Specialty Spirits Market - Global Industry Growth, Trends, and Forecast 2016 - 2024
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The specialty spirits market is geographically distributed over North America, Europe, Asia Pacific, Middle East & Africa (MEA), and Latin America. Asia Pacific accounted for the maximum share in the market in 2015, which is primarily driven by the availability of new brands and added flavors. Even with the ban on advertisements of alcoholic products, specialty spirits are gaining popularity in the market due to personal recommendations. Countries such as Japan, China, and Korea are promoting traditional spirits like shochu and báijiu – the latter is likely to dominate the specialty spirits market, giving up a small percentage of its market share to competitors such as shochu. Leading manufacturing companies are focusing on introducing new products in the market to meet the growing demand among consumers, specifically targeting women. In addition, regional brands are also gaining popularity due to their unique flavors. Latin America is a potentially attractive market for specialty spirits and likely to develop over the forecast period.
The global specialty spirits marketis highly competitive with the presence of a large number of large-scale and small-scale vendors, who compete with each other in terms of product differentiation, quality, prices, innovation, distribution, and brand promotion. Some of the key players operating in this market include IRB Tatuzinho 3 Fazendas, HiteJinro, LuzhouLaojiao, Kirishimashuzo, Sanwa Shurui, Kumbokju, Takara Shuzo, and Lotte. Other prominent vendors include Beam Suntory, Asahi Breweries, Beijing Red Star, Diageo, Companhia Müller de Bebidas, Kweichow Moutai, EngarrafamentoPitu, and Wuliangye. These players dominate the market with their vast geographic presence and production facilities across different countries. However, the global specialty spirits marketis also characterized by the presence of several regional and small manufacturers who lead the market in countries such as Japan, the U.K., and China. Producers are focusing on opening new retail outlets to strengthen their distribution channels and increase their earnings. In order to meet growing consumer demands, a variety of products have been launched in the market by leading as well as emerging manufacturers.
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