USD 150 billion
Report ID: SQMIG30F2022 | Region: Global | Published Date: July, 2023 | Pages: 157 | Tables: 120 | Figures: 80
Global Premium Spirit Market size was valued at USD 150 billion in 2021 and is poised to grow from USD 164.3 billion in 2022 to USD 316.3 billion by 2030, growing at a CAGR of 10% in the forecast period (2023-2030).
Global market growth has been driven by the millennial generation's growing demand for high-end drinks. The appeal of cocktails like margaritas, martinis, and Manhattans has significantly increased in North America and Europe's developed economies. Furthermore, it is expected that the scope of premium spirits would be expanded by the growing popularity of cocktail culture in developing nations such as India and China. For the past few years, the high-end alcohol market's growth has outpaced that of the total market, increasing global alcohol consumption.
The Distilled Spirits Council, the U.S. has established records for the ninth consecutive year for both the income and volume of spirits, increasing its market share in the world of alcoholic beverages. This market's expansion is mostly related to millennials' growing preference for authentic, diverse, and high-end alcoholic beverages. The premiumization of alcohol is now a widespread trend. The majority of the industry's categories have become substantially costlier. Tequila in particular has been increasing in popularity among customers over time. Consumers have already been preferring quality over quantity over the last few years as a result of lifestyles.
Consumers in the beverage industry are asking for openness and sustainable manufacturing techniques, just like those in the food industry. The opportunities for businesses to provide products at premium pricing points have grown because of this trend. Also, health-conscious consumers are increasingly preferring low- or no-alcohol beverages over traditional alcoholic beverages, which could restrain market growth in the future.
Global Market Size
USD 150 billion
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Global Premium Spirit Market is segmented based on product, source, distribution channel, end user and region. Based on product the market is segmented into vodka, whiskey, gin, tequila, rum, brandy, others. Based on source the market is segmented into natural and flavored. Based on distribution channel the market is segmented into on-trade and off-trade. Based on end user the market is segmented into household, commercial, restaurants, cafes, hotels, others. Based on region the market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Product
Vodka contributed more than 25.0% of total income in 2021. Because there are now many vodkas to pick from, including flavored and gluten-free options, product sales have increased on a global scale. The luxury vodka brands Ketel One (Diageo), Tito's, Chase, Chopin, Grey Goose, Van Gogh, Belvedere, Absolut, Stolichnaya, Three Olives', Zyr, Crystal Head, and Cîroc are among those that are becoming more well-known globally because to their superior quality. Businesses have started adding novel flavors like marmalade, oak-smoked, coconut, berries, citrus, vanilla, and rhubarb to their products in an effort to reach a broader range of consumers.
Tequila is anticipated to have the fastest CAGR of 11.6% in terms of sales. Tequila has been gaining a lot of traction among customers. Tequila demand has been rising all throughout the world, but mainly in the U.S. and Mexico, thanks to the burgeoning cocktail culture. Tequila is very new to giving premium options, unlike brandy or whisky, where high-end products are long established. This gives tequila manufacturers the opportunity to research the market. Tequila use has changed from the traditional "party shot" to upscale cocktails like the margarita and tequila sunrise. The producers are anticipated to invest in premium tequilas as a result of this expanding interest.
Analysis by Distribution Channel
The on-trade segment contributed for more than 55.0% of global income in 2021. This supply chain includes hotels, restaurants, bars, clubs, and cafes. The sale of the goods relies on bartenders, servers, and other specialists employed by on-trade establishments.
In terms of revenue, the off-trade distribution channel is anticipated to have the quickest CAGR of 10.4%. In the coming years, it is anticipated that the growth of the distribution channel will be fueled by an increase in the number of large supermarket chains and their in-store promotions in developing countries. A sizable portion of the product's off-trade sales occur at specialized alcohol outlets. Also, this distribution route is growing as a result of the growing popularity of e-commerce, especially in countries like the United States and the United Kingdom.
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In 2021, the Asia Pacific region had the largest volume share, which was over 40.0%. Premium spirits are more in demand now than ever before thanks to rising social media usage and greater public awareness of local health problems. Real cocktails with low alcohol are what consumers are looking for. The development of bar cultures in developing countries like China, India, and Thailand has contributed to the expansion of the regional sector. Together with rising disposable money, another important factor is the rise of the region's capacity to consume upmarket spirits of premium quality.
The region's key markets are China, India, Hong Kong, Australia, New Zealand, and South Korea. Due to a growth in the domestic sales of premium spirits, China held the largest share of the Asia Pacific market. The nation's market is also expected to rise in the near future due to a rising middle-class population and an increase in the number of urban dual-income families.
Europe is the largest region in the world of premium spirits. Many of the most popular and respected brands of whisky, gin, vodka, rum, and other spirits come from Europe, with a long tradition of producing great spirits. Whisky is especially recognized in countries like Scotland, Ireland, and France, while gin is popular in nations like England and Germany. While the vodka made in other countries like Russia and Poland is well-known, the rum made in the Caribbean is.
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High Quality Alcohol to Bolster Demand for Premium Spirit in Global Market
Stringent Regulations to Hinder Market Growth
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The market is highly competitive with so many competitors functioning on a global scale. The sales of the firms' high-end products have significantly increased over time. Diageo's premium-and-above brands, for instance, had their best year ever in developed markets in 2019. The "Reserve" collection from these brands increased by 11%. Pernod Ricard, Rémy Cointreau, and Suntory Group are focusing on premiumization in a manner similar to this because they are also seeing rapid expansion in the high-end market segments.
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SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, we found that the Premium Spirit market is Global market growth has been driven by the millennial generation's growing demand for high-end drinks. The appeal of cocktails like margaritas, martinis, and Manhattans has significantly increased in North America and Europe's developed economies. Furthermore, it is expected that the scope of premium spirits would be expanded by the growing popularity of cocktail culture in developing nations such as India and China. For the past few years, the high-end alcohol market's growth has outpaced that of the total market, increasing global alcohol consumption. Consumers in the beverage industry are asking for openness and sustainable manufacturing techniques, just like those in the food industry. The opportunities for businesses to provide products at premium pricing points have grown because of this trend. Also, health-conscious consumers are increasingly preferring low- or no-alcohol beverages over traditional alcoholic beverages, which could restrain market growth in the future.
|Market size value in 2021||USD 150 billion|
|Market size value in 2030||USD 164.3 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Premium Spirit Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Premium Spirit Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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