Distilled spirits are alcoholic beverages produced by distilling ethanol produced by fermenting grain, fruits or vegetables. Popular distilled beverages include rum, gin, vodka and whiskey which provide health benefits like lowering the risk of heart disease. The distilled spirits are consumed for various occasions such as celebrations, parties and social gatherings. The global Distilled Spirits Market is estimated to be valued at US$ 36.86 Mn in 2024 and is expected to exhibit a CAGR of 5.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising disposable incomes in emerging economies have accelerated the growth of the distilled spirits market. Consumers in countries like China, India and Brazil now have higher spending power enabling them to spend more on premium spirits. This growing affordability has boosted volumes especially for high-end brands. Furthermore, changing social norms and increasing acceptability of alcohol consumption among millennial populations in Asia and Latin America has catalyzed new consumer bases. The distilled spirits market players have capitalized on these trends by launching specially crafted premium brands targeting wealthy populations in developing nations. Aggressive marketing campaigns along with expansion of retail distribution networks have further aided market expansion.
Segment Analysis
The global distilled spirits market is bifurcated into whiskey, vodka, rum, tequila, gin and others. The whiskey segment is dominating the market and accounted for over 31% share of the global market in 2024. The high popularity and consumption of whiskey especially in North America and Europe has been the key factor behind the dominance of this segment. The premiumization trend and new product innovations in whiskey category has further boosted the demand.
Key Takeaways
The Global Distilled Spirits Market Size is expected to witness high growth over the forecast period of 2024 to 2031. The market is projected to grow at a CAGR of 5.4% during this period. By 2031, the market size is estimated to cross US$ 63.4 Mn.
Regional analysis: North America dominated the global distilled spirits market in 2024 with over 35% value share. The US accounts for the largest whiskey consuming country globally. Moreover, the rising demand for premium and craft spirits in the region has been supplementing the market growth. Europe was the second largest market in 2024. However, Asia Pacific is expected to witness fastest growth during the forecast period owing to growing middle class population and their rising spending on luxury goods in countries like China and India.
Key players operating in the distilled spirits market are Coloplast Corp, ConvaTec Inc., and Hollister Incorporated. Coloplast Corp specializes in ostomy care, continence care, wound and skin care and urology care categories. It offers a wide range of products for distilled spirits market through its diversified product portfolio. ConvaTec Inc. holds a significant market share in advanced wound dressings category. Hollister Incorporated provides ostomy and continence products. It has a strong presence across North America and Europe.
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https://www.newswirestats.com/distilled-spirits-market-size-share-growth-outlook-2023/
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