Spirits Market Segments, Trends, Size And Competitor Assessment 2024-2033

"The Business Research Company recently released a comprehensive report on the Global Spirits Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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%. The growth in the forecast period can be attributed to health-conscious consumer preferences, sustainability and environmental practices, digital marketing and e-commerce, flavored spirits and innovation, emerging markets and premiumization. Major trends in the forecast period include craft distillation, low-abv and non-alcoholic spirits, sustainable and ethical sourcing, aging and barrel finishing, global flavors and fusion.

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Market Drivers and Trends:

The world's population is growing and is expected to reach 10 billion by 2050. An increase in the population creates more demand for alcoholic beverages. Crop production, farming activities, and trade volumes will have to increase in order to meet the increased population. Therefore, companies in this market are expected to benefit from rising demand for spirits manufacturing (distilleries) products due to the rising population, during the forecast period.

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).

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Major Key Players of the Market:

Diageo plc, Pernod Ricard, Thai Beverage Public Company Limited, Brown-Forman Corporation, Kirin Holdings Company Limited, Christian Dior SE, The Molson Coors Brewing Company, Suntory Holdings Limited, Asahi Group Holdings Ltd., Anheuser-Busch InBev SA/NV, Bacardi Limited, Beam Suntory Inc., Rémy Cointreau, William Grant & Sons Ltd., The Edrington Group Ltd., Campari Group, Heaven Hill Distilleries Inc., The Patron Spirits Company, Mast-Jägermeister SE, The Macallan Distillers Limited, The Glenmorangie Company, The Balvenie Distillery, The Famous Grouse, The Dalmore, The Glenlivet Distillery, The Aberlour Distillery, The Chivas Brothers, The Glenfiddich Distillery, The Singleton of Dufftown, The Johnnie Walker Company, The Dewar's Company, The Jameson Distillery, The Bushmills Distillery, The Teeling Whiskey Company, The Tullamore Dew Company, The Kilbeggan Distillery.

Spirits Market 2024 Key Insights:

• 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%.
• Rising Global Population Fuels Growth In The Spirits Market
• Innovations In Alcohol Fusion
• Asia-Pacific was the largest region in the spirits market in 2023

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