(MENAFN- GlobeNewsWire - Nasdaq) Covina, CA, Dec. 21, 2020 (GLOBE NEWSWIRE) -- Pisco is a certain type of brandy that is derived from fermented grape juice. The drink is native to Latin America, pisco is considered the national beverage. Not only does pisco have an exotic taste but it also offers some distinct health benefits to drinkers.
The global pisco market is anticipated to register a CAGR of 7.8% during the forecasted period.
The report " Global Pisco Market, By Origin ( Peruvian and Chilean ), By Type ( Puro, Acholado, and Others ), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2029' .
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Key Highlights:
- In May 2019, Catan Pisco announced its product launch in Los Angeles to give spirit enthusiasts a novel experience of the traditional drink from chile.
- In January 2019, The Commission for the Promotion of Peru for Exports and Tourism (PROMPERU), through Peruvian brand, launched the brand 'Pisco, Spirit of Peru' at the Madrid Fusion 2019.
Analyst View:
Increasing consumption of alcoholic products
According to the recent activities in various regions in the world, it concluded that consumption of alcoholic products has become an accompaniment for a number of reasons such as celebrations, commiserations, the end of the working day, and others. In many developed regions such as Europe, Canada, the U.S., alcohol is a socially accepted part of their daily life. Younger population of the world is influenced by their peer group or peer thinking, which is a factor driving growth of alcohol-based market. The gender gap in terms of alcohol consumption is closing as there is increasing acceptance of female drinking in the societal norms. Because of all these factors, people are attracted towards alcoholic products, which is driving growth of the pisco market and this is expected to continue over the forecast period.
Changing lifestyles and influence of social platform
Changing lifestyles, influence of social media and internet, increasing social parties, adolescents with high social network influence, greater family incomes, and others have easier access to alcoholic drinks and alcoholic products, which is also driving demand for pisco. The pace at which new technologies are impacting the food and beverage sector is high, and it has become necessary for manufacturers to increase the speed and scale of their R & D efforts. Many flavor manufacturing companies are shifting their R & D activities away from their headquarters. It is expected that focus on R & D will increase over the forecast period, as companies are expected to offer products that are better than its rivals. Manufacturers of pisco products are also focused on the positioning their brands better, to improve its sales. However, risng health concern among the consumer might be hampering the growth of the market.
Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on 'Global Pisco Market', By Origin (Peruvian and Chilean), By Type (Puro, Acholado, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2029
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Key Market Insights from the report:
The global pisco market is anticipated to register a CAGR of 7.8% during the forecasted period. The market report has been segmented on the basis of origin, type, and region.
- Depending upon origin, the chilean segment is projected to grow at highest CAGR over the forecast period owing its authentic taste and its availability.
- Depending upon type, the puro segment is projected to grow at highest CAGR over the forecast period. However, acholado is the fastest emerging segment in the forecast period.
- By region, Latin America is expected to have the major market share globally, as it is one of the largest producer and consumer of pisco.
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Competitive Landscape:
The prominent player operating in the global pisco market includes Cooperativa Agrícola Pisquera, Elqui Limitada (CAPEL), Compañía Pisquera de Chile S.A., Bauzà, Hacienda Mal Paso, Pisco MalPaso and Pisquera Tulahuén.
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