Flavored Spirits Market Analysis Key Players, Opportunities, Segmentation and Forecast to 2027
Global Flavored Spirits Market
Analysis 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 Analysis 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 Analysis 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.
Europe constituted a dominant share
of the flavored spirits industry 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.
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 Analysis.
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
Analysis 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
Analysis 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 Analysis is
projected to register a CAGR of 4.57% during the forecast period.
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