Cheers to Growth: Spirited Surge in Market Size

LONDON, GREATER LONDON, UK, December 22, 2023 /EINPresswire.com/ -- The spirits market has experienced robust growth, set to elevate from $145.07 billion in 2023 to $153.83 billion in 2024, reflecting an impressive compound annual growth rate (CAGR) of 6.0%. As the market continues to evolve, key factors contribute to this spirited surge.

Population Boom Drives Demand:
With the global population projected to reach 10 billion by 2050, the spirits market anticipates a surge in demand for alcoholic beverages. This population expansion necessitates increased agricultural and trade activities to meet the growing demand for spirits manufacturing. Distilleries are poised to benefit from this population-driven demand during the forecast period.

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Growing Consumer Base for Alcohol:
The spirits market witnesses a significant boost from the expanding consumer base for alcohol consumption. The act of ingesting alcoholic beverages, containing ethanol as the primary active ingredient, is on the rise globally. The 2021 National Survey on Drug Use and Health (NSDUH) reported that 219.2 million people ages 12 and older in the U.S. had consumed alcohol at some point in their lifetime. This expanding consumer base is a major catalyst propelling the growth of the spirits market.

Market Players and Industry Landscape:
Major players in the spirits market, including Diageo PLC, Pernod Ricard, and Brown-Forman Corporation, play pivotal roles in shaping industry dynamics. These companies are well-positioned to capitalize on rising consumer demand and market trends, steering the industry toward sustained growth.

Innovations in Alcohol Fusion:
Spirits manufacturers are adapting to changing consumer preferences by introducing ready-to-mix hybrid beverages. These innovative concoctions blend alcoholic drinks from multiple categories, offering unique flavor combinations. Examples include Malibu Red (rum and tequila), Kahlua Midnight (rum and Kahlua), and Absolut Tune (vodka and sparkling wine). This trend reflects the industry's commitment to meeting evolving consumer tastes.

Elevating Drinking Experience with Premium Selections:
Market leaders are focusing on premium spirits to meet the growing demand for high-quality alcoholic beverages. In North India, Beam Suntory introduced a collection of premium spirits, including Oaksmith, Yamazaki Japanese Whisky, Hibiki Japanese Harmony, Toki Japanese Whisky, and Roku Japanese Craft Gin. This premium selection enhances consumers' overall drinking experience by offering diverse flavor profiles and top-notch quality.

Regional Dynamics:
Asia-Pacific takes the lead in the spirits market in 2023, with North America following as the second-largest region. The comprehensive market report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Market Segmentation: Tailoring to Diverse Preferences:
The spirits market covered in this report is segmented –

1) By Type: Whiskey, Vodka, Rum, Tequila, Gin, Other Spirits

2) By Category: Mass, Premium

3) By Distribution Channel: Off-Trade Channels, On-Trade Channels

Subsegments Covered: Single Malt, Other Whiskey

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Spirits Global Market Report 2023from TBRC covers the following information:
•Market size date for the forecast period: Historical and Future
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries:Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

TheSpirits Global Market Report 2023byThe Business Research Company is the most comprehensive report that provides insights on spirits market size, spirits market drivers and trends, spirits market major players, competitors' revenues, spirits market positioning, and spirits market growth across geographies.The spirits market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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