Published On : 13 Nov 2018
Alcohol spirits contain ethanol, typically referred to as alcohol. Alcohol spirits are mainly comprised of whisky, gin spirits, rum, single malt, and vodka, among others. Those are legally consumed in almost all nations of the world, and more than a hundred nations have laws guiding their production, sale, and consumption.
The overall alcohol spirits market is fragmented and competitive because of the presence of numerous players – both large international giants and local niche companies. They need to comply with rules laid down by the Alcohol and Tobacco tax and Trade Bureau. Those pertain to proper labelling with specific information with regard to the age of the content, kind of spirit, brand name, and alcohol by volume (ABV). Besides, they should contain warning about dangers of alcohol as stipulated by governments.
Urbanization and Increasing Spending Capacity of People Boost Global Alcohol Spirits Market
The global alcohol spirits market is rising at a steady pace thanks to the increasing trend of socializing and partying by people. This in turn is driven by the rising urbanization leading to mushrooming eating and drinking joints. The growing spending capacity of people is also playing a key role in driving sales in the global alcohol spirits market. Apart from that, a range of offerings from different players keen to up sales is benefitting the market too. They are also seen strengthening their distribution channels in order to reach out to customers.
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Europe, Powered by Germany, Holds Pivotal Position in Market
Europe is the leading contributor to the global alcohol spirits market. The climate and presence of many key players producing premium brands have served to push up demand in its market. In fact, Europe has the maximum per capita consumption of alcohol. This is also because of the cold climate prevailing in the region. The nations of France, Germany, the U.K., Italy, Spain, and the Netherlands are responsible for most of the demand and sales in the Europe alcohol spirits market.
Asia Pacific Alcohol Spirits Market Poised to Rise with Rapid Economic Development
Meanwhile, Asia Pacific is emerging as a lucrative region in the global alcohol spirits market too. This is because of the large and populous nations of China and India that are seeing rapid economic development. Other nations having a positive impact on the market are Singapore and Indonesia. The growing trend of eating out and socializing along with the soaring number of restaurants and fine dining joints is having a positive impact on the market in the region. Savvy players’ efforts to bolster their distribution channels through online channels, convenience stores, and supermarkets and hypermarkets is having a positive impact on the market too.
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