How Much Revenue White Spirits Market Will Generate Globally Till 2025?Posted by Mrudula Anil Karmarkar on April 1st, 2022 The global white spirits market size is expected to reach USD 67.6 billion by 2025, according to a new report by Grand View Research, Inc., registering a CAGR of 4.0% over the forecast period. Increasing cocktail consumption as well as improved standard of living in countries, such as China and India, are the key factors responsible for the growth of the market. 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 U.K., witnessed growing demand for gin spirits, whereas surge in demand for vodka was observed in North America, particularly in U.S. Consumer preference for fruit flavored alcohol is witnessing a surge in the vodka spirit market. In June 2018, Pernod Ricard brand Absolut introduced flavored drinks from fruit juice and Licor 43 launched its new line extension made from coffee. Some of the key companies are Diageo plc; Rémy Cointreau; Bacardi Limited; Pernod Ricard; The Brown - Forman; Beam Suntory, Inc.; Radico Khaitan; Stock Spirits Group; Hite Jinro Co Ltd; and Constellation Brands Inc. Leading players in the market are focusing on product innovation as a result of which new product development have gained prominence. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/white-spirits-market/request/rs4 Key industry players are striving for product innovation and new product launches as consumers are focusing on the ingredients of alcoholic drinks. For instance, in March 2019, White Claw Hard Seltzer launched a limited-edition variant of alcoholic seltzer. Further key findings from the study suggest:
Rapid urbanization, growing population, and rising per capita income of the consumers are the key factors driving the market in Asia Pacific. North America and Europe emerged as the major regional markets due to the shift in consumer preferences from beer and ciders to spirits.High consumption of alcohol in countries is expected to boost the market growth in the Middle East and Africa. Vodka was the largest product segment that accounted for 60.4% share in 2018. Rise in consumption of vodka in countries such as U.S. and Russia have fueled the market growth for domestic premium vodkas, especially among millennials and female population. Moreover, the product is touted as stress buster and hair and skin enhancer. It also reduces hypertension and aids in digestion. Gin is projected to expand at a CAGR of 3.7% from 2019 to 2025. Big brand launches by established companies in the white spirits market have added to the available options for consumers of gin. In September 2017, Diageo Brands B.V. launched its brand Gordon’s Premium Pink Gin. In February 2018, Beefeater London launched Beefeater Pink, which is a strawberry based gin; Charles Tanqueray & Co. launched Tanqueray’s Flor de Sevilla, an orange essence drink, and Lovage gin in April and May 2018 respectively. Grand View Research has segmented the global white spirits market on the basis of product, distribution channel: White Spirits Product Outlook (Revenue, WHITE SPIRITS Billion, 2015 - 2025)
White Spirits Distribution Channel Outlook (Revenue, WHITE SPIRITS Billion, 2015 - 2025)
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