Press release
Spirits Market Size, Growth Trends, Forecast 2024-2033
Spirits Market
The Business Research Company's Spirits Global Market Report 2024 identifies The increasing consumer base for alcohol consumption as the major driver for the Spirits market's growth in the forecast period. Alcohol consumption refers to the act of ingesting alcoholic beverages, which are beverages that contain ethanol (alcohol) as their primary active ingredient. An increasing consumer base for alcohol consumption is a major factor for spirits because it means more potential customers for spirits brands. This can lead to increased sales and revenue for the industry as a whole. For instance, in 2023, according to the 2021 National Survey on Drug Use and Health (NSDUH) by National Institute on Alcohol Abuse and Alcoholism, a US-based government agency, and 219.2 million people ages 12 and older drank alcohol at some point in their lifetime. Therefore, the increasing consumer base for alcohol consumption is driving the spirits market.
The spirits market size has grown strongly in recent years. It will grow from $145.07 billion in 2023 to $153.83 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to cultural and social significance, traditional craftsmanship, global export, consumer demand for premium products, mixology and cocktail culture.The spirits market size is expected to see strong growth in the next few years. It will grow to $191.11 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%.
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Major competitors in the Spirits market are Diageo PLC, Pernod Ricard, Thai Beverage Public Company Limited, Brown-Forman Corporation, Kirin Holdings Company Limited
A key trend in the Spirits market includes Innovations In Alcohol Fusion. Spirits manufacturers are now offering ready-to-mix hybrid beverages to cater to changing consumer tastes and preferences. Hybrid beverages are a blend of alcoholic drinks from multiple beverage categories. They are prepared by using unique flavour combinations, ingredients, and production methods from multiple drinks. For example, producing spirits or beers in a wine barrel to give them a distinct taste. Hybrid beverages are particularly evident in the spirit category, with products such as beer mixed with rum and tea mixed with vodka. Some of the popular hybrid beverages include Malibu Red (rum and tequila), Kahlua Midnight (rum and Kahlua), and Absolut Tune (vodka and sparkling wine).
Read More On TheGlobal Spirits Market Report Here:
https://www.thebusinessresearchcompany.com/report/spirits-global-market-report
The Spirits market is segmented -
•By Type: Whiskey, Vodka, Rum, Tequila, Gin, Other Spirits
•By Category: Mass, Premium
•By Distribution Channel: Off-Trade Channels, On-Trade Channels
•Subsegments Covered: Single Malt, Other Whiskey
•By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the Spirits market.
The Business Research Company's "Global Spirits Market Report 2024" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Spirits Market Include:
1. Executive Summary
2. Spirits Market Characteristics
3. Spirits Product/Service Analysis -Product/Service Examples
4. Spirits Market Trends And Strategies
5. Spirits Market - Macro Economic Scenario
.......
68. Global Spirits Market Competitive Benchmarking
69. Global Spirits Market Competitive Dashboard
70. Key Mergers And Acquisitions In The Spirits Market
71. Spirits Market Future Outlook and Potential Analysis
72. Appendix
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