Surge in Premium Spirits Consumption Propels the Global Alcoholic Spirits Market Growth
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.
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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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