Luxury Alcoholic Drinks Market, Luxury Alcoholic Drinks Market Size, Luxury Alcoholic Drinks Market Trends, Luxury Alcoholic Drinks Market Forecast, Luxury Alcoholic Drinks Market Risks, Luxury Alcoholic Drinks Market Report, Luxury Alcoholic Drinks Market Share

According to a new report published by xResearch, titled, “Luxury Alcoholic Drinks Market 2022- Industry Insights, Trends, Opportunity & Forecast, 2021–2030,” the global luxury alcoholic drinks market size is anticipated to witness single digit growth during the forecast period i.e. 2022-2030.

 

Factors such as the increasing consumption of  luxury alcohol products at various occasions and celebrations, the growing acceptance of wines and spirits consumption, the rising aspiration among consumers in developing regions to consume premium quality luxury products as a result of their increasing living standards, the burgeoning popularity of vintage wines for special occasions and the bolstering trend of premiumization are among the predominant factors contributing towards the growth of the global luxury alcoholic drinks market.

 

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According to type, the spirits segment led the global luxury alcoholic drinks market in 2021 and is predicted to further retain its dominance throughout the forecast period. The vodka sub-segment accounted for the largest market share of over 25.0% in 2021 and is expected to continue to lead in the market over the forecast period.

 

However, the tequila sub-segment is estimated to register growth at the highest growth rate of 12.0% from 2021 to 2030. According to distribution channel, the on-trade segment held an estimated 55.0% share in the global luxury alcoholic drinks market in 2021 and is projected to further continue with the trend over the forecast period.  On the other hand, the off-trade segment is anticipated to grow at the highest CAGR of over 11.0% during the forecast period of 2021 to 2030.

 

Geographically, the European region dominated in the global luxury alcoholic drinks market in 2021 followed by North America. The region is anticipated to further maintain its lead in the market over the forecast period of 2022-2030. However, the Asia Pacific region is projected to attain the fastest growth at a CAGR of 25.0% in the market over the forecast period.

 

Some of the major luxury alcoholic drinks companies profiled in the report include Bacardi Limited, Tanduay Distillers Inc., Diageo, Pernod Ricard, TITO’S HANDMADE VODKA, HITEJINRO CO. LTD, Brown Forman Corporation, Allied Blenders and Distillers Pvt. Ltd., Guizhou Moutai Wine Co., Ltd. and Alliance Global Group Inc.

 

The global luxury alcoholic drinks market is segmented into type, distribution channel and region. Based on type, the market is bifurcated into wines/champagnes, beer, cider and spirits. The spirits segment is further categorized into vodka, whiskey, gin, tequila, rum, brandy and others. Based on distribution channel, it is classified into on-trade and off-trade.

 

The global luxury alcoholic drinks market is analyzed across North America (U.S. & Canada), Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Indonesia, Thailand, Australia, New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and the Rest of Latin America) and Middle East & Africa (GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, and Rest of Middle East & Africa).  Countries such as the U.S. and Canada in North America and China, India, New Zealand, Hong Kong, Australia and South Korea in the Asia Pacific are among the major contributors to the growth of the market.

 

COVID-19 IMPACT

COVID-19 is said to have reshaped the worldwide drinking culture in 2021 as it led to the expansion of ecommerce, premiumization and the augmenting need for convenience in product formats among consumers across the globe. Adding to that, the wealthier segments of the population across various regions were left with extra disposable incomes due to the implementation of lockdowns resulting in traveling restrictions across vacation destinations around the globe. As a result, the global sales of tequila, vodka and liqueurs soared in 2021. The housebound consumers also opted to spend lavishly on high-end spirits and wines. The lockdown imposed across the globe also resulted in major disruption in the traditional distribution channels and on premise sales of alcohol. However, the online sales and direct to home delivery channels witnessed a steady boost during this period.

 

Key Insights of Luxury Alcoholic Drinks Market

  • On the basis of type, the spirits segment led the global luxury alcoholic drinks market in 2021 and is predicted to further retain its dominance throughout the forecast period. The vodka sub-segment accounted for the largest market share of over 25.0% in 2021 and the tequila sub-segment is estimated to register growth at the highest growth rate of 12.0% from 2021 to 2030.
  • On the basis of distribution channel, the on-trade segment held an estimated 55.0% share in the global luxury alcoholic drinks market in 2021 and is projected further continue with the trend over the forecast period. On the other hand, the off-trade segment is anticipated to grow at the highest CAGR of over 11.0% during the forecast period of 2021 to 2030.
  • On the basis of region, Europe dominated in the global luxury alcoholic drinks market in 2021 followed by North America. The region is anticipated to further maintain its lead in the market over the forecast period of 2022-2030.
  • On the basis of region, Asia Pacific is projected to attain the fastest growth at a CAGR of 25.0% in the market over the forecast period.

 

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About Us:-

xResearch is a market research and consulting organization that uses unique data, expert analysis, and new technologies to create trusted intelligence on industries. Our research is focused on delivering an informed and impartial view on essential market data of industry, and it is primarily driven by an in-depth study covering the following parameters: Market Sizing and Forecasting, Market Segmentation, Competitive Analysis, Strategic Assessment and Business Modelling.

 

Contact:
Company Name:  xResearch
Contact Person:  James Lin
Email:  [email protected]
Phone: +1 718-618-4545

 

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