Spirits Global Market
Overview and Scope
Spirits are distilled alcoholic beverages made from a grain or fruit/vegetable-derived sugar that’s fermented and distilled.
Sizing and Forecast
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.
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Segmentation & Regional Insights
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
Asia-Pacific was the largest region in the spirits market in 2023. North America was the second-largest region in the spirits market. The regions covered in the spirits market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the spirits market include Diageo plc, Pernod Ricard, Thai Beverage Public Company Limited, Brown-Forman Corporation, Kirin Holdings Company Limited, Christian Dior SE, The Molson Coors Brewing Company, Suntory Holdings Limited, Asahi Group Holdings Ltd., Anheuser-Busch InBev SA/NV, Bacardi Limited, Beam Suntory Inc., Rémy Cointreau, William Grant & Sons Ltd., The Edrington Group Ltd., Campari Group, Heaven Hill Distilleries Inc., The Patron Spirits Company, Mast-Jägermeister SE, The Macallan Distillers Limited, The Glenmorangie Company, The Balvenie Distillery, The Famous Grouse, The Dalmore, The Glenlivet Distillery, The Aberlour Distillery, The Chivas Brothers, The Glenfiddich Distillery, The Singleton of Dufftown, The Johnnie Walker Company, The Dewar’s Company, The Jameson Distillery, The Bushmills Distillery, The Teeling Whiskey Company, The Tullamore Dew Company, The Kilbeggan Distillery.
The spirits market report table of contents includes:
1. Executive Summary
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