The global spirits market size is expected to expand from $477789 million in 2016 to $641400 million by 2025, at a CAGR of 3.32% between 2017 and 2025. The base year considered for the spirits market report is 2016 and the forecast period is from 2017 to 2025. Rapid urbanization, high disposable income and the changing lifestyle and consumption habits of consumes are the dominant drivers of the global spirits market.
The global spirits market is segmented by distribution on the basis of liquor specialist stores, duty free, hypermarket/supermarket, online retailing and others. Stringent rules and regulations across different regions, health issues that arise due to excess spirits consumption and easy availability of substitute products are some factors that are restricting the growth of the market. The leading players in the spirits market are encountering challenges in heavy taxation and restriction on advertising in certain countries.
The spirits market in Asia-Pacific is anticipated to hold a massive share by 2025. Increased awareness about spirits, strong on-premise channel growth, and increasing disposable income are the major factors driving the growth of the spirits market. After China and India, France and UK are anticipated to be the developing markets for the spirits. The mentioned countries are expected to witness a rise in spirits consumer base and increased production of spirits with rich flavor and aroma, compared to other geographic regions.
Major players in the spirits market are Diageo Plc, Remy Cointreau, Bacardi Limited, Pernod Ricard, Brown-Forman, Radico Khaitan, Suntory Spirits Ltd, Marston’s Plc, Stock Spirits Group, Hite Jinro Co Ltd, The Wine Group Inc, Constellation Brands Inc, Gruppo Campari, Amvyx SA and Miguel Torres SA.