Rising disposal income of middle-class people is the major driving factor of the spirits market. However, increasing consumption of alcoholic beverages in countries such as India, Brazil, China, and Russia is anticipated to fuel the global market in future.
Sarasota, FL -- (SBWIRE) -- 07/11/2017 -- Zion Market Research, the market research group announced the analysis report titled "Spirits Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecasts 2016–2024"
Global Spirits Market: Overview
Spirit is distilled alcoholic beverage. It is mainly manufactured by the distillation process. In this process, the impurity is removed and the mixture is purified in order to increase the percentage of the alcohol content. In general, the spirit is known as liquor but in different regions, it is known by different names. North Americans usually use the term hard liquor for distilled beverage to distinguish from non-distilled one. However, wine, beer, and cider consist of less than 10% of alcoholic content and are not considered as spirit.
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Global Spirits Market: Growth Factors
Rising disposal income of middle-class people is the major driving factor of the spirits market. However, increasing consumption of alcoholic beverages in countries such as India, Brazil, China, and Russia is anticipated to fuel the global market in future. Spirit has become a status symbol and hence people are ready to pay for quality brands. In addition, e-commerce and print media come up with more attractive and innovative advertisements to attract customers; this, in turn, will foster the global market growth. The young generation is also getting attracted to alcoholic beverages, hence driving the global market. Whisky is a significant market in India since last few years and is anticipated to witness high growth in the coming years. Conversely, stringent government regulations may hamper the spirit market growth to some extent. Sale of alcohol is strictly banned in the government-approved shops. In addition, the ban on drinking in public places and advertising may hinder the global market growth in future.
Global Spirits Market: Segmentation
The global spirit market is segmented on the basis of types as brandy, gin, vodka, cane, rum, flavored spirits, tequila, natural spirits, and whiskey. Of these, vodka accounted for the largest market share in the global market followed by whiskey.
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Global Spirits Market: Regional Analysis
Asia Pacific is the dominating sector for spirits market owing to rising drinking habit of the people in this region. This trend is followed by North America and Europe. However, emerging economies such as China and India witnessed higher consumption of alcoholic beverages which is anticipated to boost the global market growth. China is the leading region in Asia Pacific owing to growth in beverages industries. In addition, India is expected to grow at a fast pace due to increasing disposal income and leisure lifestyle. Increasing consumption of whiskey in India and China is also expected to boost the market in near future. Baijiu and rice wine are the most popular drinks in China. Import of the China has been grown four times in past ten years. Whisky is widely preferred in the Indian market.
Global Spirits Market: Competitive Players
Some of the major players in the spirit market include Marnier Lapostolle SA, Berentzen-Gruppe AG, Brown-Forman Corp., Constellation Brands, Inc., Diageo Plc, Remy Cointreau SA, Belvedere SA, and Pernod-Ricard SA. Companies' strategies to invent new products in order to increase their market share is the trend in the global market. For example, Adnams introduced two new ranges of spirits namely, Rising Sun Gin and Rye Hill Vodka, by using rye grown. Owing to this, the company has gained around 30% of sales in spirits and beer category.
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Global Spirits Market: Regional Segment Analysis
North America(U.S.); Europe(UK, France, Germany); Asia-Pacific(China, Japan, India); Latin America(Brazil); The Middle East and Africa