Liquor Market Size, Share, Growth, and Industry Analysis, By Type (Whiskey, Brandy, Vodka, Rum, Gin, and Tequila), By Application (Supermarkets Hypermarkets, Specialty Stores, Restaurants/Bars and Online Stores), Regional Insights, and Forecast To 2032

Updated On: 15 April 2024

Liquor Market REPORT OVERVIEW

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global liquor market size was in USD 117420.0 million 2021 and is expected to reach USD 173670.0 million by 2027, at CAGR of 6.74% during the forecast period. 

The COVID-19 pandemic has been unprecedented and staggering, with experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden decline in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

The liquor market encompasses a diverse range of alcoholic beverages that are commonly enjoyed for their intoxicating qualities as well as their unique flavor characteristics. Additionally, within the liquor market, there are non-alcoholic alternatives like non-alcoholic beer, wine, and spirits, which cater to individuals seeking the taste of alcoholic drinks without the actual alcohol content.

COVID-19 Impact: Increased Off-Premise Sales among Population to Fuel Market Growth

In response to curbing the virus's spread, numerous areas introduced lockdowns and social distancing measures. Consequently, bars, restaurants, and entertainment venues either temporarily closed or had their capacities restricted. Consequently, consumers shifted their preferences toward buying alcoholic beverages for home consumption. Worries about virus transmission in public spaces prompted many consumers to opt for the safety and control of enjoying alcohol in the comfort of their own homes rather than in crowded or public environments.

The on-premise sales of alcoholic beverages were significantly affected by the closure or reduced operational capacity of bars and restaurants as a result of lockdowns and social distancing measures. Numerous establishments faced a formidable challenge in maintaining their viability.

LATEST TRENDS

"Health and Wellness, and Craft Spirits to Fuel Market Growth "

Health-conscious consumers are increasingly seeking alternatives with reduced alcohol content or entirely alcohol-free options. This encompasses a growing demand for low-alcohol wines and beers, as well as non-alcoholic spirits and cocktails. These alternatives aim to deliver the familiar flavors of alcoholic beverages without the accompanying intoxication. Furthermore, consumers are on the lookout for alcoholic drinks crafted from premium, natural, and wholesome ingredients. This has led to a surge in popularity for products made using organic or sustainably sourced components, and for those devoid of artificial additives or preservatives. In addition, some alcoholic beverages are incorporating functional ingredients like botanicals, herbs, and adaptogens, which are believed to offer health benefits. Notably, botanical-infused spirits and herbal liquors are gaining recognition for their potential contributions to wellness.

Liquor Market SEGMENTATION

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• By Type

Based on Type liquor market is classified as Whiskey, Brandy, Vodka, Rum, Gin, and Tequila.

• By Application

Based on Application liquor market is classified as Supermarkets Hypermarkets, Specialty Stores, Restaurants/Bars and Online Stores.

DRIVING FACTORS

"Changing Consumer Preferences to Fuel Market Growth"

The liquor market growth is attributed to contemporary consumers' insatiable appetite for a wide array of alcoholic beverages, designed to cater to their diverse and ever-evolving preferences. This fervent demand for diversity has propelled an exponential expansion in the production and accessibility of an extensive range of liquor options, encompassing traditional spirits like vodka and whiskey, as well as the burgeoning categories of craft beers, artisanal wines, and unique liquors. Notably, a substantial segment of consumers is fueling this market growth by gravitating toward craft and artisanal liquors meticulously crafted by small, independent distilleries and breweries.

"Cultural and Social Factors to Stimulate Market Progress"

Cultural and social gatherings, such as weddings, holidays, festivals, and special events, frequently incorporate the enjoyment of alcoholic drinks. These occasions result in surges in the need for liquor, with the choice of beverage often rooted deeply in cultural customs and traditions.

RESTRAINING FACTORS

"Regulatory Constraints to Harm Market Growth "

Regulatory constraints within the liquor market encompass the diverse regulations, laws, and policies established by governmental and regulatory authorities to oversee the manufacturing, distribution, sale, and promotion of alcoholic beverages. One common practice employed by governments is the imposition of taxes on alcoholic products, a measure that can notably elevate the ultimate retail cost. Elevated alcohol taxes possess the potential to curtail consumer demand, especially for high-end or luxury offerings, potentially prompting consumers to explore more affordable substitutes.

Liquor Market REGIONAL INSIGHTS

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"North America has increasing demand for low-alcohol to Drive Market Share"

In the U.S., the liquor market share of both the craft beer and craft spirits sectors is steadily growing as consumers actively seek out unique, locally-produced options. The enduring popularity of whiskey, particularly bourbon and rye variations, maintains a significant market share and drives further growth within this category. Furthermore, health and wellness trends are impacting the market share dynamics, with an increasing demand for low-alcohol and alcohol-free alternatives. Notably, the emergence of cannabis-infused beverages is capturing a specialized market share in regions where cannabis has attained legal status.

KEY INDUSTRY PLAYERS

"Multitude of companies that played a pivotal role in expansion of liquor"

In the liquor market, a diverse spectrum of significant industry participants exists, ranging from sizable multinational enterprises to small-scale craft distilleries and breweries. Diageo stands out as a global giant in the alcoholic beverage sector, boasting well-known brands like Johnnie Walker, Smirnoff, Guinness, and Tanqueray in its portfolio.

List of Market Players Profiled

• Tuopai Shede (China)
• Xifeng Liquor (China)
• Gujing Group (China)
• Luzhou Laojiao (China)
• Moutai (china)

REPORT COVERAGE

The future demand for the liquor market is covered in this study. The Research report includes the Impact of Increased Off-Premise Sales due to the Covid-19 Impact. The report covers the latest trends in Health and Wellness. The paper includes a segmentation of the liquor market. The research paper includes the driving factors that are Changing Consumer Preferences to Fuel Market Growth. The report also covers information on Regional Insights where the region which has emerged leading market for liquor.