Market Analysis
Market Research Future (MRFR) assessed the global luxury wine and spirits market across the review period 2021-2028. By 2028, the luxury wine and spirits market can expand at 5.25% CAGR through the review period from 2021 to 2028. By 2028, the luxury wines and spirits market can secure about USD 1,213.8 Bn, reveals MRFR study. The increase in number of potential buyers can favor the expansion of the luxury wine and spirits market through the review period. The expansion of tourism sector and hike in luxury are some other major factors that can support the expansion of the market. The high consumption of luxury wines and spirits across the world in luxury aircrafts, hotels, and ships can promote the expansion of the market through the analysis period. The growing popularity of luxury wines and spirits remain among niche consumers, along with shift in consumer preference towards alcoholic beverages can favor the market through the analysis period.
The surge in awareness about adverse effects of alcoholic beverages and increase in demand for functional drinks can cause decline in the sales of luxury wines & spirits, thus can resist the market expansion through the assessment period. In addition, rise in production, inspection, and certification of luxury wines & spirits are some stringent regulations that are imposed by several regulatory authorities that can limit the market rise. However, the availability to huge consumer base and market players adopting several, robust growth strategies can support the expansion of the worldwide luxury wines and spirits market through the review period.
Market Segmentation
The segment study for the global luxury wines & spirits market is done by type, distribution, and channel.
The type-based segments of the global luxury wines & spirits market are whiskey, wine, rum, vodka, brandy, tequila, and gin among others.
The distribution channel-based segments of the luxury wines & spirits market has been segmented into food retail and food service.
Regional Analysis
Luxury wines & spirits market trends and factors that can support the global luxury wines & spirits market is analysed across Europe, North America, APAC, and the Rest of the World (RoW). In APAC, the regionally luxury wines & spirits market can secure about 39.07% share of the global market. India and Japan are known for the presence of reputed investors that can contribute largely to rise of APAC luxury wines& spirits market. In addition, the rising count of small boutique wineries and delivery of enhanced quality of wine can favor the market expansion. India, Hong Kong, Singapore, and Australia are other regions that are expected to support the expansion of the market across the analysis period. Hike in per capita income, rising interest in luxury indulgences, and exposure to western culture can favor the expansion of the APAC market across the analysis period.
In Europe, the worldwide luxury wines & spirits market insights is expected to secure about 26.50% share of the worldwide market. The U.K., France, and Germany are other regions that are expected to promote the expansion of the regional market. In Europe, the luxury wines and spirits market expansion can be credited to favorable economic conditions, affordability, and growing demand for the product.
Competitive Landscape
Diageo PLC, LVMH Moet Hennessy Louis Vuitton S.E, Bacardi & Company Limited, The Edrington Group Limited, Thai Beverage PLC, Beam Suntory Inc., Pernod Ricard SA, William Grant & Sons Limited, Brown-Forman Corporation, Campari-Milano S.p.A, Hitejinro Co., Ltd., and Bayadera Group are some prominent names in the global luxury wines and spirits market that are listed by MRFR.
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