What is the current market size and future outlook for the spirits market?
The spirits market size has grown strongly in recent years. It will grow from $152.3 billion in 2024 to $161.23 billion in 2025 at a compound annual growth rate (CAGR) of 5.9%. 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 $202.63 billion in 2029 at a compound annual growth rate (CAGR) of 5.9%. 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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How has the spirits market evolved, and what factors have shaped its 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.
What are the major segments of the spirits market?
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:
1) By Whiskey: Scotch Whisky, Bourbon, Irish Whiskey, Canadian Whisky, Rye Whiskey, Single Malt Whiskey, Blended Whiskey, Other Regional Whiskies
2) By Vodka: Flavored Vodka, Plain Vodka, Organic Vodka, Premium Vodka, Craft Vodka
3) By Rum: Light Rum, Dark Rum, Spiced Rum, Aged Rum, Flavored Rum, Premium Rum
4) By Tequila: Blanco (Silver) Tequila, Reposado Tequila, Añejo Tequila, Extra Añejo Tequila, Mezcal
5) By Gin: London Dry Gin, Old Tom Gin, Genever Gin, Flavored Gin, Craft Gin, Premium Gin
6) By Other Spirits: Brandy, Cognac, Armagnac, Liqueurs, Absinthe, Baijiu, Pisco, Other Regional Spirits (Grappa, Cachaça)
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Which companies dominate the spirits market?
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.
What are the most influential trends expected to drive the spirits market forward?
Spirits manufacturers are now offering ready-to-mix hybrid beverages to cater to changing consumer tastes and preferences. Hybrid beverages are a blend of alcoholic drinks from multiple beverage categories. They are prepared by using unique flavour combinations, ingredients, and production methods from multiple drinks. For example, producing spirits or beers in a wine barrel to give them a distinct taste. Hybrid beverages are particularly evident in the spirit category, with products such as beer mixed with rum and tea mixed with vodka. Some of the popular hybrid beverages include Malibu Red (rum and tequila), Kahlua Midnight (rum and Kahlua), and Absolut Tune (vodka and sparkling wine).
What are the major regional insights for the spirits market, and which region holds the top position?
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.
What Does The Spirits Market Report 2025 Offer?
The spirits market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Spirits are distilled alcoholic beverages with a higher alcohol content than wines or beers. They serve various purposes, including enjoyment in social settings, mixing in cocktails, and acting as a foundational ingredient in culinary creations. Their versatility makes them popular in both casual and formal contexts.
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