Luxury Wines and Spirits Market By Type (Wines/Champagnes, Spirits), By Distribution Channel (Wholesale, Retail, E-Commerce, Others): Global Opportunity Analysis and Industry Forecast, 2022-2031
The global luxury wines and spirits market was valued at $229.4 billion in 2021, and is projected to reach $414.8 billion by 2031, growing at a CAGR of 6.2% from 2022 to 2031.Luxury wines and spirits constitute alcoholic beverages having alcohol by volume (ABV) ranging from 3 to 40%. The drinks currently offered in the market are wines and distilled spirits, which are usually of fine quality and premium priced. These products are generally consumed during occasions such as marriages, parties, social gatherings, and other celebrations. They cannot be consumed by consumers aged below 17 years of age in most countries owing to government regulations. However, it is gaining popularity among middle-aged consumers, who are between 35 and 55 years of age.
The luxury wines and spirits market is projected to be fueled by the popularity of experiential marketing. The market for luxury wines and spirits is being supported in a number of ways by the rise of experiential marketing. Experiential marketing enables brands of luxury wines and spirits to connect with consumers more deeply, developing a unique and immersive brand experience. These can include activities that educate consumers about the creation, history, and flavor profiles of the products, such as tastings, dinners, and tours of vineyards and distilleries.
The Europe luxury wines and spirits market held the major share in 2021 and is expected to grow at a significant CAGR during the forecast period. A number of European nations have a long history of producing fine wines and spirits, contributing to the rich cultural heritage of the continent in this area. As a result, there is now a custom of appreciating and valuing fine wines and spirits. The level of disposable income in Europe is rather high, especially in nations like France, Germany, Switzerland, and the UK. As a result, customers in these areas have more money to spend on expensive goods like fine wines and spirits. Travelers from all over the world frequently visit Europe, and many of them are curious to try regional foods and drinks. Luxury wine and spirits are now in high demand, especially in popular travel destinations like France and Italy. Europe has a well-established wine and spirit distribution network with a vast variety of importers, distributors, and retailers. Luxury wine and spirit manufacturers may find it simpler to reach customers and create a presence in the market as a result.
Moreover, Cocktails are alcoholic drinks that contain small amounts of distilled spirit that are mixed with different juices. They are gaining popularity at nightclubs, hotels, and holiday destinations as there are wide varieties of these mixtures available to consumers. A cocktail drink contains a small number of premium spirits and a maximum amount of other ingredients, which are available at a cheaper price, thus is expected to create huge opportunities for the market in the coming years. This rise in popularity is mainly due to changing consumer consumption habits and a shift away from traditional beverages like soft drinks and beer. Consumers, mainly millennials are more health conscious, and they are willing to try new, healthier, alternatives to traditional soft drinks. Thus, this factor is expected to surge the growth in the popularity of cocktails drinks.
However, the major consumers of this market are the top 10% of global earning individuals and they are generally driven by quality and the exclusivity of these products. As a result, the products are usually priced at a premium cost for their finest quality. Moreover, the sales and distributions are limited to selected stores and distributors that ensure overall satisfaction with the consumption of these products. Hence, this restricts the availability of products to the masses through popular retail channels and online websites, which hampers the market growth.
The luxury wines and spirits market is segmented on the basis of type, distribution channel, and region. On the basis of type, the market is classified into wines/champagne and spirits. On the basis of distribution channel, the market is classified into wholesale, retail, e-commerce, and others. On the basis of region, it is analyzed across North America (U.S., Canada, Mexico), Europe (France, Germany, Italy, Spain, UK, Russia, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, Thailand, Malaysia, Indonesia, and Rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, UAE, Argentina, and Rest of LAMEA).
The major players operating in the market focus on key market strategies, such as mergers, product launches, acquisitions, collaborations, and partnerships. Brown-Forman Corporation, Pernod Ricard, Bacardi Limited, Thai Beverage PLC, Davide Campari-Milano N.V., Hitejinro co. Ltd, Suntory Holdings Limited, The Edrington group limited, LVMH, Bayadere Group, Campari-Milano, United Spirits Ltd., and Total Wine & More.
Key Benefits For StakeholdersThis report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the luxury wines and spirits market analysis from 2021 to 2031 to identify the prevailing luxury wines and spirits market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the luxury wines and spirits market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global luxury wines and spirits market trends, key players, market segments, application areas, and market growth strategies.
Key Market SegmentsBy TypeWines/Champagnes
Spirits
By Distribution ChannelWholesale
Retail
E-Commerce
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Spain
Italy
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
Rest of Asia-Pacific
LAMEA
Brazil
South Africa,
Argentina
Rest of LAMEA
Key Market Players
Bacardi Limited
Thai Beverage Pubilc Company Limited
Suntory Holdings Limited
Davide Campari-Milano N.V.
Bayadera Group
HITEJINRO Co., Ltd.
Brown-Forman Corporation
LVMH
Pernod Ricard
Diageo plc.
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