Distilled Spirits Market, By Product Type (Whiskey, Vodka, Rum, Gin, Tequila, Brandy, Others), By Distribution Channel (Supermarkets, Hypermarkets, Specialty Stores, Drug Stores, Online, Others), By Region (North America, Latin America, Europe, Middle East, Africa, Asia Pacific)

Published In : Mar 2023

Code : CMI997

Pages :167

Formats :

Excel and PDF

Industry : Food and Beverages

Market Challenges And Opportunities

Driver:

Increasing Demand for Alcoholic Beverages:

The increasing demand for alcoholic beverages among steadily growing adult and young demographic worldwide is a major factor propelling the growth of the market. Moreover, the rise in the number of distribution channels such as outlets in airports, online sales, and separate counters for females fuel demand for alcoholic beverages, which in turn boosts the global distilled spirits market growth. R&D in the manufacturing of distilled spirits plays an important role in the distilled spirits market, as demand for these products largely depends on changing tastes and preferences of consumers. According to Distilled Spirits Council in U.S. on 3 february 2022. In 2021, spirits gained market share of the total U.S. beverage alcohol market with sales rising 1.7 share points to 41.3 percent. This represents the 12th straight year of market share gains for spirits overall.

Buying Power of Consumer Increasing:

Distilled Spirit market is driven by the increasing buying power of the consumer and increasing demand for beverages and normal flavors. The younger generation has an increasing demand for beverages and alcohol-based beverages and the young generation prefers high-quality goods. Therefore, firms are increasing the quality of alcoholic beverages.

Market Restraint:

Use of Alcohol Cause a High Burden of Disease

The harmful use of alcohol causes a high burden of disease and has significant social and economic consequences. Stringent government regulations in several economies such as ban on the advertisement of alcoholic beverages in public places, permissible consumption of these products are the factors hindering the growth of the distilled spirits market. According to WHO (World Health Organization), alcohol consumption causes death and disability relatively early in life. In people aged 20-39 years, approximately 13.5% of total death are attributed to alcohol.