The global flavored spirits market is anticipated to reach a valuation of USD 50.90 billion by the end of the forecast period until 2030. This growth can be attributable to the demand for liquor for refreshment and imparting unique flavors. The spirit is an alcoholic beverage derived from the distillation of fermented fruits or vegetables. This drink is available in flavors such as cinnamon, green apple, coffee, cranberry, peach, chocolate, pear, pomegranate, and passion fruit. These flavored alcohols primarily have a base of whiskey, tequila, rum, vodka, and others. The flavored spirit is gaining benefit from the increasing consumer inclination toward the experiments in the alcohol from recent years.
Additionally, increasing the trend of having alcohol for celebrations and gifting on occasions in augmenting demand for these drinks. Changing lifestyle and increase in disposable income in the emerging countries has surged the affordability of the overall alcoholic beverages and especially favoring the demand for flavored spirits owing to its low alcoholic content. The factor is augmenting its demand mainly from the health-conscious people, which are increasingly demanding for the flavored spirits. The factors mentioned above led to a grand welcome of these drinks in the emerging urban culture in countries such as India and China. Thus, the new product launch in the region is estimated to benefit the flavored spirit market growth in the coming future.
However, the flavored spirit market insights is likely to face several hurdles, which are expected to act as a restraint for the market growth. The government regulations over sales of liquor in several markets mainly in India, are estimated to pose a fundamental limitation to the market growth. Additionally, alcohol promotion, along with alcohol consumption in public places, is prohibited across several countries, which is projected to display a negative impact on market growth. In addition to this, increasing health consciousness among people is also impacting negatively on market growth. Nonetheless, the growing demand for energizing flavored liquor and low-alcoholic beverages is likely to benefit market growth in the coming years. Also, wide availability of these drinks across the retail as well as food stores are estimated to benefit the market growth to some extent.
Competitive Analysis:
Some of the prominent players in the global flavored spirit market include The Brown–Forman Corporation, Bacardi Limited, Constellation Brands, Inc., Suntory Beverage Food Limited, Distell Group Limited, Alberta Distillers Limited, Diageo PLC, William Grant Sons, Pernod Ricard, Alaska Distillery, San Miguel Corporation, Altitude Spirits Inc., North West Distillery, The McCormick Distilling Company, and Two James Spirits.
Segmentation:
The flavored spirit market is segmented by product type, distribution channel, and region. On the basis of product type, the market is segmented into whiskey, vodka, rum, gin, and other. On the basis of the distribution channel, the market is segmented into food retail and foodservice.
Regional Analysis:
Regionally, the flavored spirit market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. Of these, Europe is estimated to remain dominant in the global flavored spirit market in the coming period owing to premiumization and penetration of the products in the region. Also, the higher penetration of the flavored spirits, especially in Germany, owing to its trend and increasing affordability. The factors such as demand for low alcohol content drinks in the region are augmenting demand for the flavored spirit market trends. However, Asia Pacific is estimated to expand at the highest CAGR owing to increasing per capita income along with the rising millennial population across the developing economies.
Industry News:
February 2021, the consumer demand for low-alcohol content alternatives is growing, Glen’s Vodka has launched two-flavored spirits with 20% alcohol content. The company launched peach, passionfruit, strawberry, apple-flavored vodka have added in their range.
March 2021, Häagen-Dazs launched new spirits collection featuring seven alcohol-infused ice cream flavors.
Launch of these newer products is likely to benefit the flavored spirit market in the coming years.
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