Million Insights - World's Fastest Growing Market Research DatabaseAccording to new report available with Million Insights, the global liqueurs & other spirits industry research report offers thorough insights on profit margin, retail channel, top players, and impact of COVID-19. It also offers ready, data-driven answers to several industry-level questions.The global liqueurs and other spirits market size is expected to reach USD 642.2 billion by 2028, registering a CAGR of 12.8% over the forecast period, according to a new report by Million Insights. The market growth is owing to the rising demand for San Cosme Mezcal Blanco based Tequila flavor from the consumers of the U.S. Moreover, the increasing demand for Cocktails RTD and Alcopops products in Asia Pacific is further anticipated to boost market growth over the forecast period.
Rising demand for Aperol spritz from the consumers of South Africa is boosting the demand for liqueur products. Moreover, the surge in the adoption of ouzo drink in Europe is expected to propel market growth. However, the growing awareness of ready-to-drink non-alcoholic beverages is expected to restrict market growth. At present, key players are Irish cream liqueur with soft, velvety taste. Hence the market is expected to perform significant market growth during the forecast period.
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In the COVID-19 pandemic, the demand for Liqueurs, Korn, and Tequila had rapidly increased. Major key players of the market are adopting the cloud-based e-commerce platform. COVID-19 had generated the prominent trend of premiumization in the global alcoholic drinks market with more brand awareness among consumers. Growing purchasing power among consumers will lead to premium drinks. The growing demand for Crème de Cacao products from the consumers of Brazil and Argentina had propelled market growth.
The tequila segment will register the highest growth over the forecast period. This can be credited to the growing demand for Agavero flavor from the consumers of China and Japan. Agavero Tequila is a trending dink and it can be mixed with numerous variety of cocktails. The growing demand for Korn, Ouzo, and the Alcopops in Europe also reflects the significant market growth during the forecast period.
The offline segment accounted for a revenue share of more than 75.0% in 2020. This can be attributed to the rising demand for Irish cream liqueurs from the consumers of the U.S. and China. The offline segment consists of the domestic liquor stores, grocery shops, supermarkets, and the pub, bars & restaurants. Healthy customer relationships, affordable product offerings are refueling market growth during the forecast period.
North America accounted for the largest revenue share of over 30.0% share in 2020 due to the increasing demand for classic brands of the alcopops such as Hooch, Alize, and WKD from the consumers of the U.S. and Canada. Ease of accessibility of liqueurs & other spirits products at a domestic grocery shop will contribute to boost market growth. Moreover, the rising demand for the Plomari Ouzo product in the U.S. is anticipated to boost market growth.
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Liqueurs And Other Spirits Market Report Highlights
• North America accounted for a revenue share of over 33.0% in 2020 due to the rising consumption rate of the liqueurs and korn. Easy accessibility of Plomari Ouzo products in the U.S. is anticipated to boost market growth.
• The liqueurs segment accounted for the highest revenue share of 35.0% in 2020. The rising demand for Amer Picon liqueurs to provide a distinct orange taste to the consumers will drive industry demand
• Asia Pacific is projected to witness a CAGR of 13.4% from 2021 to 2028. This can be attributed to the increasing demand for Xuxu strawberry liqueur from the consumers of China
• The online segment is projected to register the fastest growth during the forecast timeline. Cost-effective transaction methodology, quick home delivery, and the better way of approach to analysis the price ranges are propelling market growth
Liqueurs And Other Spirits Market Segmentation
Million Insights has segmented the global liqueurs and other spirits market on the basis of type, distribution channel, and region:
- Liqueurs And Other Spirits Type Outlook (Revenue, USD Million, 2017 - 2028)
- Liqueurs
- Korn
- Tequila
- Ouzo
- Other spirits not named elsewhere, including Cocktails RTD (ready to drink) and Alcopops
- Liqueurs And Other Spirits Distribution Channel Outlook (Revenue, USD Million, 2017 - 2028)
- Offline
- Online
- Liqueurs And Other Spirits Regional Outlook (Revenue, USD Million, 2017 - 2028)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Russia
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia Pacific
- Central & South America
- Brazil
- Argentina
- Rest of Central and South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- North America
List of Key Players of Liqueurs And Other Spirits Market
- Altria Group
- Pernod Ricard SA
- Constellation Brands
- Jiangsu Yanghe Brewery
- Brown-Forman Corp
- Boston Beer Company
- Molson Coors Beverage Co
- Remy Cointreau
- Compania Cervecerias Unidas
- Willamette Valley Vineyards Inc.
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