Global Flavored Spirits Market Information- By Type (Whiskey, Rum, Vodka, Tequila, Gin, Others), By Flavors (Herbs & Spices, Fruits, Nuts & Seeds, others), By Distribution Channel (Supermarket/Hypermarket, Specialty Retailers, Convenience Stores, E-Commerce, others) and By Region Forecast Till 2023
The increasing sale of flavored spirits is driven by changing consumer’s preference in alcoholic beverages. Rising consumption of alcoholic beverages with natural infused fruits and other additives is likely to drive the market for various flavored spirits varieties while increasing its sale in the alcoholic beverages market. Technology advancements in developed regions has led to the innovation in flavors by fortifying the widely consumed and popular hard liquor products. High focus on research and development of the alcoholic beverage industries has influenced positive growth of the market. The consumption of flavored spirits is found to be high in Europe and is evaluated to increase at a positive growth rate in various countries of North America and Asia Pacific region.
Global Flavored Spirits Market is projected to grow at a CAGR of 2.25%. Alcoholic spirits are popularly consumed by the youth generations which is a major driver of the flavored spirits market. Changing lifestyle and adoption of the modern trends has influenced the high sale of flavored sprits in the alcoholic beverages market. Also, increase in disposable income is also found to have a positive impact on this market. Rising demands for fortified and refreshing flavored alcoholic beverages is anticipated to further have a positive impact on this market across the globe.
The major key players in Flavored Spirits market are Marnier Lapostolle SA (Paris), Constellation Brands Inc. (U.S.), Davide Campari-Milano S.p.A. (Italy), Diageo plc (U.K.), The Brown-Forman Corporation (U.S.), Pernod Ricard (France), Mast-Jägermeister SE (Germany)
Flavored Spirits manufacturers across various regions follow the strategy of improving their existing product line by adding innovations for their business expansion. Due to this flavored spirits products with various unique flavors are gaining popularity globally. In the Europe, Germany is amongst the dominating countries holding a major share in flavored spirits market and exports the product in various other countries which include U.K., the Netherlands, Spain, France, Belgium, and others.
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A shift in consumer’s alcohol consumption preferences has influenced the positive growth of flavored spirits share in the market. Infused natural fruits and nuts to add to the flavor to the alcoholic beverage increases its organoleptic properties. Consumption of flavored drinks is gaining its popularity as mass consumers prefer to experiment with refreshing and new flavors in their drinks. Higher demand for flavored liquors from female population of urban countries have also influenced the increased share of flavored spirits. Key players are following strategies of merger and acquisition of small players due to high demand of the product. France and Germany are amongst the major key players exporting flavored liquors to various countries of other regions.
The Global Flavored Spirits Market is segmented into North America, Europe, Asia Pacific, and rest of the world (ROW). Europe region has the major market share followed by North America. Based on innovations, fortification and production of wide varieties, flavored spirits have gained popularity in various other regions. U.S., Spain, Germany, U.K. and the Netherlands are considered the major importers of Flavored Spirits.
The Global Flavored Spirits Market is segmented on the basis of type, flavor, distribution channel and Region. Based on the type, flavored-vodka is found to be escalating at a high CAGR. Amongst the various ingredients, fruits is calculated to hold a major share owning to high demand from consumers’ side. Convenience and one stop purchase of the product has led to the increased sale of flavored spirits through specialty retailers.
This market research report further provides an insight on various levels of analysis such as industry analysis, market share analysis as well as leading market players and their profiles. This report also helps in studying target consumer segments by providing views on emerging and high-growth segments and market size. Together the market data comprise and discuss basic valuations on the competitive scenarios and strategies of the global flavored spirits market including high-growth regions, countries and their political, economic and technological environments. Furthermore the project report also provides views of historical market values as well as pricing and cost analysis of the same.
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The Global Flavored Spirits Market is segmented into North America, Europe, Asia Pacific, and rest of the world (ROW). Europe holds a major market share followed by North America. The high demands for hard liquors infused with natural flavors from the developed countries of these regions is contributing to the positive growth of flavored spirits market. U.S., Spain, Germany, U.K. and the Netherlands are the major importers of flavored spirits.
Globally the flavored spirits market share as one of the fastest growing alcoholic beverage segment is estimated to escalate at a higher growth rate which is supported by the rising mass consumers demand for innovative alcoholic beverages. Rapid urbanization and increased disposable income also has a positive impact on this market. Flavored spirits infused with natural flavors tend to have a better organoleptic property due to which consumers are attracted towards the product-line.
All these factors will contribute to the calculated CAGR of 2.25% of flavored spirits market during 2017-2023.
Consumption of vodka is growing at significant rate based on its high demand, convenience processing and blending property. However, the sale of flavored whiskey is evaluated to be growing prominently. High consumer preference for fruity flavored alcoholic beverages has resulted in the increased share of fruits amongst various other available alcohol flavors.
Sale of flavored spirits through specialty stores is found to be high on a global level. This is due to consumer convenience and preference for one-stop shopping experience. Based on similar facts, sale of flavored spirits through supermarket and hypermarket is experiencing a surge. Sale through e-commerce is also growing at a significant rate owing to advancement in technology and easy purchase experience.
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