Wine and Spirits Market to increase by USD 195.96 billion from 2022 to 2027 | The increased demand for craft drinks drives the market - Technavio

NEW YORK, Sept. 7, 2023 /PRNewswire/ -- The wine and spirits market size is expected to grow by USD 195.96 billion from 2022 to 2027, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of  3.32% during the forecast period. Increased demand for craft drinks is notably driving the wine and spirits market. However, factors such as campaigns against alcohol consumption may impede market growth. Technavio provides a comprehensive report summary describing the market size and forecast along with research methodology. The sample report is available in PDF format 

Key Segment Analysis
The market is segmented by distribution channel (Off-trade and On-trade), type (Spirits and Wine), and geography (Europe, APAC, North America, South America, and Middle East and Africa). 

• The market share growth by the off-trade segment will be significant during the forecast period. The off-trade channel encompasses diverse retail formats like supermarkets, hypermarkets, specialty stores, and online sales platforms. Alcoholic beverages find dedicated sections within supermarkets and hypermarkets for their display. The expanding presence of vodka producers in these retail spaces is set to drive growth in the market through off-trade channels. The surge in internet usage and the growing community of online consumers seeking alcoholic beverages through virtual portals contribute to this trend. As internet connectivity increases globally, the United States is projected to witness an upswing in online sales for various categories of alcoholic beverages throughout the forecast period.

To know additional highlights and key points on various market segments and their impact in coming years, View PDF Sample Report.

Geographical Market Analysis 

• Europe is estimated to contribute 30% to the growth of the global market during the forecast period. In 2022, Europe held the predominant share of the worldwide wine and spirits market, a dominance predicted to persist throughout the projected period. Within the region, the brewing sector stands as a substantial player, offering substantial employment prospects. The older demographic displays a pronounced affinity for wine consumption, with a marked preference for premium variants. Meanwhile, among spirits, Europe demonstrates a preference for whiskey, vodka, liqueurs, and brandy, constituting frequently consumed alcoholic options. A noteworthy trend is the escalating demand for whiskey and brandy, which is outpacing the growth rate of other spirits.

Company Insights 
The wine and spirits market is fragmented, and the companies are deploying organic and inorganic growth strategies to compete in the market. The report analyzes the market's competitive landscape and offers information on several market companies, including Anheuser Busch InBev SA NV, Bacardi Ltd., Bayadera Group, Brown Forman Corp., Campari Group, Constellation Brands Inc., Diageo Plc, E. and J. Gallo Winery, Globus Spirits Ltd., Hite Jinro Co. Ltd., LVMH Moet Hennessy Louis Vuitton SE, Meininger Verlag GmbH, Miguel Torres SA, Pernod Ricard SA, Som Distilleries and Breweries Ltd., Sula Vineyards Ltd., Suntory Holdings Ltd., Thai Beverage Public Co. Ltd., The Wine Group LLC, and Treasury Wine Estates Ltd.

Market Dynamics 

Driver 

The increased demand for craft drinks is driving the wine and spirits market.  A major factor propelling growth in the global wine and spirits market within this projected timeframe is the escalating demand for craft beers and spirits. Craft beer has garnered consumer preference due to its expansive variety compared to traditional beer offerings. Craft and locally produced brews stand apart due to their distinctive flavours, stemming from the utilization of diverse ingredients and flavourings. The craft spirits segment encompasses meticulously crafted ultra-premium liquors that are meticulously produced using traditional techniques. This artisanal approach extends across various types of alcoholic beverages. Notably, Diageo emerges as a significant player within the craft spirits category. The increasing demand for craft spirits finds impetus in the rising demand for premium beverages among millennial and Gen-X consumers. This increasing trend is poised to drive market growth throughout the forecast period.

Challenge 

The campaign against alcohol consumption is a significant challenge faced by the wine and spirits market. The expansion of the targeted market is set to face significant obstacles due to a rising number of anti-alcohol campaigns. These initiatives, driven by concerns about alcohol abuse and its associated accidents, especially among the youth, are impacting the consumption of alcoholic beverages adversely. Regulatory and social organizations, along with governmental bodies and health institutions, are actively engaged in promoting awareness about the detrimental effects of alcohol consumption. An illustrative example is the Pan-American Health Organization (PAHO) launching the "Live Better, Drink Less" campaign in November 2021. This campaign aims to spotlight the adverse consequences of alcohol consumption, including liver diseases, cancer, cardiovascular issues, and tuberculosis. As a result, the projected growth within the specified period is anticipated to be hampered by these factors during the forecast period.

View the PDF Sample Report to find additional highlights on the growth strategies adopted by companies and their product offerings.

Related Reports:

The fortified wine market size is projected to increase by USD 5,199.91 million and the market size is estimated to grow at a CAGR of 5.31% between 2022 and 2027.

The organic wine market size is estimated to grow at a CAGR of 8.57% between 2022 and 2027. The market size is forecast to increase by USD 5,019.97 million.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Distribution Channel

Market Segmentation by Type

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio

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