Market Highlight
Market Research Future (MRFR) studied the global flavored spirits market along the review period till 2030. MRFR study states that the flavored spirits market is anticipated to surge at 15.69% CAGR during the forecast period (from 2023 to 2030). By 2030, the flavored spirits market value can touch USD 50.90 billion.
The expansion of the global flavored spirits market can be credited to product innovation, expansion of foodservice industry, and increase in number of organized retail center. The change in consumer preference is contributing to the introduction of new flavors by marketers that can support the global flavored spirit market as they can create new investment scopes. The adoption of cost-effective and beneficial growth strategies can add impetus to the market upsurge. However, increase in demand for non-alcoholic beverages among people can hinder the market growth in the years to come. Hike in annual income, westernization, and expansion of consumers base are forces that are likely to counter market threats. The existence of a wide millennial population that prefer alcoholic beverages can add to exponential expansion of the market.
Segmental Analysis
The segment study of the global flavored spirits market is based on type, channel, and distribution.
The type-based segments of the flavored spirits market are rum, whiskey, vodka, and gin among others. The vodka segment is expected to garner the maximum market share through the analysis period. MRFR study suggests that the flavored spirits segment can register 4.40% CAGR along the forecast tenure. Whiskey is the type of distilled alcoholic beverage derived from fermented grain, such as; rye, barley, corn, and wheat. Thus, the availability of different types of whiskey, such as; blended whiskey, Irish whiskey, single malt whiskey, bourbon whiskey, and scotch whiskey, offers multiple choices to consumers. Thus, the whisky segment can rise at high pace in the analysis period.
The distribution channel-based segments of the global flavored spirits market are food retail and foodservice. The food retail segment studies specialty stores, and supermarkets hypermarkets among others. The foodservice segment is anticipated to secure decent market size. The flavored spirits market can also earn high profit from the restaurant segment as a rise in their consumption is high in hotels, restaurants, and cafes. The booming business of pubs and bars can accelerate the growth of the market. Product innovations by manufacturers of flavored spirit have resulted in increased consumption. In addition, the increasing count of pubs, bars, restaurants, and cafés chains, especially in developing regions can boost sales of flavored spirits. Thus, the foodservice segment can earn high revenue for the market.
Key Players
Key flavored spirits market players those are operating in the global post-harvest treatment products market are Bacardi Limited (Bermuda), Pernod Ricard (France), The Brown-Forman Corporation (France), Diageo PLC (UK), Constellation Brands, Inc. (US), Suntory Beverage Food Limited (Japan), Distell Group Limited (South Africa), Asahi Group Holdings, Ltd (Japan), William Grant Sons (Scotland), and San Miguel Corporation (Philippines). MRFR listed these companies for vivid understanding of the competitive landscape of the market. Rise in global recognition via launching innovative products, strategic MA, and partnerships can support marketer to thrive in the worldwide flavored spirit market.
Detailed Regional Analysis
MRFR regional progress study reveals that Europe can dominate the global flavored spirits market in the years ahead. The flavored spirits market in Asia Pacific is likely to register 4.57% CAGR in the analysis period. The market in Europe and North America can exhibit decent expansion in the analysis period. MEA flavored spirits market is expected to rise at moderate pace.
In Europe, the flavored spirits market can thrive due to the presence of reputed dealers of flavored spirits. The region houses several brands that have global recognition. The presence of elite population, along with aforementioned culture can contribute to the regional market rise. Germany is observed as a major contributor to the upsurge of Europe flavored spirit market. MRFR analysis reveals that EU market can register 4.06% CAGR in the forecast period till 2030. In North America, the culture of luxurious dinner can bolster expansion of the flavored spirits in the region, along with the existence affluent brands in the region.
In Asia Pacific, the flavored spirits market can thrive as the consumption of alcoholic beverages is high. The presence of some reputed manufacturers of flavored spirits and numerous retail shops can add to APAC market rise.
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