Premium Spirit Market Size Worth $235.74 Billion By 2027 | CAGR: 10.3%: Grand View Research, Inc.

SAN FRANCISCO, Aug. 18, 2020 /PRNewswire/ -- The global premium spirit market size is expected to reach USD 235.74 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 10.3% from 2020 to 2027. Rising demand for better tasting and good quality alcoholic beverages among millennial consumers has been fueling market growth across the world. Furthermore, the growing association of high-end spirits, such as scotch and bourbon whiskey, with lifestyle, along with the launch of innovative products, has been expanding the premium spirits industry scope.

Key suggestions from the report:

• The off-trade distribution channel is expected to register the fastest CAGR of 10.4% from 2020 to 2027 in terms of revenue. The provision of promotional prices and the emergence of e-commerce has been fueling the growth of this distribution channel
• The vodka product category dominated the market by accounting for over 25.0% share of the global revenue in 2019. Increased launch of flavored products has boosted the adoption of the product across the world
• The on-trade distribution channel held the largest share of more than 55.0% in 2019 in terms of revenue. These channels are expected to gain popularity as a result of the increasing interest of millennials in spending their weekends in restaurants and bars.            

Read 80 page research report with ToC on "Premium Spirit Market Size, Share & Trends Analysis Report By Product (Vodka, Whiskey, Gin, Tequila, Rum, Brandy), By Distribution Channel (On-trade, Off-trade), By Region, And Segment Forecasts, 2020 - 2027'' at: https://www.grandviewresearch.com/industry-analysis/premium-spirit-market

Vodka dominated the market with more than 25.0% share in 2019 in terms of revenue. Authentic and flavored vodkas have gained traction among the consumers owing to the growing cocktail culture. For instance, in October 2018, CÎROC, a vodka brand of Diageo, launched its CÎROC Black Raspberry. This vodka is made with grapes with a unique blend of black raspberry, which offers a citrus flavor and a smooth finish. Introducing innovative flavors is a strength of the CÎROC brand.

The tequila segment is expected to witness the fastest growth over the forecast period. With the improving quality, consumers' interest in tequila has been rising, along with its price. The 100% blue agave tequila category has been gaining traction among the consumers and boosting the segment growth. In September 2019, Cincoro Tequila launched one of the finest quality tequilas made with 100% Weber Blue Agave.

As of 2019, Asia Pacific held the largest volume share of more than 40.0%. The growth of the market is majorly attributed to the growing middle-class population and the increasing adoption of alcoholic beverages in the emerging economies of the region. China, India, Australia, and South Korea are key markets of the region where the products have been gaining popularity over the years.

Grand View Research has segmented the global premium spirit market on the basis of product, distribution channel, and region:

• Premium Spirits Product Outlook (Volume, Million Liters; Revenue, USD Million, 2016 - 2027)
• Vodka
• Others
• Brandy
• Rum
• Tequila
• Gin
• Whiskey
• Premium Spirits Distribution Channel Outlook (Volume, Million Liters; Revenue, USD Million, 2016 - 2027)
• On-trade
• Off-trade
• Premium Spirits Regional Outlook (Volume, Million Liters; Revenue, USD Million, 2016 - 2027)
• North America
• The U.S.
• Europe
• Germany
• The U.K.
• Asia Pacific
• China
• India
• Central & South America
• Brazil
• Middle East & Africa
• South Africa

List of Key Players of Premium Spirit Market

• Diageo
• Pernod Ricard
• TITO'S HANDMADE VODKA
• HITEJINRO CO., LTD
• Bacardi Limited
• Tanduay Distillers, Inc.
• Allied Blenders and Distillers Pvt. Ltd. (ABD)
• Guizhou Moutai Wine Co., Ltd.
• Alliance Global Group, Inc. (Emperador)
• ROUST
• Brown Forman Corporation

Find more research reports on Alcohol & Tobacco Industry, by Grand View Research:

• Champagne Market – The global champagne market size was valued at USD 5.5 billion in 2018. Increasing alcohol consumption in different parts of the world, fueled by increasing purchasing power, is expected to remain a key driving force.
• Craft Spirits Market – The global craft spirits market size was valued at USD 6.13 billion in 2016 and is expected to witness a growth at a CAGR of 33.4% in the coming years.
• Beer Market – The global beer market size was USD 485.2 billion in 2014. Production of high-quality beer, rising consumer disposable income, and expanding global population are vital determinants for industry development.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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