Luxury Wines and Spirits Market Is Expected to Reach $1,122,578 million, Globally, by 2022
Luxury Wines and Spirits Market Report, published by Allied Market Research, forecasts that the global market was valued at $812,108 million in 2015, and is expected to reach $1,122,578 million by 2022, supported by a CAGR of 4.8% during the forecast period 2016 – 2022. The wine segment was a major revenue contributor for global luxury wines & spirits market in 2015. The European region held the leading position in the global market in 2015, and is expected to maintain its lead during the forecast period.
The consumption of luxury wines and spirits has seen a significant growth in the past few years. Further the use of technology has enabled to select the finest quality of raw materials for fermentation process to yield quality wines for aging process and consumption. Besides, with increasing disposable income globally and premium pricing of the products has provided huge profit opportunities for the manufactures of the market. However, the stringent regulations regarding the advertisement and distribution of wines & spirits are expected to affect the market growth during the forecast period.
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The wines segment is expected to grow at a faster rate during the forecast period, as the market currently offers alcoholic drinks such as vodka, gin, rum, and brandy and has more alcohol by volume (ABV) than other alcoholic beverages. The market has seen a significant growth, owing to increase in popularity of cocktail drinks. Moreover, they are being preferred over beers and other alcoholic beverages due to growing popularity of cognac and tequila. However, there is a decline in the growth of rum and vodka.
Key findings of Luxury Wines and Spirits Market
- The spirits segment occupied the highest share in 2015, and is estimated to grow at a CAGR of 4.2% in terms of value during the forecast period.
- Japan is the leading consumer of luxury wines & spirits accounted for approximately 24% of the Asia-Pacific market, followed by China.
- The wines segment is estimated to expand with the highest CAGR of 4.4% in the product type segment in terms of value during the forecast period.
- The European region accounted for more than two-fifths of the global luxury wines & spirits market in 2015.
- S. is the leading market for luxury wines & spirits in the North American region, growing at a CAGR of 4.9% in terms of value during the forecast period.
The European luxury wines and spirits market is largest among all other geographical regions. Furthermore, the consumption of alcoholic beverages at various social gatherings such as parties, marriages is more and provides profitable opportunities for the manufacturers. Moreover, with growing popularity of sports such as football and tennis, where audiences are often seen consuming alcoholic beverages is further expected to grow this market in the near future.
The key market players adopted diverse strategies such as product launch, expansion, acquisition, joint venture, partnership, and investment to gain competitive advantage in this market. The prominent players profiled in this report include Diageo, Pernod Ricard, Bacardi, Brown- Forman, ThaiBev, Campari, United Spirits, HiteJinro, Beam Suntory Inc., and Edrington Group.