Research delivers insight into the globalLuxury Wines and Spirits Market during the period 2018-2022

Global Luxury Wines and Spirits Market was valued at $812,108 million in 2015, and is expected to reach $1,122,578 million by 2022, supported by a CAGR of 4.8% during the forecast period 2014 - 2022. The global luxury wines and spirits market is a premium consumer goods market that is concentrated on consumers focused on quality than pricing. The products offered in this market are high quality fermented wines and distilled spirits such as rum, vodka, and brandy. They are usually distinguished by their content of alcohol by volume (ABV) which usually varies from 3 to 40% in these products.

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The consumption of luxury wines and spirits generally associated with events of significance importance in the consumer’s life for instance celebrations, anniversaries, parties, social gatherings, and personal moments. Currently, the products offered in this market are wines extracted from different fruit juices, for instance, grapes, apples, and pomegranate. Whereas, products containing spirits includes distilled beverages such as vodka, whisky, and tequila. In addition, with growing popularity of innovative drinks like cocktails, one can bring numerous combinations of spirits and juices.

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Luxury Wines and Spirits Market Report, published by Allied Market Research, forecasts that the global market was valued at $812,108 million in 2015, and is expected to reach $1,122,578 million by 2022, supported by a CAGR of 4.8% during the forecast period 2016 - 2022. The wine segment was a major revenue contributor for global luxury wines & spirits market in 2015. The European region held the leading position in the global market in 2015, and is expected to maintain its lead during the forecast period.

The consumption of luxury wines and spirits has seen a significant growth in the past few years. Further the use of technology has enabled to select the finest quality of raw materials for fermentation process to yield quality wines for aging process and consumption. Besides, with increasing disposable income globally and premium pricing of the products has provided huge profit opportunities for the manufactures of the market. However, the stringent regulations regarding the advertisement and distribution of wines & spirits are expected to affect the market growth during the forecast period.

The wines segment is expected to grow at a faster rate during the forecast period, as the market currently offers alcoholic drinks such as vodka, gin, rum, and brandy and has more alcohol by volume (ABV) than other alcoholic beverages. The market has seen a significant growth, owing to increase in popularity of cocktail drinks. Moreover, they are being preferred over beers and other alcoholic beverages due to growing popularity of cognac and tequila. However, there is a decline in the growth of rum and vodka.

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