Global Flavored Spirits Market, Get Market Research, Business Risk & Industry Analysis Reports 2021
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.
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. 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 industry
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.
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.
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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.
NOTE: Our Team
of Researchers are Studying Covid19 and its Impact on Various Industry
Verticals and wherever required we will be considering Covid19 Footprints for
Better Analysis of Market and Industries. Cordially get in Touch for More
Details.
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