rapid urbanization, growing population, and rising
per capita income of the consumers are the key factors driving the market in
Asia Pacific. North America and Europe emerged as the major regional markets
due to the shift in consumer preferences from beer and ciders to spirits.High
consumption of alcohol in countries is expected to boost the market growth in
the Middle East and Africa.
Browse Press
Release of this report:
Vodka
was the largest product segment that accounted for 60.4% share in 2018. Rise in
consumption of vodka in countries such as U.S. and Russia have fueled the
market growth for domestic premium vodkas, especially among millennials and
female population. Moreover, the product is touted as stress buster and hair
and skin enhancer. It also reduces hypertension and aids in digestion.
Gin
is projected to expand at a CAGR of 3.7% from 2019 to 2025. Big brand launches
by established companies in the white spirits market have added to the
available options for consumers of gin. In September 2017, Diageo Brands B.V.
launched its brand Gordon’s Premium Pink Gin. In February 2018, Beefeater
London launched Beefeater Pink, which is a strawberry based gin; Charles Tanqueray
& Co. launched Tanqueray’s Flor de Sevilla, an orange essence drink, and
Lovage gin in April and May 2018 respectively.
Grand View Research has segmented the
global white spirits market on the basis of product, distribution channel:
White Spirits Product Outlook
(Revenue, WHITE SPIRITS Billion, 2015 - 2025)
·
Vodka
·
Rum
·
Gin
·
Others
White Spirits Distribution
Channel Outlook (Revenue, WHITE SPIRITS Billion, 2015 - 2025)
·
On-trade
·
Off-trade
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.
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