Luxury Alcoholic Drinks Market

Luxury Alcoholic Drinks Market 2022 – Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Market Size & Forecast 2030


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The global luxury alcoholic drinks market size was valued at $1000 billion in 2020 and is anticipated to reach $1700 billion by 2026, registering a CAGR of around 5% during the forecast period of 2021-2026.


Luxury alcoholic drinks are fine quality and premium priced alcohol drinks. These include wines, beers, ciders, distilled spirits and others. These products are generally consumed during occasions such as marriages, parties, social gatherings, and other celebrations and are often considered as a status symbol among the affluent population. Luxury wine is the most popular alcoholic drink preferred by consumers across the globe due to its rich taste, aroma and quality.

 

COVID-19 IMPACT

COVID-19 is said to have reshaped the worldwide drinking culture in 2020 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 2020. 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.

 

GROWTH DRIVERS

The growing aspiration among consumers in developing regions to consume premium quality luxury products due to their increasing living standards, the growing consumption of  luxury alcohol products at various occasions and celebrations, the increasing acceptance of wines and spirits consumption, the surging popularity of vintage wines for special occasions, the rising trend of premiumization and the escalating  social media trends in developed countries influencing millennials and Gen Z toward spending more on premium products are primary the primary factors driving the growth of the global luxury alcoholic drinks market.

 

Additionally, the increasing disposable incomes of people, the growing popularity of authentic high-end alcoholic drinks among the millennial population, the burgeoning sales of cocktails in the developed regions and the rising number of wineries across the globe are some of other factors contributing immensely towards the growth of the market.

 

Furthermore, the rising number of luxury alcoholic brands, the escalating investment in R&D and offers like subscription boxes and UberEats-style alcohol delivery services by key market players and the surging inclination of consumers towards seeking clarity for sustainable manufacturing practices are expected to further create ample growth opportunities for the global luxury alcoholic drinks market during the forecast period of 2021-2026.

 

However, the stringent government policies on advertisements and distribution of wines and spirits due to the rising number of consumers suffering from alcohol addiction and the increasing shifting of health-conscious consumers towards low-alcohol or no-alcohol beverages from traditional alcoholic beverages are anticipated to hamper the growth of the market up to some extent during the forecast period.

 

LUXURY ALCOHOLIC DRINKS MARKET SEGMENTATION

By Type

·         Wines/Champagnes

·         Beer

·         Cider

·         Spirits

·         Vodka

·         Whiskey

·         Gin

·         Tequila

·         Rum

·         Brandy

·         Others

 

By Distribution Channel

·         On-trade

·         Off-trade

 

By Region

·         North America

·         Europe

·         Asia-Pacific

·         LAMEA 

 

According to type, the spirits segment accounted for the largest share in the global luxury alcoholic drinks market in 2020 and is likely to maintain its dominance throughout the forecast period. This can be attributed to the rising popularity of cocktail drinks. The vodka sub-segment held the largest revenue share of more than 25.0% in 2020.  The tequila sub-segment on the other hand is anticipated to attain the highest CAGR of 12% from 2021 to 2026. The rapidly surging popularity of tequila among consumers and the shifting consumption trend of tequila from conventional consumption to luxury cocktails are expected to encourage the producers across the globe to invest heavily in premium tequilas which in turn will lead to the growth of the overall segment.

 

According to distribution channel, the on-trade segment accounted for more than 55.0% share in the global luxury alcoholic drinks market in 2020. It is expected to further retain its dominance in the market over the forecast period.  The off-trade segment is expected to attain the highest CAGR of over 11% during the forecast period of 2021 to 2026. This can be attributed to the growing number of large supermarket chains along with their in-store promotions in the emerging economies across the globe.

 

REGIONAL OUTLOOK

The European region accounted for the largest share in the global luxury alcoholic drinks market in 2020 followed by North America and is expected to further retain its dominance in the market over the forecast period of 2021-2026. The growth in the region can be attributed to the increasing presence of key players, the changing lifestyles of people owing to their rising disposable incomes, the rising number of company acquisitions, the growing number of luxury brands and the soaring sales of cocktails in the developed economies of the region. Germany and France are among the major contributors to the region.

 

The North American region held the second largest share in the global luxury alcoholic drinks market in 2020 and is expected to further maintain the trend over the forecast period. This can be attributed to the rapidly expanding tequila market in the U.S., the growing range of premium spirits, the rising affluent population coupled with the growing trend of premiumisation and the shifting drinking patterns of people in the region. U.S. and Canada are among the major contributors to the region.

 

The Asia Pacific region is expected to be witness growth at 25% and is expected to be the fastest growing regional market for luxury alcoholic drinks during the forecast period. Factors attributable to the growth of the market in the region include the proliferating use of social media, the surging health awareness, the escalating bar culture, the increasing disposable incomes, the augmenting sales of high-end spirits, the growing middle-class population and the rising number of urban dual-income families in the developing region especially in India. China, India, New Zealand, Hong Kong, Australia and South Korea are among the major contributors to the growth of the region with China and India leading from the front.

 

KEY COMPANIES IN LUXURY ALCOHOLIC DRINKS MARKET

·         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.

·         Alliance Global Group Inc.

·         ROUST

·         Thai Beverage Public Company Limited

·          Davide Campari-Milano S.p.A

·         Suntory Holdings Limited

·         Edrington

·         LVMH Moët Hennessy - Louis Vuitton

·         Other Players

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Categories: Food and Beverages