By 2030, it is predicted that the global flavored spirits market would grow at a CAGR of 15.69% and total about USD 50.90 billion.
Research Reports
Feb 22, 2023
Flavored Spirits Market Research Future Insights:
It consists of distilled alcoholic beverages that have had a particular flavour characteristic created or added. Typically, fruits, spices, wild herbs, or raw nuts are utilised to extract the flavours that are added to spirits. There are many different flavours of flavoured spirits available on the market, including cherry and maple flavours. Foodservice and retail food channels are the main distribution methods for flavoured spirits. Spirits that have been flavoured and sweetened have undoubtedly become more popular. According to recent projections, the size of the world’s spirits market will grow rapidly in the next years. Product innovation is the only way to continue to dominate the expanding global spirit flavored market.
The expansion of the craft spirits market size globally is mostly due to the expanding foodservice sector. The global spirit market is also driven by rising economies. Additionally, the only way to adopt is to change and keep working to improve flavoured spirits and beverages. Many think that the increasing merchandise market may be hampered by the soaring demand for non-alcoholic beverages.
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Regional Analysis:
When it comes to flavoured spirits, Europe is the market leader. In 2021, the European area held a market share of 37.38%. For large spirit players, Germany is the most profitable market. According to the existing situation, the region’s spirit market is anticipated to grow significantly (post-COVID 19) between 2022 and 2030, with a CAGR of 4.06%. The processes like new product developments, partnerships, mergers, and acquisitions to increase the revenue of flavored spirits in the region between top players are vital for growth. During the review period, the market in Asia-Pacific is predicted to have the greatest CAGR. In the Asia-Pacific area, rising per capita disposable income, rising levels of westernisation, and rising aspirational spending among consumers are expected to fuel the market growth for flavoured spirits. The use of alcoholic beverages by a sizable millennial generation in China and India will also contribute to the market’s explosive rise throughout the course of the study period.
Market Segmentation:
The market for flavoured spirits has been divided into segments based on product category, channel of distribution, and geographic region. The market has been broken down into categories for whisky, rum, vodka, gin, and other spirits. The whisky category is anticipated to grow at the greatest CAGR of 4.40% over the forecast period, while the vodka segment held the largest market share in 2021. The distilled alcoholic beverage known as whisky is created from fermented barley mash. Whiskey is made using a variety of grains, such as barley, corn, rye, and wheat. Whiskey is normally matured in wooden casks, most of which are made of white oak that has been charred. The market offers a variety of whisky varieties. Among the popular varieties are blended whisky, single malt whisky, Irish whisky, scotch whisky, and bourbon whisky.
The global flavoured spirits market has been divided into two categories based on the distribution method: foodservice and food retail. Supermarkets & hypermarkets, specialty shops, and other outlets make up the remainder of the food retail segment. In terms of value, the foodservice sector held the lion’s share of the industry in 2021. In both pubs and bars as well as hotels, restaurants, and cafés (HoReCa), flavoured spirits are most frequently consumed. Rising consumption across all of these sub-segments is the result of flavoured spirit producers developing more new products. Additionally, the expansion of pubs and bars, restaurant chains, and cafés, particularly in developing nations, is anticipated to increase demand for flavoured spirits in the foodservice industry.
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Key Players:
Bacardi Limited (Bermuda), The Brown-Forman Corporation (France), Pernod Ricard (France), Diageo PLC (UK), Suntory Beverage & Food Limited (Japan), Constellation Brands, Inc. (US), Distell Group Limited (South Africa), William Grant & Sons (Scotland), Asahi Group Holdings, Ltd (Japan), and San Miguel Corporation (Philippines) are the Key Players in the Global Flavored Spirits Market.
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