Increase in demand for premium quality luxury goods and rise in disposable income & rapid urbanization are the driving factors the luxury wines and spirits market growth. Moreover, consumer, mainly millennials are more health conscious and they are willing to try new, healthier, alternatives to traditional soft drinks. Thus, this factor is likely to surge in the growth in popularity of cocktails drinks.
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Luxury Wines and Spirits Market by Type and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2020–2027,” The global luxury wines and spirits market size was valued at $970 billion in 2019, and is anticipated to reach $1411 billion by 2027, with a CAGR of 4.9% during the forecast period. The market is expected to exhibit an incremental revenue opportunity of $441 billion from 2019 to 2027. Luxury wine is one of the most popular alcoholic drinks preferred by consumers due to its aroma, taste, quality, and reasonable pricing. Furthermore, global developments, triggered by megatrends such as urbanization, increasing disposable income, and rapidly aging population indirectly creates demand for luxury wine and spirits, which, in turn, supports the growth of the number of wineries.
The fast pace of global urbanization has resulted in an increased demand for luxury goods and services, especially in developing economies like LAMEA and Asia-Pacific. As these goods are considered as status symbols, they are increasingly being adopted in these countries, thus providing attractive luxury wines and spirits market opportunity to manufacturers to distribute and sell their products in these locations. Furthermore, international events like film festivals, art exhibitions, auctions, and award shows have increased the demand for wines and spirits at such social gatherings, which in turn, augments the luxury wines and spirits market growth.
The major players in the luxury wines and spirits market are investing in R&D to enhance the quality of wine and spirits and gain competitive advantage over other players in the market. However, stringent government policies about advertisements and distribution of wines and spirits hamper the market growth.
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The key players profiled in this report include Diageo, Pernod Ricard Bacardi, Brown-Forman, Thai Beverage Public Company Limited, Davide Campari-Milano S.p.A, Hitejinro Co.Ltd, Suntory Holdings Limited, Edrington, and LVMH Moët Hennessy – Louis Vuitton.
Key findings of the study
The global luxury wines and spirits industry was valued at $970 billion in 2019, and is anticipated to reach $1411 billion by 2027, with a CAGR of 4.9% during the forecast period.
By type, the spirits segment is estimated to witness the fastest growth, registering a CAGR of 4.8% during the forecast period.
In 2019, by distribution channel, the retail segment held the highest share, accounting for 41.44% of the global luxury wines and spirits market share.
In 2019, Europe was the most prominent market, and is expected to grow at a significant CAGR of 4.50% throughout the luxury wines and spirits market forecast period.
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