Global distilled spirits market estimate to reach $33.5 bn by 2027
By Felicia Nwosu
Business Wire, a Berkshire Hathaway company and global leader, has revealed that the global market for alcoholic beverages distilled spirits is projected to reach a revised size of US$33.5 billion by 2027. The market was estimated at US$27.3 billion in the year 2020, while also growing at a CAGR of 3% over the analysis period 2020-2027.
Leading in the segment is whiskey, which was projected to record a 3.6% CAGR and reach US$7.6 billion by the end of the analysis period. This was after an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Vodka segment was readjusted to a revised 4% CAGR for the next 4-year period.
Some countries have made some impressive outlook with noticeable impact as market leaders. It was discovered that the Distilled Spirits market in the U.S. is estimated at US$7.4 billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$6.8 Billion by the year 2027 trailing a CAGR of 5.5% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 0.8% and 2.2% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 1.4% CAGR.
Meanwhile in the global rum segment, USA, Canada, Japan, China and Europe will drive the 1.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$2.7 Billion in the year 2020 will reach a projected size of US$3 billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$4.6 billion by the year 2027, while Latin America will expand at a 2.9% CAGR through the analysis period.
The major players are notable companies in the spirits market include Diageo plc, Pernod Ricard, Thai Beverage public co., The Brown–Forman Corporation, kirin holdings co Ltd., Christian Dior SE, The Molson Coors Brewing Company, Suntory Holdings Limited, Asahi Group Holdings Ltd., and Anheuser-Busch InBev sa/nv.
Come continents have equally displayed some leadership spirit in the spirit market for 2022 and these included Asia-Pacific which stood as the largest region in the spirits market for last year. This was followed by North America who became the second-largest region in the spirits market. The regions covered in the spirits market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the spirits market are Argentina; Australia; Austria; Belgium; Brazil; Canada; Chile; China; Colombia; Czech Republic; Denmark; Egypt; Finland; France; Germany; Hong Kong; India; Indonesia; Ireland; Israel; Italy; Japan; Malaysia; Mexico; Netherlands; New Zealand; Nigeria; Norway; Peru; Philippines; Poland; Portugal; Romania; Russia; Saudi Arabia; Singapore; South Africa; South Korea; Spain; Sweden; Switzerland; Thailand; Turkey; UAE; UK; USA; Venezuela; Vietnam.
The global spirits market is segmented into the following types which include the sales of IrishWhiskey, AmericanWhiskey, Canadian Whiskey, Scotch Whiskey, Flavored Vodka, Non-Flavored Vodka, Light Rum, Dark rum, Golden Rum, Spiced Rum, Black Rum, Reposado Tequila, Blanco Tequila, Anejo Tequila, Old Tom gin, London dry gin, Plymouth gin, Fruit spirits, Honey Spirits, Ouzo, and other spirits.
Statista, another global online research body in its own report, showed that in global comparison, most revenue is generated in China (US$165,900.00m in 2023), but in relation to total population figures, per person revenues of US$68.38 are generated in 2023. In the same vein the market for spirits segment is expected to show a volume growth of 0.8% in 2024.
Futuristically, it noted that by 2027, 27% of spending and 8% of volume consumption in the spirits segment will be attributable to out-of-home consumption (e.g., in bars and restaurants). In the Spirits segment, volume is expected to amount to 37.69 billion L by 2027.
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