The term premiumization of alcohol means having consumers pay more money for the same volume of alcohol. The key consumer-level factors that drive premiumization in alcohol are the desire to improve social status, the desire to improve taste experience, and the desire to have a better understanding of the products that are being consumed.
On the supply side, while production of various forms of alcohol for domestic consumption is widespread, production for export is concentrated in few of the mostly developed countries, and in the case of beer and distilled spirits, in the hands of a shrinking number of large global corporations. These corporations spend heavily on marketing designed to stimulate demand for alcoholic beverages, employing sophisticated technologies to integrate their products into new markets. Vodka remains the highest selling and marketed drink in the alcohol market across the globe due to its unfaltering demand.
Alcohol premiumization is driven by economic, social and psychological factors: consumers need to be able to afford the products they want, they are motivated by the consumption patterns of their peers, and as basic needs are met, they desire products that offer status, reward, and indulgence. The global alcohol industry is seeing a major move towards premium alcohol. With consumers less willing to spend money on alcohol outside of the home, alcohol manufacturers are increasingly looking at ways to add value to their products. Manufacturers have been looking at ways to enhance the premium aspects of their brand as well to help attract recession-affected consumers.
Aruvian Research analyzes the global premium alcohol market in its research offering Analyzing the Global Premium Alcohol Market. The report is a comprehensive coverage of the trend of premiumization in the global alcohol industry and analyzes the industry through factors such as growth drivers, value of the brand name, etc.
We begin the report by analyzing what is premium alcohol and the transformation of the global alcohol industry to include premium alcohol. We look at the evolution of premium alcohol and the role of new product launches in this industry. The impact of the economic recession on the premium alcohol market is analyzed, along with the trends in new product launches.
We analyze industry trends and factors that are driving premiumization of alcohol, such as economic growth, the rise of the ’middle class’ the concept of new consumerism, etc. The key areas of alcohol premiumization are also analyzed, along with a look at the role technology has to play in making a brand premium.
Since branding and marketing plays an important role in the global alcohol industry, we understand how manufacturers can use branding as a means of achieving premiumization of alcohol brands. We also include a section on how to establish a successful strategy for premium alcohol.
What the future holds for the premium alcohol market is analyzed through an in-depth future perspective of the industry, followed by an analysis of the major industry players. The major players in the industry are analyzed through a corporate profile, an analysis of their business segments, a financial analysis, and a SWOT analysis.
This research compilation from Aruvian Research is a one-of-a-kind analysis, complete with case studies, of a niche market segment that has been hit by the economic recession, but is likely to bounce back in the coming years.