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Premium Spirits Market, By Product (Whisky, Rum, Vodka, Brandy, Tequila and Others),growing at a CAGR of 10.2%
The whiskey segment led the market and accounted for a significant global revenue share. Whiskey has been able to deliver certain medical benefits due to product developments over the years. Distillers are increasingly adding a variety of herbs and spices to increase the offering for both taste and medical purposes. Similar to whiskey, premium spirits are also gaining attraction due to their medicinal benefits.Data Bridge Market Research analyses that the premium spirits market, valued at USD 158.04 billion in 2022, will reach USD 343.74 billion by 2030, growing at a CAGR of 10.2% during the forecast period of 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
View Detailed Report: https://www.databridgemarketresearch.com/reports/global-premium-spirits-market
Market Definition
Alcoholic spirit is also called "liquor" or "hard liquor." these distilled spirits are created by fermenting fruits, grains, or other sugar sources, then distilling them by heating and cooling the mixture to concentrate the alcohol. The fermented spirit is heated during the distillation process, and the released steam is simultaneously captured and cooled to produce the distillate with a higher percentage of alcohol.
Opportunities
Social life and peer pressure have caused a significant change in lifestyle
The lifestyle has changed when comparing the lives of children and adults. They prefer clubbing and parties over more traditional activities like drinking, smoking, and other vices; as a result, the alcoholic beverage industry has been a major driver of the growth of the sprite industry. Young adults, who are frequently influenced by social media, famous people, and peer pressure to drink, are the main cause of the boom in the spirits industry. For instance, students far from home are more likely to partake in it because they feel the pressure to fit in with the cool crowd so intensely that they can't say no. As a result, they start drinking alcohol and eventually make it a habit.
Recent Developments
In 2022, Heaven Hill announced the acquisition of 'Samson & Surrey' including Widow Jane, Few Spirits, Tequila Ocho, Bluecoat Gin, Mezcal Vago, and Brenne French Whisky. Heaven Hill's portfolio will be bolstered by high-growth, super-premium brands in several of the industry's fastest-growing categories as a result of the acquisition
In 2022, Diageo, the world's largest beverage alcohol company, revealed plans for a new USD 245 million distilleries to support its Crown Royal Canadian Whisky brand's momentum and growth objectives. It will use resource efficiency technology and run on 100 percent renewable energy to ensure that the new distillery is carbon neutral and produces no waste for landfill
In 2022, Diageo plc launched its manufacturing complex, which features two high-speed can lines with the ability to make over 25 million cases of malt-based beverages and spirits-based Ready-to-Drink (RTD) cocktails
Some of the major players operating in the Premium Spirits Market are:
Diageo plc (U.K)
Pernod Ricard (France)
Tito's Handmade Vodka (U.S)
HITEJINRO CO.,LTD. (South Korea)
Brown‑Forman (U.S)
Constellation Brands, Inc. (U.S)
BACARDI (Bermuda)
Gruppo Campari.(Italy)
HITEJINRO CO.,LTD (South Korea)
Heineken N.V (Netherlands)
JOSE CUERVO (Mexico)
PATRÓN (U.S.)
Tanduay Distillers, Inc. (Philippines)
Allied Blenders and Distillers Pvt. Ltd. (India)
Global Premium Spirits Market Scope
The premium spirits market is segmented on the basis of by product, source, distribution channel, and end use. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product
Whisky
Rum
Vodka
Brandy
Tequila
Others
Source
Natural
Flavored
Distribution Channels
Online
E-commerce websites
Company-owned websites
Offline
Supermarkets/Hypermarkets
Spatiality Stores
Retailers
Others
By End-users
Household
Commercial
Restaurants
Cafes
Hotels
Others
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