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Distilled Spirits Market Was Valued at US$ 30.5 Bn in 2022

Distilled Spirits Market Was Valued at US$ 30.5 Bn in 2022 - Coherent Market Insights

Publish On: Mar 03, 2023

Global Distilled Spirits Market was valued at US$ 30.5 Billion in 2022, according to Global Distilled Spirits Market Report by Product (Whiskey, Vodka, Rum, Gin, Tequila, Brandy, and Others), By Distribution Channel (Supermarkets, Hypermarkets, Specialty Stores, Drug Stores, Online, and Others). The distilled spirits market is expected to register a CAGR of 4.89% over the forecast period (2023-2030) to reach US$ 44.7 Billion by 2030. The major factors propelling the growth of this market include the rising young and adult demographic coupled with the substantial growth in the disposable income of consumers. Thus, making higher quality premium brands of vodkas affordable and popular among consumers. Furthermore, the rising demand for domestic vodka is propelling the market growth of distilled spirits. Unflavored and flavored variants of domestic brands including, Burnett from Heaven Hill Brands and E&J Gallo’s New Amsterdam vodka are gaining popularity worldwide thereby, supporting the market growth.

To know the latest trends and insights prevalent in this market, click the link below:

http://www.coherentmarketresearch.in/market-insight/distilled-spirits-market-997

Key Trends and Analysis of Distilled Spirits Market:

  • Based on product, the vodka segment held a dominant position in the global distilled spirits market in 2022 and is expected to maintain its dominance throughout the forecast period. This is majorly due to the increasing demand for the premium and super-premium categories of vodka. The quality of water used in the manufacturing process determines the quality of the vodka. The premium vodkas is made from superior-quality water, which differentiates them from the regular varieties. Furthermore, the high consumption of whiskey in India and Brazil is anticipated to record the highest per capita consumption, worldwide, during the forecast period.

Key Takeaways of the Market:

  • Asia Pacific dominated the global distilled spirits market. The region is projected to witness a CAGR of 3.8% in terms of revenue during the forecast period from 2023-2030. The dominance is majorly attributed to the increasing number of the younger population and according to National Family Health Survey-5 in 2021, alcohol consumption among both men and women is higher in rural India than in urban India. 1% of women aged 15 and over drink alcohol, compared to 19% of men in the same age group. This breaks up into 1.6% (rural) and 0.6% (urban) among women, and 19.9% and 16.5% respectively among men. Further, the high consumption of alcoholic beverages in the region is contributing to the overall growth of distilled spirits.
  • Asia-Pacific is projected to be the fastest-growing market, witnessing the highest CAGR among all the regions during the forecast period. This is majorly due to the increasing demand for alcoholic beverages in emerging economies including India and China. In India, Telangana recorded the highest alcohol consumption among all the southern states and according to the data provided by the Union ministry of health in 2021, 8.8% of women and 53.9% of men across Telangana consumed alcohol. In addition to this, the rising demand for local spirits including baijiu and huanjiu in China is conferring a boost to the overall distilled spirit market. These are the two most common varieties of baijiu and also known as China’s vodka.
  • Europe has the second large region in alcohol consumption. This is due to the young population and the weather in Europe being cold and people get one more reason to consume more alcohol. Each year in Europe, every person aged 15 and over consume, on average, 9.5 liters of pure alcohol, which is equivalent to around 190 liters of beer, 80 liters of wine, or 24 liters of spirits. That’s according to the 2021 European health report by the World Health Organization (WHO).

Major players operating in the global distilled spirits market include Diageo plc, Pernod-Ricard SA, Constellation Brands Inc., Brown-Forman Corporation, Remy Cointreau SA, Marie Brizard Wine & Spirits, Lapostolle SA, and Berentzen-Gruppe AG.

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