Specialty spirits: Key market research findings
- Rising popularity of specialty spirits in on-trade channels
- New product launches
Technavio has released a new market research report on the global specialty spirits market, which is expected to grow at a CAGR of 2% between 2016 and 2020. Shift in consumer preferences toward spirits, increased preference for spirits among women, increase in health consciousness, and the association of spirits as a lifestyle product, are boosting the growth of specialty spirits market. APAC dominates the global specialty spirits market, accounting for 90% of the overall market share. The rise in consumer disposable income, preference of high alcohol content, and increasing demand for traditional drinks is driving the specialty spirits market in this region.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“The changing alcohol consuming patterns has boosted the demand for specialty spirits in the on-trade segments, which includes bars, pubs, hotel, restaurants, and other hospitality centers. Consumers prefer to have specialty spirits, especially, baijiu and raki, with food. This has opened huge opportunities for the launch of specialty spirits bars because of expanding distribution channels and globalization. Now-a-days, the baijiu manufacturers are also shifting towards low alcohol and organic spirits alcohol,” says Vijay Sarathi, Lead Analyst, Food & Beverages, Technavio Research
Specialty spirits from different regions have grown in popularity over the recent years, cachaça in Brazil, baijiu in China, and raki in Turkey are some of the spirits that are gaining in popularity. Vendors have introduced flavored varieties such as cinnamon, pear, ginger, and honey to cater to consumer preferences. For instance, In Japan, consumption of the specialty spirits increased following the introduction of fruit-flavored soju in the market.
The leading players in the global specialty spirits market are HiteJinro, Tatuzinho, Kumbokju, Kirishimashuzo, Lotte, Luzhou Laojiao, Sanwa Shurui and Takara Shuzo. The market is fragmented with several producers and distributors of spirits. Competition is high in the market, where the vendors compete on the basis of several factors such as price, quality, innovation, service, reputation, distribution, and promotion. High vendor competition has led to the industry witnessing increased numbers of M&A, wherein smaller entities are being acquired by, or are being merged with, major players.
A more detailed analysis is available in the Technavio report Global Specialty Spirits Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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