The global luxury wines & spirits market is likely to touch USD 93,550.0 million at a 5.22% CAGR between 2018- 2023, reveals the new Market Research Future (MRFR) report. Luxury wines & spirits are synonymous with wealth and status. Luxury liquor lately has turned more impressive due to stunning price tags, rich histories, and detailed packaging designs. Tequila, gin, vodka, rum, brandy, whiskey, wine, and others are the different types of luxury wines & spirits.
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Various factors are adding to the luxury wines & spirits market share. These factors, as per the new MRFR report, include elevated living standards of consumers, consumers rising per capita income, consumers shifting preference towards quality products, and fine dining restaurants that are influencing consumer choice to try premium beverages by providing such choices in their menu. Additional factors adding market growth include increasing consumption in aircraft and luxury ships, rising consumption in significant events and social gatherings, and increasing popularity of innovative drinks.
On the contrary, the popularity of functional drinks, preference for non-alcoholic beverages, increasing awareness about the adverse & striking effects of alcohol, and constant certification, production & inspection of luxury wines & spirits that need to pass through stringent regulations imposed by regulatory authorities in regions where alcohol and wine laws are tight are factors that may limit the global luxury wines & spirits market growth over the forecast period.
The Market Research Future Report provides an inclusive segmental analysis of the global luxury wines & spirits market based on distribution channel and type.
By type, the luxury wines & spirits market is segmented into tequila, gin, vodka, rum, brandy, whiskey, wine, and others. Of these, the wine segment will lead the market over the forecast period for its low alcohol content and a larger consumer base. Wines are available in different forms, such as starch-based, fruit, rose, white, red, and honey, of which white and red wine, is most widely consumed.
By distribution channel, the luxury wines & spirits market is segmented into food service and food retail. Of these, the food retail segment will dominate the market over the forecast period.
Based on region, the global luxury wines & spirits market report covers the growth opportunities and recent trends across Europe, North America, the Asia Pacific (APAC), and the Rest of the World (RoW). Of these, the APAC region will dominate the market over the forecast period for increasing interest in luxury indulgences, exposure to western culture, and an increase in per capita income. Besides, improved quality of wine in China and a rise in the number of small boutique wineries are also adding market growth. China & India are the major contributors in the region, followed by Australia, Hong Kong, and Singapore.
The luxury wines & spirits market in Europe is predicted to hold the second-largest share over the forecast period for the increasing demand for this product, increased affordability, and favorable economic conditions.
The luxury wines & spirits market in North America is predicted to have notable growth over the forecast period for the premiumization trend in Canada, the US, and Mexico.
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The luxury wines & spirits market in the Rest of the World is predicted to have healthy growth over the forecast period for the presence of top luxury wine & spirits producing countries like Brazil, Uruguay, Argentina, and Chile, and launch of different premium brands in such regions.
Eminent players profiled in the global luxury wines & spirits market report include Bayadera Group, Campari-Milano S.p.A, Hitejinro Co., Ltd., Brown-Forman Corporation, Pernod Ricard SA, William Grant & Sons Limited, The Edrington Group Limited, Beam Suntory Inc., Thai Beverage PLC, LVMH Moet Hennessy Louis Vuitton S.E, Bacardi & Company Limited, and Diageo PLC.