Liquor Segment Is The Largest Segment Driving The Growth Of Distilled Spirits Market
SWOT Analysis
Strength: Distilled spirits have wide acceptability and are popularly consumed during social occasions and festivities. This gives them an established position.
Weakness: Increased health awareness and social ills related to excessive drinking are forcing some consumers to switch to low-alcohol or alcohol-free beverages.
Opportunity: Emerging markets like Asia Pacific present vast opportunities for growth due to improving economic conditions and acceptance of western drinking culture. Product innovation in flavours is another avenue.
Threats: Strict regulations on marketing and health warnings related to alcohol consumption can dent sales. Increase in regulatory taxes to discourage drinking is also a threat.
Key Takeaways
The Global Distilled Spirits Market Demand is expected to witness high growth, exhibiting CAGR of 4.8% over the forecast period, due to rising social acceptance and experimentation with cocktails in developing countries.
Regional analysis: The Asia Pacific region is expected to dominate the market during the forecast period, growing at a CAGR of over 6%. Rapid economic growth, improving living standards, and growing influence of western culture have boosted social drinking in countries like China, India and Vietnam.
Key players operating in the distilled spirits market are Diageo plc, Pernod-Ricard SA, Constellation Brands Inc., Brown-Forman Corporation, Remy Cointreau SA, Marie Brizard Wine & Spirits, Lapostolle SA, and Berentzen-Gruppe AG. Diageo and Pernod holdings lead the market with wide product portfolios and global expansion strategies.
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