Rising new product launches by the key players is anticipated to act as a major driver in the global white spirits market

January 2023/MRFR Press Release/- Market Research Future has published a report on the global white spirits market.

Market Highlights

Global white spirits market has witnessed a continuous demand during the last few years and projected to expand at a substantial growth rate during the forecast period. White spirits market has witnessed substantial innovation in terms of new product launches along with research & development and collaboration by the industrial players. Product innovations based on ongoing trends and consumer’s demand for novel flavors and also product sustainability remains the primary focus for white spirits market. In terms of innovations, manufacturers put more emphasis on the experimenting with different flavors in order to retain the competitive market share in the global white spirits market. Escalating awareness among the consumers regarding the heath risks associated with the consumption of alcohol is expected to pose a major challenge in the global white spirits market.

Based on product type, the global white spirits market has been segmented into rum, vodka, gin, tequila, and others. Among the product type, vodka expected to account for the major market share in the global white spirits market throughout the forecast period. High demand for flavored alcoholic beverages among the young population is one of the significant factors for the maximum market share of vodka in the global white spirits market during the forecast period.

Based on the distribution channel, the global white spirits market has been segmented into food retail, and food service. Food retail distribution channel is estimated to hold significant market share both in developed and developing economies. Food retail distribution channel is further segmented into supermarkets & hypermarkets, specialty stores, and others. Among the store-based distribution channel, specialty stores segment is projected to witness high growth as compared to the other segments. Moreover, premium white spirits are available in the specialty stores of key manufacturers which is anticipated to upsurge the demand of premium white spirits during the forecast period. However, food service segment is projected to expand at a high pace in the near future. Food service industry has witnessed a substantial growth rate both in developed and developing nations which is expected to increase the market share of food service segment in the global white spirits market in the near future.

Regional Analysis

The global white spirits market has been segmented by North America, Europe, Asia-Pacific, and the rest of the world.

Europe region is expected to retain its dominance throughout the forecast period in the global white spirits market. Changing consumer lifestyles along with the increased disposable income of the consumers is likely to enhance the growth of white spirits market during the forecast period. Among the Europe, Germany is estimated to account for highest market share in the Europe white wine market in 2018. In Germany, the favorable economic circumstances have supported the increased affordability and the increased consumption of premium white spirits in the country. North America has accounted for approximately 30% market share in the global white spirits market. However, Asia-Pacific region is projected to expand at a high growth rate during the forecast period. The white spirits market in Asia-Pacific is anticipated to be driven by increase in young-adult demographic, rise in disposable income among the consumers.

Segmentation

The global white spirits market has been segmented based on product type, distribution channel, and region.

By product type, the global white spirits market has been segregated into rum, vodka, gin, tequila, and others.

The global white spirits market has been classified on the basis of distribution channel into food retail, and food service. Food retail distribution channel has been further segmented into supermarkets & hypermarkets, specialty retailers, and others.

 Key Players

Some of the key players in the global white spirits market are Bacardi Limited (Bermuda), The Brown–Forman Corporation (US), Constellation Brands, Inc.(US), Distell Group Limited (South Africa), Suntory Beverage & Food Limited (Japan), Alberta Distillers Limited (Canada), William Grant & Sons (UK), Diageo PLC (UK), Pernod Ricard (France), San Miguel Corporation (Philippines).