The premium spirits market is growing at a rapid pace, according to data published by Grand View Research.
Its forecast is for this market to reach $235.74 billion by 2027, with a strong compound annual growth rate (CAGR) of 10.3% between 2020-2027.
The global premium spirits market, which includes most of the celebrated spirits brands, encompasses spirits such as vodka, tequila, rum, whiskey and other liquors.
From The3rdBevco‘s perspective, two major market trends, the growth of celebrity spirits brands and the non-alcoholic beverage sector, are the future of the industry.
Today’s consumers look to celebrities to make product purchasing decisions and feel connected to them.
For celebrities, spirits brands are the perfect brand extension.
On the other hand, millennials and Generation Z want healthy, non-alcoholic beverage options.
Conscious consumption is the next consumer megatrend.
Premium spirits
Globally, world exports of whiskeys totaled US$15.086 billion and those of spirits obtained from grapes totaled US$7.032 billion in 2022.
Other outstanding external sales of beverages were: liquors (US$4,034 million), vodka (US$2,404 million), rum (US$1,959 million) and gin (US$1,749 million).
Regarding liquor exports, five European countries were the leaders: Germany (650 million dollars), Italy (558 million dollars), France (441 million dollars), Ireland (426 million dollars) and the Netherlands (258 million dollars).
According to a recent Nielsen report, the non-alcoholic spirits sector has grown due to increasing health and wellness awareness, and demand for sugary carbonated soft drinks, such as sodas and lemonades, has declined.
Spending is shifting towards healthier and less sugary products. For example, bottled water is becoming more popular. Additionally, non-carbonated soft drinks, such as ready-to-drink tea and coffee, are gaining traction. These products are convenient for consumption away from home.
Finally, the global energy drink market continues to grow. It includes beverages that contain caffeine, taurine, vitamins, and other stimulants. Moreover, these drinks are aggressively marketed. They are promoted as products that boost mental alertness and physical endurance.