Global White Spirit Liquor Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2029
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Global White Spirit Liquor Market: Overview
“The global White Spirit Liquor Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”
White spirit liquors are liquors made from white spirits, and are clear liquid solvents, which are added during the processing of liquors. Vodka, gin, and white rum are a few examples of white spirit liquors.
Drivers: Rapid lifestyle changes owing to expanding urbanization trend in developing economies such as India and China are among major factors contributing to growth of the target market. Growing popularity of premium alcohol products is resulting in leading producers expanding product portfolio and consumer base, thereby increasing revenue potential. Popularity of cocktails is also increasing among consumers of varying age-groups, which is leading to increasing sales of white spirits.
Companies are introducing variants of white spirit alcohol with unique flavors and adding a variety of ingredients to products, and popularity of these products has been increasing among the millennial consumer base. Furthermore, millennials are more inclined towards making purchases through online and e-Commerce channels.
Emerging economies in Asia Pacific are expected to account for significant revenue contribution to the global market owing to increasing population, growing disposable income, as well as growing shift towards western lifestyle.
Global White Spirit Liquor Market Segment Analysis
By Product Type:
Among the product type segments, the vodka segment is expected to account for majority revenue share over the forecast period. Increasing consumption of vodka among women and younger consumers, particularly in countries such as Russia and the US, is among some of the key factors contributing to revenue growth of this segment.
Among the distribution channels segments, the on-trade distribution channel is projected to continue to dominate the market in terms of revenue share owing to increasing consumption of cocktails in bars and pubs. Consumption of vodka and gin has been growing significantly fast over the years owing to increasing disposable income and changing lifestyle in countries, including the UK, Germany, and the US.
Global White Spirit Liquor Market Regional Analysis:
The Asia Pacific market is projected to account for highest revenue share over the forecast period. Rapid urbanization, growing population, and increasing per-capita income among consumers in developing economies such as India, Thailand, and China are among major factors contributing to growth of the market in the region.
Markets in North America and Europe are projected to register steady growth over the next 10 years. Shifting consumer preference from cider and beer to white spirit liquor is expected to continue to support market growth. Presence of major companies is among other major factors projected to have favorable impact on market growth. These companies are investing on innovating product features as well as introducing variants with improved flavors to expand consumer base.
Revenue from the market in the Middle East & Africa is expected to register a steady growth rate during the forecast period. Consumption of alcohol has been increasing over the years in the region, and is expected to continue to drive growth of the market.
Global White Spirit Liquor Market Segmentation:
By Distribution Channel
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Diageo plc
- Rémy Cointreau
- Bacardi Limited
- Pernod Ricard
- The Brown – Forman
- Beam Suntory, Inc.
- Radico Khaitan
- Stock Spirits Group
- Hite Jinro Co Ltd.
- Constellation Brands Inc.
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