Distilled Spirits Market Is Mainly Driven By Increasing Number Of Younger Population

Distilled spirits are alcoholic beverages that are manufactured by the distillation of grains, vegetables or fruits after they have gone through the fermentation process. This process removes and purifies the diluting components such as water which results in the increase of the volume of alcohol content in the beverages. Distilled beverages have more alcoholic content as compared to brewed beverages and are often termed as hard liquor. The term spirit is referred to distilled beverages that contain alcoholic content of at least 20% volume by volume. Beverages that contain 40% or more alcohol volume by volume have high flammability and will catch fire if heated to about 26 degree Celsius. This temperature is called flash point. The global distilled spirits market is segregated on the basis of product type and region. On the basis of product type, the global market for distilled spirits is segregated into brandy, whiskey, rum, tequila, gin, vodka, cane, flavored spirits and natural spirits. Vodka held the most dominant market share in terms of revenue owing to its high demand in major regions such as Asia Pacific, Europe and North America. Vodka is followed by whiskey in the global market. Whiskey is also forecast to witness the most rapid growth rate during the forecast period owing to its increased consumption is countries such as China and India. The global market for distilled spirits is forecast to witness a steady growth rate during the forecast period owing to increased demand from emerging nations such as Russia, Brazil, China and India.

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Major drivers driving the global market for distilled spirits include increasing number of younger population. For instance, in the U.K., 47% of the population is aged between 18-24 years who consume alcohol on a regular basis and this percentage increases to 67% for population aged 25-44 years. Rising disposable income is another major driver that is boosting market growth. Stringent government rules and regulations is a major restraint to the global distilled spirits market. Government rule on the permissible consumption of alcohol is a major drawback to the overall market growth for distilled spirits. In addition, in many countries, alcohol is only allowed to be sold in government approved shops. Banned on advertisement of alcohol in public places is another hindrance to the growth of distilled alcohol globally. Rising demand in untapped market of Middle East & Africa can provide to be a major opportunity to the global market for distilled spirits.

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