Spirits Market Projected to Reach US$ 92.9 Bn by 2032, At A CAGR of 5.2%, Says Future Market Insights

Spirits Market by Product Type (Vodka, Rum, Whiskey, Gin, Tequila), Category (Mass and Premium), Application (Household and Commercial), Distribution Channel (Direct and Indirect) & Region - Forecast 2022 - 2032

DUBAI, UAE, March 16, 2022 /PRNewswire/ -- The global spirits market is set to witness growth at a CAGR of 5.2% over the forecast period (2022-2032) and top a valuation of US$ 92.9 Bn by 2032.

Spirit is an alcoholic beverage prepared through distillation process in which the component substances are separated from a liquid mixture via evaporation and condensation. This process is used for purification of the mixture and for removing the diluting components such as water. This is done in order to increase the alcohol content by volume (ABV).

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Rising demand for alcoholic beverages can be attributable to the increasing consumption among millennials. A gradual increase in the party culture has been noticed over the past few years which has contributed well to the market growth. Alongside this, peer pressure among students and adults and the influence of social media are convincing consumers to experiment with new drinks and different flavours.

The latest trend of partying at clubs, bars, cafes and pubs in developing economies like India and China owing to attractive pay packages and changing lifestyle is likely to result in surging demand for spirits in the coming years. Varied types of spirits such as vodka and whiskey are mostly consumed during outings.

Furthermore, increasing spending capacity of working population has encouraged them to switch to premium brands, which is expected to fuel the spirits market growth over the forecast period (2022-2032).

Key Takeaways from Market Study

• East Asia is expected to dominate the global market by accounting for the maximum market value share of about 25% by 2022 end
• Rising partying culture in different regions across the globe is predicted to result in surging demand during the assessment period (2022-2032)
• By product type, whiskey is expected to account for the maximum market share by 2022 end
• Higher income groups and working population have increased spending capacity, which is likely to increase the demand for premium brands of spirits in the near future
• Indirect channel is expected to account for a higher market value share than direct channel by 2032 end

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"Trending partying culture at clubs and pubs among todays millennial is expected to result in an impressive growth in the spirits market in the coming decade," says a Future Market Insights analyst.

Competitive Landscape

Key market participants are following different marketing and promotional strategies such as new product launches, geographical expansion, merger and acquisitions, partnerships and collaboration to address the needs of the consumers and serve accordingly, thus, creating a larger customer base in the coming years.

Global Spirits by Category

By Product Type, Global Spirits is segmented as:

• Vodka
• Rum
• Whiskey
• Gin
• Tequila
• Others

By Category, Global Spirits is segmented as:

• Mass
• Premium

By Application, Global Spirits is segmented as:

• Household
• Commercial

By Distribution Channel, Global Spirits is segmented as:

• Direct
• Indirect
• Hypermarkets/Supermarkets
• Specialty Stores
• Independent Retailers
• Online Retailers

By Region, Global Spirits is segmented as:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• Middle East & Africa

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Key Questions Answered in the Report

• How big is the spirits market?
• At what rate is the global spirits market expected to grow?
• What are the key strategic adopted by spirits market players?
• How much share does the top 10 companies in the spirits market hold?
• Which are the major countries driving demand for spirits?

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