Alcoholic spirits are popularly consumed by the youth generations which is a major driver of the flavored spirits market. Changing lifestyle and adoption of the modern trends has influenced the high sale of flavored sprits in the alcoholic beverages market. Increase in disposable income is having a positive impact on this market. Rising demands for fortified and refreshing flavored alcoholic beverages is anticipated to further have a positive impact on this market across the globe.
Due to increasing preference for flavored spirits, the market is growing at incremental pace of development on the global stage. Market Research Future, a firm which specializes in market reports related to the Food, Beverages & Nutrition sector among others, recently forecasted in its report on ‘Global Flavored Spirits Market Research Report- Forecast to 2023’ that the market will demonstrate an exceptional CAGR during the forecast period.
Shift in consumer’s alcohol consumption preferences has influenced the positive growth of flavored spirits share in the market. Infused natural fruits and nuts to add to the flavor to the alcoholic beverage increases its organoleptic properties. Consumption of flavored drinks is gaining its popularity as mass consumers prefer to experiment with refreshing and new flavors in their drinks. Higher demand for flavored liquors from female population of urban countries have also influenced the increased share of flavored spirits. Key players are following strategies of merger and acquisition of small players due to high demand of the product. France and Germany are amongst the major key players exporting flavored liquors to various countries of other regions.
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Latest Industry Updates:
Feb 2018 Millennial pink AND 60 proof! Liquor company launches a rosé-flavored VODKA – as a trendy wine brand kicks off a monthly rosé subscription service
Feb 2018 Hanson Spirits buys Carneros Brewing Co. production facility, taproom in Sonoma County
Feb 2018 MillerCoors launching fruit-flavored cheap beer aimed at millennials
Feb 2018 Heaven Hill Brands to Redesign Burnett’s Vodka Franchise. As one of the largest Vodka franchises, including 34 all-natural flavors, the updated look and bold new packaging modernizes the brand for both current and new consumers.
Major Key Players:
With companies aiming to capture a considerable share of the market segment as early as possible, they are competing and experimenting with various advantage points. The main focus of the key players is new product launch with variety of range in flavors. New flavors and product innovations is a key to success for the flavored spirits manufacturers. Moreover, agreements and partnership are strategic moves by the key players in the competitive market. High emphasis on marketing and promotional activities is having a positive impact on the growth of the market.
The key players profiled in flavored spirits market report are Lapostolle SA (Paris), Constellation Brands Inc. (U.S.), Davide Campari-Milano S.p.A. (Italy), Diageo plc (U.K.), The Brown-Forman Corporation (U.S.), Pernod Ricard (France), and Mast-Jägermeister SE (Germany) among many others.
The global flavored spirits market has been divided into type, flavor, distribution channel, and region.
On The Basis Of Type: Whiskey, Rum, Vodka, Tequila, Gin, and Others
On The Basis Of Flavor: Herbs & Spices, Fruits, Nuts & Seeds, and others
On The Basis Of Distribution Channel: Store-Based, and Non-Store Based
On The Basis Of Region: North America, Europe, Asia Pacific, and ROW.
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The global flavored spirits market is segmented into North America, Europe, Asia Pacific, and Rest of the World (ROW). Europe has the major market share followed by North America. Developing economy has led to increase in disposable income due to which Europe is projected to generate a high revenue during the given forecast period. The Major importers of flavored spirits include U.S., Spain, Germany, U.K. and Netherlands. Based on the higher demand for alcoholic beverages especially amongst the population of youth, the import and export of flavored spirits in the developed countries is found to rise at a steady growth rate.
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