NEW YORK, March 28, 2024 /PRNewswire/ — The global spirits market size is estimated to grow by USD 138.31 bn from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 3.94% during the forecast period. The artisanal spirits industry is thriving, with small-scale companies focusing on premiumization through brand renovation and innovation. They produce craft spirits like rice whisky, brandy, tequila, and flavored liqueurs using natural and organic flavors, spices, and botanicals. These high-quality, clean-label spirits are consumed at pubs, taverns, and restaurants, catering to consumer demand for variety and superior flavor. Alcohol consumption is no longer just for social gatherings but also for professional ones. The use of natural spring water and non-GMO cereals adds to the appeal, with flavors ranging from fresh citrus to vanilla and raspberry.
Technavio has announced its latest market research report titled Global Spirits Market 2024-2028
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Innovation Sparks Market Growth:
In the artisanal spirits industry, small-scale companies are leading the charge with their mission-driven efforts to create unique, premium offerings. Spirits Market is at the forefront of this trend, with its artisanal craft rice whisky. This brand has undergone a strategic renovation, embracing innovation through the creation of flavored craft spirits. Pubs, taverns, and restaurants are embracing these new offerings, as consumers seek out flavor and spirit quality. The premiumization strategy extends to other categories, such as flavored whisky, brandy, tequila, and flavored liqueurs. Natural and organic flavors, derived from botanicals, natural spices, and fresh citrus, are key differentiators. Spring water and non-GMO cereals are used in the production process, ensuring clean-label ingredients. Social gatherings and professional events alike benefit from the variety these artisanal spirits provide. With disposable income on the rise, consumers are willing to pay a premium for the authentic, unique experience that artisanal spirits offer.
Addressing Challenges:
In the dynamic Spirits Market, consumer knowledge and preferences shape the landscape of craft spirits, wine, and premium alcoholic drinks. Bars, pubs, hotels, and restaurants are key distribution channels, while marketing initiatives and social media campaigns engage the consumer base. Alcohol use remains a significant part of Western culture, driving demand for innovative products from craft spirit distilleries. Younger people, with growing consumer spending power, seek authenticity and quality in their alcohol consumption. Key players invest in marketing activities, good will, and responsible alcohol consumption. The craft spirits market thrives on small-batch production, using raw materials like herbs, spices, botanicals, and fruits from family farms. Consumer trust and interest translate into sales, making taste, ingredients, and revenue generation essential factors.
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Market Overview
In the vibrant and dynamic world of Spirits Market, a myriad of alcoholic beverages are crafted and marketed with precision and finesse. From spirits like gin, vodka, and rum, to craft beers and manufactured wines, each product is produced with care and distinction. The market is a global one, with consumers in various regions preferring different types of spirits based on cultural traditions and personal tastes. Producers respond to these trends, creating a diverse range of spirits that cater to the unique preferences of consumers worldwide. The market is a competitive one, with brands constantly striving to outdo each other in terms of quality, innovation, and marketing strategies. The result is a spirited (pun intended) industry that is always on the move, driven by the relentless pursuit of excellence and consumer satisfaction.
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Key Companies:
Spirits Market is fragmented; the companies are competing with competitors and are trying to get greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major companies have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products. Spirits Market report includes information on the product launches, sustainability, and prospects of leading vendors including Abtshof Magdeburg GmbH, Bacardi Ltd., Becle SAB de CV, Brown Forman Corp., Campari Group, Charbay Distillery, Constellation Brands Inc., Diageo Plc, Eastside Distilling Inc., KWEICHOW MOUTAI Co. Ltd., LVMH Moet Hennessy Louis Vuitton SE, Mast Jagermeister SE, Novabev Group, Pernod Ricard SA, Remy Cointreau SA, Suntory Holdings Ltd., The Edrington Group Ltd., William Grant and Sons Ltd, Yanghe Distillery Co. Ltd., Alcobrew Distilleries India Ltd., Bainbridge Organic Distillers
Key Topics Covered:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Type
Whisky
Brandy
Rum
Gin
Others
Distribution Channel
Off-trade
On-trade
Geography
Europe
APAC
North America
South America
Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio