According to a new report published by Allied Market Research, titled, “Dark Spirits Market by Type and Distribution Channel: Opportunity Analysis and Industry Forecast, 2021–2027,” The dark spirits market size was valued at $87.2 billion in 2019, and is projected reach $129.1 billion by 2027, registering a CAGR of 6.4% from 2021 to 2027.
Mass produced dark spirits are highly prevalent in developing countries of the Asia-Pacific region such as India. However, the premium segment has witnessed surge in demand from the last 5 years. Furthermore, aspiring consumers are developing the taste for premium products that offer unique and authentic experience. In addition, rising disposable income, urbanization, and rising middle class population positively impact the market of premium products. With growing number of pubs, bars, and breweries serving alcoholic beverages, premium spirits are driving the dark spirits market growth in both developed and developing economies.
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Online grocery and delivery services have gained high traction in the last 5 years. The growth of such platforms is further accelerated by the ongoing pandemic. As a result, engaged stakeholders in the industry have partnered with existing delivery services such as Uber and Deliveroo. Though the distribution of dark spirits via e-commerce platforms faces challenges, such as logistics, regulations, and temperature control requirements however, with advancements of technologies in logistics, easing of regulations, and increasing digital connectivity, sales via e commerce channels are expected to gain high traction, thereby providing growth opportunities for the stakeholders in the coming years.
The global dark spirits industry has been slightly impacted amidst the outbreak of the coronavirus. The COVID-19 pandemic resulted in lockdown and widespread restrictions across the world. The on trade sales of dark spirits have nosedived across the world, owing to the closure of HORECA industry across the world. Furthermore, recent development in resurgence of the second wave of coronavirus in Europe and North America is one of the major challenges the industry is expected to face in the coming days.
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Segment review
On the basis of type, the global market is segmented into whiskey, rum, and brandy. The whiskey segment leads in terms of market share and is poised to grow with the highest CAGR during the forecast period. There has been significant increase in people who want to try new taste and flavors, thereby resulting in increased demand for craft whiskies.
On the basis of distribution channel, the global market for dark spirits is studied across on trade and off trade. The off trade segment holds the maximum market share in the global market. However, the on trade segment is poised to grow with the highest CAGR during the forecast period.
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Key Findings Of The Study
By region, Asia-Pacific dominates in terms of the global dark spirits market share, and is expected to retain its dominance during the forecast period.
By type, the whiskey segment led in terms of the market share in 2019, and is expected to gain market share in the coming years.
By distribution channel, the on trade segment is expected to gain market share in the coming years, and is estimated to grow at a CAGR of 7.4% during the dark spirits market forecast period.
By region, North America is anticipated to grow with a moderate CAGR of 4.2% during the forecast period.
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Some of the major players profiled for the dark spirits market analysis include Anheuser-Busch InBev, Asahi Group Holdings, Kirin Holdings, Diageo, Suntory Holdings, Pernod Ricard, Bacardi Limited, LT Group, Inc (Tanduay), The Brown–Forman Corporation, and Rémy Cointreau.
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