(MENAFN- EIN Presswire) Luxury Wines and Spirits Market
consumer, mainly millennials are more health conscious and they are willing to try new, healthier, alternatives to traditional soft drinks.
PORTLAND, OR, UNITES STATES, March 30, 2023 /einpresswire.com / -- Luxury wine is one of the most popular alcoholic drinks preferred by consumers due to its aroma, taste, quality, and reasonable pricing. Furthermore, global developments, triggered by megatrends such as urbanization, increasing disposable income, and rapidly aging population indirectly creates demand for luxury wine and spirits , which, in turn, supports the growth of the number of wineries.
Luxury Wines and Spirits Market by Type and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2020–2027,” The global luxury wines and spirits market size was valued at $970 billion in 2019, and is anticipated to reach $1411 billion by 2027, with a CAGR of 4.9% during the forecast period. The market is expected to exhibit an incremental revenue opportunity of $441 billion from 2019 to 2027.
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Increase in demand for premium quality luxury goods, rise in disposable income, and rapid urbanization drive the growth of the global luxury wines and spirits market. However, stringent government policies and selective distribution of products hinder the market growth. On the other hand, growth in popularity of cocktail drinks and increase in demand for selected standardized premium productsare anticipated to offer new opportunities in the coming years.
The fast pace of global urbanization has resulted in an increased demand for luxury goods and services, especially in developing economies like LAMEA and Asia-Pacific. As these goods are considered as status symbols, they are increasingly being adopted in these countries, thus providing attractive luxury wines and spirits market opportunity to manufacturers to distribute and sell their products in these locations. Furthermore, international events like film festivals, art exhibitions, auctions, and award shows have increased the demand for wines and spirits at such social gatherings, which in turn, augments the luxury wines and spirits market growth.
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The major players in the luxury wines and spirits market are investing in R&D to enhance the quality of wine and spirits and gain competitive advantage over other players in the market. However, stringent government policies about advertisements and distribution of wines and spirits hamper the market growth.
According to the luxury wines and spirits market analysis, the market is segmented on the basis of type, distribution channel, and region. By type, it is categorized into wines/champagne and spirits. The spirit segment held the major share in the market in 2019. Growth in consumption of wine has led producers to expand their product portfolio to meet local taste and adjust their packaging designs to appeal to the local market. This, in turn, provides opportunities for key players in the market.
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Key findings of the study
The global luxury wines and spirits industry was valued at $970 billion in 2019, and is anticipated to reach $1411 billion by 2027, with a CAGR of 4.9% during the forecast period.
By type, the spirits segment is estimated to witness the fastest growth, registering a CAGR of 4.8% during the forecast period.
In 2019, by distribution channel, the retail segment held the highest share, accounting for 41.44% of the global luxury wines and spirits market share.
In 2019, Europe was the most prominent market, and is expected to grow at a significant CAGR of 4.50% throughout the luxury wines and spirits market forecast period.
The key players profiled in this report include Diageo, Pernod Ricard Bacardi, Brown-Forman, Thai Beverage Public Company Limited, Davide Campari-Milano S.p.A, Hitejinro Co.Ltd, Suntory Holdings Limited, Edrington, and LVMH Moët Hennessy - Louis Vuitton.
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