Published On : 15 May 2018
The global market for luxury wines and spirits is a premium market, with a quality-centric outlook. The products, this market offers, such as vodka, rum, and brandy, are first-class fermented wines and distilled spirits, generally separated by the percentage of alcohol in them. Over the last few years, the consumption of premium wines and spirits has increased, significantly, and the scenario is most likely to be the same in the near future, which points towards the bright future of this market. The rising integration of technology in selection process, to pick the best-quality raw materials for fermentation, is also expected to reflect positively on the growth of this market over the next few years.
The continual rise in disposable incomes of people across the world and the premium pricing of products are expected to offer significant profit opportunities for luxury wine and spirit vendors. However, the strict regulations pertaining to the marketing and selling of wines and spirits may hamper the market’s growth in the years to come.
Retail Stores Emerge as Leading Application Area
Broadly, the global market for luxury wines and spirits is analyzed on the basis of the products and the application. Whisky, gin, rum, brandy, vodka, tequila, natural alcoholic beverages, and flavored alcoholic beverages are some of the main luxury wines and spirits available across the world. In terms of the application, the market is classified into wholesale, retail stores, department stores, and online retailers. Retail stores have surfaced as the leading application area of luxury wines and spirits.
Europe to Continue to Dominate
In terms of the geography, the worldwide market for luxury wines and spirits reports its presence across North America, China, Europe, Southeast Asia, Japan, and India. Europe has been leading the global market for a while and is anticipated to remain on the topmost position over the next few years. Among others, Japan and China have emerged as the most promising regional markets for luxury wines and spirits. With the rising disposable income, people in these regions are now preferring luxury wines and sprites over their traditional alcoholic beverages, which is likely to open new avenues for growth of these markets in the near future.
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Players Focusing on Introducing Innovative Products to Gain More Consumers
The global market for luxury wines and spirits is highly competitive with a large number of companies undergoing mergers and acquisitions, in an effort to expand their reach. Beam Suntory, Campari, Brown Forman, LMVH, Bayadera Group, ThaiBev, Diageo, Edrington Group, William Grant & Sons, Pernod Ricard, Bacardi, United Spirits, and HiteJinro are some of the established players in the market for luxury wines and spirits across the world. These players are emphasizing more on introducing new and innovative spirits, especially focusing on the flavor, in a bid to raise their consumer count.
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