July 27, 2020
According to the research report titled ‘Global Distilled Spirit Market (Value, Volume): Analysis By Type, By Product , By Region, By Country (2019 Edition): Opportunities and Forecast (2014-2024) - By Region (North America, Europe, APAC, ROW), By Country , available with Market Study Report, global distilled spirit market is expected to expand with a CAGR of 2.70% during 2019-2024.
The report cites that Asia Pacific dominated the global distilled spirit market in 2019. Factors such as consumer preference for superior quality products, growing popularity of cocktail culture, and rapid urbanization are propelling the growth of distilled spirit market in Asia-Pacific. Besides, surging spending on premium & super premium spirits coupled with rising trend of craft spirits are expected to fuel demand for distilled spirits in Asia Pacific.
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Based on product type, the market is divided into rum, gin, vodka, liqueurs, brandy, tequila, cognac, whisky, and others. Among these, brandy segment is poised to witness significant growth rate over the forecast period, owing to availability of wide range of products along with customer inclination to pay extra amount for high-quality brands.
With regards to the type, global distilled spirit market is segmented into premium and non-premium. From regional overview, the industry is classified into Asia Pacific, Europe, North America and rest of the world, with key focus on countries like US, UK, China, France, Canada, Italy, Germany, Spain, Australia, and India.