Market Highlights
Global Flavored Spirits Market is projected to be valued at USD 32,768.7 Million by 2026, expanding at a CAGR of 4.28% during the forecast period. Flavored spirits are distilled alcoholic beverages to which a specific flavor profile has been infused or added. Spirits infused with artificial or natural flavors are referred to as flavored spirits. The growth of the global flavored spirits market is driven by product innovation, the growth of the foodservice industry, and the growth of the organized retail sector. Players operating in the global flavored spirits market are expected to witness lucrative opportunities owing to the adoption of various growth strategies. However, surging demand for non-alcoholic beverages is restricting market growth.
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Europe constituted a dominant share of the flavored spirits market in 2019, owing to the highest consumption of alcoholic beverages across the globe. According to the World Health Organization, the European region continues to have the highest level of alcohol consumption per capita globally. The presence of some of the key global manufacturers of flavored spirits and the presence of organized retail infrastructure are some of the key factors behind the growth of the market. The market in Asia-Pacific is anticipated to register the highest CAGR during the review period. The growth of the flavored spirits market in the Asia-Pacific region is anticipated to be driven by rising per capita disposable income, increasing westernization, and growing aspirational consumption among the consumers. The presence of a strong millennial population consuming alcoholic beverages in China and India will also add to its exponential growth during the review period.
Segmental Analysis
The global flavored spirits market has been segmented on the basis of type, distribution channel, and region.
By type, the market has been divided into whiskey, rum, vodka, gin, and others. The vodka segment accounted for the maximum market share in 2019, whereas the whiskey segment is expected to register the highest CAGR of 4.40% during the forecast period. Whiskey is a type of distilled alcoholic beverage made from fermented grain mash. Many grains, including barley, corn, rye, and wheat, are used in the production of whiskey. Whiskey is typically aged in wooden casks and is generally made of charred white oak. Different whiskey types are available in the market. Blended whiskey, single malt whiskey, Irish whiskey, scotch whiskey, and bourbon whiskey are some of the common types.
Based on distribution channel, the global flavored spirits market has been classified as foodservice and food retail. The food retail segment is further divided into supermarkets & hypermarkets, specialty stores, and others. The foodservice segment accounted for a dominant share of the market in 2019 in terms of value. Flavored spirits have highest consumption across hotels, restaurants & cafes (HoReCa) segments as well as pubs and bars. Increasing product innovations by flavored spirit manufacturers have resulted in rising consumption across all these sub-segments. Moreover, the rising number of restaurants and cafés chains, pubs & bars, especially in developing countries, is expected to boost the sales of flavored spirits in the foodservice segment.
Regional Analysis
Geographically, the global flavored spirits market has been categorized as North America, Europe, Asia-Pacific, and the Rest of the World. As per MRFR analysis, Europe dominated the market, with the largest share in 2019. The Asia-Pacific flavored spirits market is projected to register a CAGR of 4.57% during the forecast period.
Key Players
Market Research Future recognizes Bacardi Limited (Bermuda), The Brown-Forman Corporation (France), Pernod Ricard (France), Diageo PLC (UK), Suntory Beverage & Food Limited (Japan), Constellation Brands, Inc. (US), Distell Group Limited (South Africa), William Grant & Sons (Scotland), Asahi Group Holdings, Ltd (Japan), and San Miguel Corporation (Philippines) as the Key Players in the Global Flavored Spirits Market.
Key Findings of the Study
Global Flavored Spirits Market is projected to register a growth rate of 4.28% from 2020 to 2026. The expansion of the foodservice industry in both developed and developing countries and product innovation, are projected to propel the growth of the global flavored spirits market.
The vodka segment is estimated to retain its prominent share by 2026, whereas the whiskey segment is anticipated to register a growth rate of 4.40% during the forecast period.
The foodservice segment is estimated to retain its prominent share by 2026, whereas the food retail segment is anticipated to register a growth rate of 4.31% during the forecast period.
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