Distilled Spirits Market to Surpass US$ 36.47 Billion by 2025, Globally
Distilled spirits refers to an alcoholic beverage manufactured by distilling the mixture produced from alcoholic fermentation. The distillation process is majorly applied to increase the alcohol content by reducing the diluting components such as water. Distilled spirits have higher alcohol content as compared to brewed beverages and are commonly known as hard liquor. The minimum alcohol content in distilled spirit is 20% by volume. Wine, cider and beer are not considered as spirit as the alcohol content by volume is less than 10% in these products.
The major factors propelling the growth of this market include steadily growing adult and young demographic worldwide and the increasing demand for alcoholic beverages among consumers. Moreover, the advanced distribution channel including outlets in airports, online sales and separate counters for females is another factor, propelling the demand for alcoholic beverages thereby, conferring a boost to the global distilled spirits market. In addition to this, new product development and the innovation plays an important role in the distilled spirits market as, the demand for these products largely depends on changing taste and preferences.
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Stringent Government regulations such as banning the advertisement of alcohol in public places and limited, permissible consumption of these products are the factors challenging the overall market growth of distilled spirits.
In terms of revenue, Europe dominated the distilled spirits market in 2016 and accounted for a share of 45%. This dominance is majorly due to the extensive consumption of alcoholic beverages and the steadily growing young population (0 to 14 years old) or working population (15 to 64 years old) in the region. According to the Eurostat-European Commission, in 2016, young people made up 15.6% and the working age population accounted for 65.3% of the total population in the region. Whereas, the geriatric population (aged 65 or over) has a small share of only 19.2%. In addition to this, according to the World Health Organization Europe (WHO), in 2012, adults had consumed three alcoholic drinks per day on average and 12.5 liters of pure alcohol equivalent per year on average was consumed in Europe in 2012. This high consumption of alcoholic beverages is thereby, aiding to the market growth of distilled spirits.
Asia Pacific is anticipated to be the fastest growing market for distilled spirits, witnessing the highest CAGR, during the forecast period (2017 – 2025). Major factors propelling the growth of this market include the steadily increasing demand for the alcoholic beverages and the rising consumption of alcohol in the emerging economies including India and China. According to Coherent Market Insights, in China, the sales of imported spirits have grown to almost four times in the last ten years. In addition to this, the high demand for the local white spirit, commonly known as baijiu is further aiding to the market growth of distilled spirits in China. According to the data provided by National Center for Biotechnology Information (NCBI) in 2017, around 70% of the total alcoholic beverages consumed annually in China, is in the form of spirits.
Based on product, the market is segmented into whiskey, vodka, rum, gin, tequila, brandy and others. Vodka segment dominated the distilled spirits market in 2016. This dominance is due to the increasing demand for the premium and super-premium categories of vodka. Premium range of vodkas contain high-quality water this in turn, differentiates them from the regular varieties.
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Based on the distribution channel, the distilled spirits market is segmented into supermarkets, hypermarkets, specialty stores, drug stores, online and others. The marketing strategies of these beverages is changing rapidly. According to WHO, alcoholic beverages marketing is not only restricted to traditional media including television and radio but also utilizes the direct marketing technologies including podcasts and internet.
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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