The Spirits Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2011-2022) and extends its insights into a ten-year forecast period (2024-2033).
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According to The Business Research Company’s Spirits Global Market Report 2024, The spirits market size has grown strongly in recent years. It will grow from $145.07 billion in 2023 to $153.83 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to cultural and social significance, traditional craftsmanship, global export, consumer demand for premium products, mixology and cocktail culture.
The spirits market size is expected to see strong growth in the next few years. It will grow to $191.11 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to health-conscious consumer preferences, sustainability and environmental practices, digital marketing and e-commerce, flavored spirits and innovation, emerging markets and premiumization. Major trends in the forecast period include craft distillation, low-abv and non-alcoholic spirits, sustainable and ethical sourcing, aging and barrel finishing, global flavors and fusion.
The world’s population is growing and is expected to reach 10 billion by 2050. An increase in the population creates more demand for alcoholic beverages. Crop production, farming activities, and trade volumes will have to increase in order to meet the increased population. Therefore, companies in this market are expected to benefit from rising demand for spirits manufacturing (distilleries) products due to the rising population, during the forecast period.
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The spirits market covered in this report is segmented –
1) By Type: Whiskey; Vodka; Rum; Tequila; Gin; Other Spirits
2) By Category: Mass; Premium
3) By Distribution Channel: Off-Trade Channels; On-Trade Channels
Subsegments Covered: Single Malt; Other Whiskey
The spirits market report table of contents includes:
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