Spirits Market Advantages, Upcoming Developments, Business Opportunities and Future Investments Till 2032

The global spirits market is expected to grow at a CAGR of 5.2% over the forecast period (2022-2032) and in the lead a valuation of US$92.9 billion by 2032.

Liquor is an alcoholic beverage prepared by a process of distillation in which the components are separated from a liquid mixture by evaporation and condensation. This process is used for purification of the mixture and to remove diluent components such as water. This is done in order to increase the alcohol content by volume (ABV).

The growing demand for alcoholic beverages can be attributed to the growing consumption of millennials. A gradual increase in party culture has been noticed over the past few years, which has helped the market growth well. At the same time, peer pressure among students and adults and the influence of social media are convincing consumers to experiment with new drinks and different flavors.

The latest trend of partying in clubs, bars, cafes and pubs in developing economies like India and China, due to attractive salary conditions and changing lifestyle, is expected to lead to a increase in the demand for spirits in the coming years. Different types of spirits such as vodka and whiskey are mostly consumed on outings.

Additionally, increasing purchasing ability of the working population has encouraged them to shift towards premium brands, which is expected to fuel the growth of the spirits market over the forecast period (2022-2032 ).

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Key insights from market research

  • East Asia is expected to dominate the global market accounting for the peak market share of around 25% by the end of 2022
  • Rise in party culture in different parts of the world is expected to increase demand during the assessment period (2022-2032)
  • By product type, whiskey is expected to account for the maximum market share by the end of 2022
  • High-income groups and the working population have an increased purchasing capacity, which is expected to increase the demand for premium spirits brands in the near future
  • The indirect channel is expected to account for a higher market share than the direct channel by the end of 2032

“The trend of party culture in clubs and pubs among today’s millennials is expected to drive impressive growth in the spirits market over the next decade,” says an analyst from Future Market Insights.

Competitive landscape

The major players in the market are following different marketing and promotion strategies such as new product launches, geographical expansion, mergers and acquisitions, partnerships and collaboration to meet consumer needs and serve accordingly, thereby creating a wider customer base in the years to come.

For more information on the research approach used in the report, ask the analyst @

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Explore more valuable insights

Future Market Insights in its new report offers an unbiased analysis of the global spirits market, showcasing historical data (2017-2021) and estimation statistics for the forecast period 2022-2032.

By Product Type, Global Spirits is segmented as follows:

  • Vodka
  • Rum
  • Whiskey
  • Gin
  • Tequila
  • Others

By category, Global Spirits is segmented as follows:

By Application, Global Spirits is segmented as follows:

By distribution channel, Global Spirits is segmented as follows:

  • Direct
  • Indirect
    • Hypermarkets/Supermarkets
    • Specialty stores
    • Independent retailers
    • Online retailers

By region, Global Spirits is segmented as follows:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East and Africa

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About Future Market Insights (IMF)

Future Market Insights (ESOMAR certified market research organization and member of the Greater New York Chamber of Commerce) provides in-depth insights into the driving factors that increase demand in the market. It reveals opportunities that will drive market growth in various segments on the basis of source, application, sales channel, and end-use over the next 10 years.

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Report: https://www.futuremarketinsights.com/reports/spirits-market

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