Research Support Specialist, USA
The global liqueurs and other spirits market size is expected to reach USD 642.2 billion by 2028, registering a CAGR of 12.8% over the forecast period, according to a new report by Million Insights. The market growth is owing to the rising demand for San Cosme Mezcal Blanco based Tequila flavor from the consumers of the U.S. Moreover, the increasing demand for Cocktails RTD and Alcopops products in Asia Pacific is further anticipated to boost market growth over the forecast period.
Rising demand for Aperol spritz from the consumers of South Africa is boosting the demand for liqueur products. Moreover, the surge in the adoption of ouzo drink in Europe is expected to propel market growth. However, the growing awareness of ready-to-drink non-alcoholic beverages is expected to restrict market growth. At present, key players are Irish cream liqueur with soft, velvety taste. Hence the market is expected to perform significant market growth during the forecast period.
In the COVID-19 pandemic, the demand for Liqueurs, Korn, and Tequila had rapidly increased. Major key players of the market are adopting the cloud-based e-commerce platform. COVID-19 had generated the prominent trend of premiumization in the global alcoholic drinks market with more brand awareness among consumers. Growing purchasing power among consumers will lead to premium drinks. The growing demand for Crème de Cacao products from the consumers of Brazil and Argentina had propelled market growth.
The tequila segment will register the highest growth over the forecast period. This can be credited to the growing demand for Agavero flavor from the consumers of China and Japan. Agavero Tequila is a trending dink and it can be mixed with numerous variety of cocktails. The growing demand for Korn, Ouzo, and the Alcopops in Europe also reflects the significant market growth during the forecast period.
The offline segment accounted for a revenue share of more than 75.0% in 2020. This can be attributed to the rising demand for Irish cream liqueurs from the consumers of the U.S. and China. The offline segment consists of the domestic liquor stores, grocery shops, supermarkets, and the pub, bars & restaurants. Healthy customer relationships, affordable product offerings are refueling market growth during the forecast period.
North America accounted for the largest revenue share of over 30.0% share in 2020 due to the increasing demand for classic brands of the alcopops such as Hooch, Alize, and WKD from the consumers of the U.S. and Canada. Ease of accessibility of liqueurs & other spirits products at a domestic grocery shop will contribute to boost market growth. Moreover, the rising demand for the Plomari Ouzo product in the U.S. is anticipated to boost market growth.
The report “Liqueurs And Other Spirits Market Size, Share & Trends Analysis Report By Type (Liqueurs, Korn, Tequila, Ouzo), By Distribution Channel (Offline, Online), By Region, And Segment Forecasts, 2021 - 2028” is available now to Million Insights.
Million Insights has segmented the global liqueurs and other spirits market on the basis of type, distribution channel, and region:
List of Key Players of Liqueurs And Other Spirits Market