The global white spirits market size is expected to reach USD 67.6 billion by 2025, registering a CAGR of 4.0% over the forecast period. Increasing cocktail consumption as well as an improved standard of living in countries, such as China and India, are the key factors responsible for the growth of the market.
The growing population at a global level, coupled with rising per capita income, have induced consumers with aspirational drinking among the cosmopolitan consumers. Increasing acceptance of shim drinks focusing on lower-alcohol content is driven majorly by millennials on account of choosing premium products of spirits and cocktails. Premiumization is expected to be a prominent trend influencing the alcohol market, particularly in the market of Europe.
The market of Europe, particularly in the U.K., witnessed a growing demand for gin spirits, whereas a surge in demand for vodka was observed in North America, particularly in the U.S. Consumer preference for fruit-flavored alcohol is witnessing a surge in the vodka spirit market. In April 2019, Bacardi Limited launched lime-flavored rum in its product portfolio with intense flavor and aroma of lime and natural citrus.
White Spirits Market Report Highlights
On the basis of product, Vodka was the biggest product segment with a share of 60.4%in 2018. The increase in vodka consumption in countries such as the U.S. and Russia has driven the growth of the domestic premium vodka market, particularly among millennials and the female population.
Gin is anticipated to exhibit a CAGR of 3.7% from 2019 to 2025. The launch of several options in the gin product segment by established companies is contributing to market growth.
On the basis of the distribution channel, theon-trade distribution channel is expected to witness the highest growth over the forecast period due to the higher penetration of clubs, bars, and brews.
Off-trade distribution is projected to foresee growth at a CAGR of 3.5% from 2019 to 2025 owing to the growing trend of at home-drinking.
Asia Pacific dominated the global market in 2018 and constituted a 28.7% share of the overall revenue. Population growth, urbanization, and rising disposable income in countries such as China, India, and Thailand are anticipated to play an important role in increasing the regional industry size in the coming years.
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White Spirits Market Segmentation
Grand View Research has segmented the global white spirits market on the basis of product, distribution channel, and region:
White Spirits Product Outlook (Revenue, USD Billion, 2015 – 2025)
White Spirits Distribution Channel Outlook (Revenue, USD Billion, 2015 – 2025)
White Spirits Regional Outlook (Revenue, USD Billion, 2015 – 2025)
Central & South America
Middle East & Africa
List of Key Players of White Spirits Market
• Diageo plc
• Rémy Cointreau
• Bacardi Limited
• Pernod Ricard
• Beam Suntory, Inc.
• The Brown–Forman
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Craft Spirits Market – https://www.grandviewresearch.com/industry-analysis/craft-spirits-market
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