According to a new market research report published by Inkwood Research,
the Global Alcoholic Spirits Market is estimated to record a CAGR of 3.45%
during the forecasting years of 2020-2028.
"Browse 76 Market Data
Tables and 68 Figures spread over 75 Pages, along with an in-depth TOC on the Global Alcoholic Spirits Market Forecast 2020-2028.
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Alcoholic
spirits are commonly known as ’liquor’ or ‘hard liquor’ and are made from
fruits, grains, or other sugar sources. These spirits are made by the process
of fermentation followed by distillation in a heating and cooling process to
concentrate the alcohol. The fermented alcohol is heated and simultaneously
capturing the released steam, which is then cooled to obtain the distillate
with more percentage of alcohol. Distilled beverages with more than 10% of
alcoholic content fall under the spirits category. The alcoholic content of
beer, wine, and cider is less than 10%, so these products are not considered as
spirit. Alcoholic drinks such as vodka, rum, whiskey, gin, brandy, and tequila
fall under the spirits category.
Escalating Demand for Premium
Alcohol Benefits Market Growth
The presence of popular
brands such as Jack Daniels, Absolut, Kendall-Jackson has increased the demand
for premium-quality whiskey, vodka, wine, cognac, and beer. Due to the
increasing disposable income of the consumers, the association of ’premium’
labels with product quality and taste, and the use of alcohol as a status
symbol, premium brands are in high demand compared to economical products.
Hence, the trend of premiumization will continue to augment the market during
the forecast period as consumers are shifting from local spirits to premium
spirits. There is a high demand for premium alcohol among consumers because it
is better in smoothness and palatability, and perfect for sipping.
Supermarkets and Hypermarkets Hold
the Largest Share in the Distribution Channels Segment
Supermarkets and
hypermarkets have become the biggest shopping destination for consumers to buy
alcohol spirits across the world. Many consumers who often visit the
supermarkets and hypermarkets for grocery and routine shopping buy an alcoholic
drink as a matter of choice and convenience. Supermarkets and hypermarkets
offer a wide variety of products under one roof and at reasonable prices. Women
consumers prefer these stores over liquor specialist stores due to the privacy,
convenience, and environment of premises. When it comes to buying alcoholic drinks,
the consumers prefer supermarkets and hypermarkets over-crowded roadside liquor
stores due to the presence of a knowledgeable salesperson who can explain the
details of a variety of products. Increased penetration of hypermarkets and
supermarkets is another growth driver.
Asia Pacific Predicted To Register the Highest CAGR
The alcoholic spirits
market of Asia Pacific is evaluated to be the fastest-growing market during the
forecast period. The market growth analysis of the region includes a survey of
countries such as India, China, South Korea, Thailand, Japan, Vietnam,
Australia & New Zealand, Indonesia, and the rest of Asia Pacific. The
willingness to learn about international spirits, sense of ritual, and
reinvented bar culture contribute to its growth prospects.
There is a strong
competitive rivalry in the alcoholic spirits market. The competitors have to
consider the product quality, flavor, packaging, and promotion along with the
brand. However, strong branding allows certain players to stand out, reducing
the rivalry to some extent.
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