The Global Distilled Spirits Market was valued at US$ 30.5 Billion in 2022 and is expected to expand at a CAGR of 4.89% in terms of revenue and market value is expected to reach US$ 44.7 Billion during 2023-2030.
Distilled spirits are referred to as alcoholic beverages and are manufactured by the distillation of fruits, vegetables, or grains after they have gone through the fermentation process. The distillation process helps remove the diluting component such as water and increases the alcohol content in the beverage. Distilled spirits are alcoholic beverage that contains at least 20% alcohol by volume (ABV), including whiskey, vodka, rum, gin, tequila, brandy, and others. Wine, cider, and beer are not considered distilled spirits owing to the low alcohol content by volume in these beverages (less than 10%).
The rising number of young population worldwide is considered the major driver for the distilled spirits market. Furthermore, the rising demand for super-premium and premium whiskey coupled with the rising disposable income of the consumers is another factor aiding the global growth of this market.
Asia Pacific dominated the distilled spirits market in 2021. It is expected to project the fastest growth in the global distilled spirits market during the forecast period, owing to the steadily growing demand for these beverages from countries including China and India. In addition to this, the increasing population, rising living standard, substantial growth in disposable income, and the inclination of the young generation towards the western culture, are the factors, aiding the growth of this market.
Europe is the second large region in distilled spirit market. This is majorly due to the increasing young or adult demographic in the region with France being the leading market for alcoholic beverages and followed by Germany, Italy, UK, and others. The high consumption of alcoholic beverages in countries including Estonia, Belarus, and Lithuania is further supporting the growth of distilled spirits market in the region.
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