Market Research Future (MRFR) forecasts the luxury wines and spirits to continue to experience impressive growth, maintaining 5.22% CAGR during the forecast period that began in 2018 and ends 2023.
Researchers noted that for most of the history, luxury liquors and alcoholic beverages have been defining the status of men and women. From aristocratic royalty to some undeniable classics, luxury wines and spirits have always been closely synonymous with status, wealth, and eccentricity. Over the years, luxury liquor has become more and more impressive with detailed packaging designs, rich histories, and stunning price tags aiding its appeal even further. Whether it be vintage wines, premium spirits, or batch-brewed beers, the luxury world is filled with alcoholic delights.
Recognizing the potential of the market, Market Research Future (MRFR) conducted an in-depth study and revealed that the global luxury wines and spirits market is expected to reach .S. $93,500 million by 2023.
For the Luxury Wines and Spirits Market report, researchers identified numerous key players, including Thai Beverage PLC, Pernod Ricard SA Bacardi & Company Limited, LVMH Moet Hennessy Louis Vuitton S.E, William Grant & Sons Limited, The Edrington Group Limited, Brown-Forman Corporation, Hitejinro Co., Ltd., Diageo PLC, Campari-Milano S.p.A, Beam Suntory Inc., Bayadera Group, and others.
Market Breakdown
Luxury Wines and Spirits Market segmentation is classified as per these three dynamics: distribution channel, type and region.
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By type, the market includes vodka, wine, whisky, rum, brandy, gin, tequila, and others. Among these, the wine segment holds the maximum share in the market as per the study in 2017. The valuation of the segment at present stands at USD 43,000 million and is anticipated to garner a healthy growth during the forecast period.
By distributional channel, the market divides into food service and food retail. The food retail segment is expected to dominate the market during the assessment period. As per the last study, the food service segment held a valuation of USD 38,566.9 million and is expected to experience a decent growth during the forecast period.
By region, the market covers the following regions North America, Asia Pacific, Europe, and the Rest of the World (RoW).
Market In-Depth
The luxury wines and spirits market is reported to be growing at a brisk pace in recent years and it is expected to further expand due to numerous factors. The demand for these products is centered around high net worth individuals and affluent customers. These individual customers are attracted by key attributes like premium quality level, impressive brand reputation and premium price category that provides a sense of prestige and privilege to the buyer.
The consumption of luxury wines and spirits are typically associated with significant events worthy of being celebrated, like anniversaries, birthdays, parties, social gatherings, and other personal moments. It is also noticed that the tourism industry and luxury spending is closely interconnected. The consumption of the same is highly prevalent in luxury ships, aircrafts and hotels.
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Additionally, it is also noticed that the Luxury Wines and Spirits Market t is exhibiting fast-paced growth owing to the increasing per capita income level of the consumers, especially in emerging nations. More and more consumers are becoming sophisticated and posh towards the choice of liquor they consume. The ameliorating living standards have propelled the aspirational level of the consumers to consume luxury quality products.
Market Roadblocks
Luxury wines and spirits remain an extremely popular choice among the niche consumers, the shifting preference of the consumers towards non-alcoholic drinks can be detrimental to the projected growth of the market during the forecast period. The rising awareness concerning the striking and adverse effects of alcohol and the expanding popularity of functional drinks can cause the demand for the global market to decline.
Not to mention, continuous inspection, certification, and production of luxury wines and spirits are needed to go through highly strict regulations imposed by the regulatory authorities. This limits the scope of availability to a consumer base, thereby confining the potential growth of the market in regions such where wines and alcohol laws are tight. However, Luxury Wines and Spirits Market players are implementing various growth strategies like digitization, product differentiation through packaging, designing and branding. This is projected to aid the global luxury wines and spirits market during the forecast period.
Browse the market data and information spread across 167 pages with 236 data tables and 21 figures of the report “Luxury Wines and Spirits Market Report – Forecast 2018-2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/luxury-wines-spirits-market-7236
Regional Distribution
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Geographically, the Asia Pacific region holds the maximum market share in the global standings. Luxury Wines and Spirits Market is projected to experience a CAGR of 6.60% over the forecast period. Herein, both China and India make significant contributions to the overall market growth of the region. The countries are expected to further aid the region with its potential expansion in the near future.
Factors like rising per capita disposable income, growing aspiration-based consumption, and rising westernization among the consumers have spurred the demand and consumption level of luxury liquors. China, in particular, is steering the growth trajectory of the entire Asia Pacific region with its expanding market. The winemaking industry of China is particularly thriving and has gained significant traction from the commercial landscape over the years. It is also noticed that the nation has had an increase in the number of boutique wineries, thereby acting as a positive sign for the players operating in the market herein.
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