According to a new report published by Allied Market Research, titled, “Luxury Wines and Spirits Market,” The luxury wines and spirits market size was valued at $229.44 billion in 2021, and is estimated to reach $414.8 billion by 2031, growing at a CAGR of 6.2% from 2022 to 2031.
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The luxury wines and spirits industry is mostly driven by selected standardized premium products. The demands to consume quality products has also increased due to rapid urbanization and the rise in disposable income globally. Moreover, as these products are considered status symbols, some selected brands are made available to leading retailers such as Walmart and WHSmith for their mass distribution. The key players are selling their luxurious wine products through retail and distributors.
The luxury wines and spirits market growth shows high potential in North America and Asia-Pacific region. In the North American luxury wines and spirits market trends, there has been an increase in tendency towards premiumization, with customers demonstrating a greater willingness to spend for luxury and high-end goods. This has increased demand, particularly among wealthy consumers, for high-end wines and spirits. Moreover, several beneficial trade agreements exist in North America, such as the USMCA (United States-Mexico-Canada Agreement), which have aided in facilitating commerce and fostering economic development. Luxury wine and spirits makers now have the chance to grow their companies and explore new regional luxury wines and spirits market. In addition, reaching North American consumers has become simpler for producers of luxury wines and spirits market thanks to the expansion of e-commerce and direct-to-consumer sales channels. This has made it possible for companies to raise their brand recognition and boost sales without having to set up shop in the area.
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However, alcoholic drinks have been known for their addiction as well as health concerning nature if consumed in excess. The rise in the number of consumers suffering from alcohol addiction has been a great concern for governments of different nations. As a result, many governments have imposed stringent rules and regulations about the sales and distribution of these products. Moreover, there are restrictions on advertisements and promotions of such products, which restricts the marketing strategies available to the manufacturers. In addition, some governments also support campaigns and non-government organizations (NGOs) that condemn the use of such beverages. These factors act as major hindrances to market growth.
The luxury wines and spirits market forecast is segmented on the basis of type, distribution channel, and region. On the basis of type, the luxury wines and spirits marketis classified into wines/champagne and spirits. On the basis of distribution channel, the market is classified into wholesale, retail, e-commerce, and others. On the basis of region, it is analyzed across North America (U.S., Canada, Mexico), Europe (France, Germany, Italy, Spain, UK, Russia, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, Thailand, Malaysia, Indonesia, and Rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Argentina, and Rest of LAMEA).
On the basis of type, the market is classified into wines/champagne and spirits. The wines/ champagne segment accounted for a major luxury wines and spirits market share in 2021 and is expected to grow at a significant CAGR during the forecast period. Wines/champagnes have been consumed for decades as a celebration drink at sport events, anniversaries, parties, weddings, joyous occasions, and corporate events. They are available in the market in various product styles such as Blanc de Blancs, Domaine Leflaive Montrachet, and Domaine Leroy Chambertin Grand Cru. Various flavors such as strawberry, cream, and flowers are used to enhance the aroma and taste of wines/champagnes. Provision of fine-quality products is one of the key growth factors for this market. Moreover, as these products are majorly consumed during social gatherings such as corporate parties and get-togethers, they are likely to provide attractive opportunities for manufacturers.
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On the basis of distribution channel, the market is classified into wholesale, retail, e-commerce, and others. The retail segment accounted for a major share of the luxury wines and spirits market in 2021 and is expected to grow at a significant CAGR during the forecast period. Compared to conventional channels like restaurants and bars, retail channels provide a broader selection of upscale wines and spirits. As a result, customers can investigate novel and distinctive products, evaluate various choices, and make decisions. In comparison to more conventional channels like restaurants and bars, retail channels frequently provide an attractive pricing for luxury wines and spirits.
On the basis of region, Europe accounted for a major share of the luxury wines and spirits market in 2021 and is expected to grow at a significant CAGR during the forecast period. Luxury wine and spirits are now in high demand, especially in popular travel destinations like France and Italy. Europe has a well-established wine and spirit distribution network with a vast variety of importers, distributors, and retailers. Manufacturers will find it simpler to reach customers and create a presence in the market as a result of luxury wines and spirits market opportunities.
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The major players operating in the luxury wines and spirits market are Brown-Forman Corporation, Pernod Ricard, Bacardi Limited, Thai Beverage PLC, Davide Campari-Milano N.V., Hitejinro co.Ltd, Suntory Holdings Limited, LVMH, Bayadere Group.
KEY FINDINGS OF THE STUDY
On the basis of type, the wines/champagne processing segment was the highest revenue contributor to the market in 2021 and is expected to grow at a significant CAGR during the forecast period.
On the basis of distribution channel, the retail segment was the highest revenue contributor to the market in 2021 and is expected to grow at a significant CAGR during the forecast period.
On the basis of region, Europe was the highest contributor to the market in is expected to grow at a significant CAGR during the forecast period.
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