WHITE SPIRITS MARKET ANALYSIS
The global white spirits market was valued at US$ 10,551.3 Mn in 2019 and is predicted to reach US$ 13,575.2 Mn by the end of 2027, growing at a CAGR of 3.2% during the forecast period (2020 to 2027).
Figure 1. Global White Spirits Market, Revenue Share (%), By Region, 2019
Figure 2. Global White Spirits Market – Opportunity Analysis
Figure 3. Global White Spirits Market, Revenue Share (%), By Grades, in 2019
Market Trends
Expanding chemical industry is another major factor that is expected to propel the product demand over the forecast period. According to the KPMG, the Asia chemical industry is the world leader in terms of ethylene production. More than 30 million ton of production comes from Asia, compared to the 25.3 million tons which originate from the United States. Hence, expanding chemical industry is expected to fuel market growth.
The rising production of automobiles in the U.S region is expected to foster market growth over the forecast period. In 2018, the U.S. automotive industry contributed 2.7% to U.S. gross domestic product. That's US$ 545.4 billion out of the total $20.5 trillion produced. Of that, US$ 327.1 billion was auto manufacturing and US$ 218.3 billion was vehicle retail sales. The white spirit has a wide range of applications in the automotive industry.
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