Premium Spirit Market Growth & Trends
The global premium spirit market size is expected to reach USD 235.74 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 10.3% from 2020 to 2027. Rising demand for better tasting and good quality alcoholic beverages among millennial consumers has been fueling market growth across the world. Furthermore, the growing association of high-end spirits, such as scotch and bourbon whiskey, with lifestyle, along with the launch of innovative products, has been expanding the premium spirits industry scope.
Vodka dominated the market with more than 25.0% share in 2019 in terms of revenue. Authentic and flavored vodkas have gained traction among the consumers owing to the growing cocktail culture. For instance, in October 2018, CÎROC, a vodka brand of Diageo, launched its CÎROC Black Raspberry. This vodka is made with grapes with a unique blend of black raspberry, which offers a citrus flavor and a smooth finish. Introducing innovative flavors is a strength of the CÎROC brand.
The tequila segment is expected to witness the fastest growth over the forecast period. With the improving quality, consumers’ interest in tequila has been rising, along with its price. The 100% blue agave tequila category has been gaining traction among the consumers and boosting the segment growth. In September 2019, Cincoro Tequila launched one of the finest quality tequilas made with 100% Weber Blue Agave.
As of 2019, Asia Pacific held the largest volume share of more than 40.0%. The growth of the market is majorly attributed to the growing middle-class population and the increasing adoption of alcoholic beverages in the emerging economies of the region. China, India, Australia, and South Korea are key markets of the region where the products have been gaining popularity over the years.
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Premium Spirit Market Report Highlights
- The off-trade distribution channel is expected to register the fastest CAGR of 10.4% from 2020 to 2027 in terms of revenue. The provision of promotional prices and the emergence of e-commerce has been fueling the growth of this distribution channel
- The vodka product category dominated the market by accounting for over 25.0% share of the global revenue in 2019. Increased launch of flavored products has boosted the adoption of the product across the world
- The on-trade distribution channel held the largest share of more than 55.0% in 2019 in terms of revenue. These channels are expected to gain popularity as a result of the increasing interest of millennials in spending their weekends in restaurants and bars.
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Premium Spirit Market Segmentation
Grand View Research has segmented the global premium spirit market on the basis of product, distribution channel, and region:
Premium Spirits Product Outlook (Volume, Million Liters; Revenue, USD Million, 2016 – 2027)
Premium Spirits Distribution Channel Outlook (Volume, Million Liters; Revenue, USD Million, 2016 – 2027)
Key Topics Covered
Chapter 1. Methodology and Scope
1.1. Market Segmentation & Scope
1.2. Market Definition
1.3. Information Procurement
1.3.1. Purchased Database
1.3.2. GVR’s Internal Database
1.3.3. Secondary Sources & Third-Party Perspectives
1.3.4. Primary Research
1.4. Information Analysis
1.4.1. Data Analysis Models
1.5. Market Formulation & Data Visualization
1.6. Data Validation & Publishing
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Product Outlook
2.3. Distribution Channel Outlook
2.4. Competitive Insights
Chapter 3. Premium Spirits Market Variables, Trends & Scope
3.1. Market Introduction
3.2. Penetration & Growth Prospect Mapping
3.3. Industry Value Chain Analysis
3.3.1. Sales/Retail Channel Analysis
3.3.2. Profit Margin Analysis
3.4. Market Dynamics
3.4.1. Market Driver Analysis
3.4.2. Market Restraint Analysis
3.4.3. Industry Challenges
3.4.4. Industry Opportunities
3.5. Business Environment Analysis
3.5.1. Industry Analysis – Porter’s
22.214.171.124. Supplier Power
126.96.36.199. Buyer Power
188.8.131.52. Substitution Threat
184.108.40.206. Threat from New Entrant
220.127.116.11. Competitive Rivalry
3.6. Roadmap of Premium Spirits Market
3.7. Market Entry Strategies
3.8. Impact of COVID-19
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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