The global white spirits market size is expected to reach USD 67.6 billion by 2025, according to a new report by Grand View Research, Inc., registering a CAGR of 4.0% over the forecast period. Increasing cocktail consumption as well as improved standard of living in countries, such as China and India, are the key factors responsible for the growth of the market.
Growing population at a global level, coupled with rising per capita income, have induced consumers with aspirational drinking among the cosmopolitan consumers. Increasing acceptance of shim drinks focusing on lower-alcohol content is driven majorly by millennials on account of choosing premium products of spirits and cocktails. Premiumization is expected to be a prominent trend influencing the alcohol market, particularly in the market of Europe.
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The market of Europe, particularly in U.K., witnessed growing demand for gin spirits, whereas surge in demand for vodka was observed in North America, particularly in U.S. Consumer preference for fruit flavored alcohol is witnessing a surge in the vodka spirit market. In June 2018, Pernod Ricard brand Absolut introduced flavored drinks from fruit juice and Licor 43 launched its new line extension made from coffee.
Key industry players are striving for product innovation and new product launches as consumers are focusing on the ingredients of alcoholic drinks. For instance, in March 2019, White Claw Hard Seltzer launched a limited-edition variant of alcoholic seltzer.
Asia Pacific held the largest market share and is expected to grow due to improving living standards and increasing per capita income, especially in China and India. Moreover, growing population in the region with more number of younger population will fuel the industry expansion over the coming years.
White Spirits Market Report Highlights
• In terms of revenue, the gin product segment is projected to exhibit a CAGR of 3.7% over the forecast period. Vodka dominated the global market with 60.4% share of the overall revenue in 2018
• Asia Pacific dominated the global market in 2018 and constituted 28.7% share of the overall revenue
• The market is anticipated to witness growth due to increasing consumption of vodka in countries such as U.S., India, and China
• On-trade distribution channel is expected to witness the highest growth over the forecast period due to higher penetration of clubs, bars, and brews
• The industry is highly competitive in nature and is marked by the presence of companies such as Diageo plc; Rémy Cointreau; Bacardi Limited; Pernod Ricard; Beam Suntory, Inc.; and The Brown–Forman
• Various manufacturers are concentrating on new product launches and inclusion of fruit flavor.
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White Spirits Market Segmentation
Grand View Research has segmented the global white spirits market on the basis of product, distribution channel, and region:
White Spirits Product Outlook (Revenue, USD Billion, 2015 - 2025)
• Vodka
• Rum
• Gin
• Others
White Spirits Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)
• On-trade
• Off-trade
White Spirits Regional Outlook (Revenue, USD Billion, 2015 - 2025)
• North America
o U.S.
• Europe
o U.K.
• Asia Pacific
o India
o China
• Central & South America
o Brazil
• Middle East & Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.