The Spirits Market is being driven by Increasing demand for high-quality, premium spirits
The Spirits Market is expected to grow at a CAGR of 4.3% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 158.1 billion. The global spirits market is witnessing a significant shift towards low-alcohol and alcohol-free options, fueled by the rising consumer preference for healthier beverage choices. This trend is particularly prominent among health-conscious individuals who seek to enjoy the social aspect of drinking without the detrimental effects of excessive alcohol consumption. In response, both established spirits brands and new entrants are innovating and introducing an array of low-alcohol and non-alcoholic spirits, often crafted with natural ingredients such as botanicals, herbs, and spices, to replicate the authentic taste, aroma, and complexity of traditional spirits.
Get more information on Spirits Market by requesting a sample report
The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
Rich Experience: 20+ years leading global market research, trusted insights across industries.
Unlock Business Potential with Technavio: Maximize ROI with Technavio's tailored market research: deep dives and actionable insights.
Your Guide to Market Success: Empower your business with Technavio's market research and future-proof your decisions.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
229 |
|
Base year |
2024 |
|
Historic period |
2019-2023 |
|
Forecast period |
2025-2029 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 4.3% |
|
Market growth 2025-2029 |
USD 158.1 billion |
|
Market structure |
market_structure.ucfirst |
|
YoY growth 2024-2025(%) |
3.5 |
|
Key countries |
US, Germany, China, France, Brazil, UK, Japan, India, Spain, and Canada |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Find out which segment is leading the market by accessing the free PDF report
The alcoholic beverages industry encompasses spirit manufacturers and beverage firms producing distilled spirits, including hard liquor and premium varieties. These alcoholic drinks undergo alcoholic fermentation and distillation to increase their alcohol content. Flavored spirits and hard liquors are popular choices in the market, driving the premiumization of alcohol. The Distilled Spirits Council represents the interests of this sector, promoting responsible alcohol consumption and innovation within the alcoholic beverages industry.
In the spirits market, beverage firms and alcoholic drinks industry professionals utilize various inputs to produce a diverse range of alcoholic beverages. Primary raw materials, such as carbohydrate-rich grains like barley and corn for spirits or fruits like grapes, berries, and apples for wine, form the foundation of commercial production. Water and yeast are also essential components. Secondary sources and extra ingredients, including juniper berries, herbs, spices, seeds, roots, barks, and flowers, are used to flavor distilled spirits like gins and liqueurs, enhancing their unique taste profiles. Labor and specialized winery or distillery equipment complete the production process.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
Safe and Secure SSL Encrypted
One user only.
Quick & easy download option
Unlimited user access (Within your organization).
Complimentary Customization Included
*For Enterprise license, go to checkout page
Get the report (PDF) sent to your email within minutes.
