Manufacturers are focusing on new product development methods to sustain themselves in the flavored spirits market due to the vital demand for non-alcoholic beverages and the intensifying trends of non-alcoholic beverages.
The rising foodservice business is performing a significant role in the success of the global craft spirit market. Mainstream hotels, bars, and pubs, which account for a bigger proportion of the sale of flavored spirits where they are used directly or as a foundation in cocktails, are the key consumers of the flavored alcoholic beverages business. As per MRFR, the global market will develop with a CAGR of 4.28% to earn USD 32,768.7 Million by 2026.
Segment Analysis
The segmentation of the flavored spirit market is conducted based on form, sales channel, application, and region. By sales channel, the flavored spirits market consists of foodservice and food retail. The flavored spirit market consists of restaurant & cafes segments, hotels, pubs, and bars by application. The form segment of the flavored spirit market consists of whiskey, rum, vodka, and gin. The region segment of the flavored spirits market consists of Europe, Asia-Pacific, North America, and other eminent regional markets.
Regional Analysis
In the market for flavored spirits, Europe is the market leader. The European region accounted for a large portion of the market. For big spirit companies, Germany is the most profitable market. According to the current scenario, the region's spirit market is expected to grow at a considerable CAGR by 2026. New product development, partnerships, mergers and acquisitions, and other activities that raise the revenue of flavored spirits in the region between leading players are critical for growth. The region held the largest proportion of the flavored spirits industry, owing to the world's biggest alcoholic beverage consumption. The presence of a large millennial generation in China and India who consume alcoholic beverages would also contribute to its exponential rise during the study period. The Asia-Pacific flavored spirits market is expected to grow at a CAGR of 4.57 percent during the forecast period.
Competitive Analysis
Leaders play a critical role in implementing modern technology and data to combine processes that meet evolving needs as digital acceleration transforms industries and customer and employee expectations. The contemporary landscape drives end-to-end transformation, from the rapid adoption of new working practices to incubating new business models. Players will benefit from seeking out new collaborations and curating value ecosystems to move faster while developing new products and services that meet customer expectations. Some industries are expected to rebound faster than others, reflecting shifts in consumer behavior. The pandemic has sparked change, typically in the area of digital transformation, and a variety of projects ranging from virtual sales and service to e-commerce to data acceleration are not only swiftly becoming a new directive but are also becoming a new standard. Customer expectations and experiences are being transformed by technology, and it's occurring quicker than ever before. The COVID-19 outbreak is still changing the world as we know it, particularly in terms of how we behave and interact as organizations and as individuals.
The notable companies in the flavored spirits market are The Brown-Forman Corporation (France), William Grant & Sons (Scotland), Pernod Ricard (France), Diageo PLC (UK), Suntory Beverage & Food Limited (Japan), Bacardi Limited (Bermuda), Constellation Brands, Inc. (US), Distell Group Limited (South Africa), Asahi Group Holdings, Ltd (Japan), and San Miguel Corporation (Philippines).
Recent Developments
Oct 2021 Phillips Distilling Company, a pioneer in innovative flavors and spirits innovation for over 109 years, announced the launch of Revel Stoke, a daring new range of flavored whiskies aimed at today's independent whisky drinker. The on-and-off-premise categories will be buzzing this fall with new irreverent flavor names like "Hotbox Cinnamon," "Nutcrusher Peanut Butter," "SonofaPeach," and "Lei'd Roasted Pineapple." The unapologetic design of Revel Stoke is high-energy, personality-driven, and suited to a new demographic of whisky drinkers looking to break free from classic whisky brands.
Market HighlightsGlobal Flavored Spirits Market is projected to be valued at USD 32,768.7 Million by 2026, expanding at a CAGR of 4.28% during the forecast period.
The growth of the global flavored spirits market is driven by product innovation, the growth of the foodservice industry, and the growth of the organized retail sector.
Players operating in the global flavored spirits market are expected to witness lucrative opportunities owing to the adoption of various growth strategies.
The market in Asia-Pacific is anticipated to register the highest CAGR during the review period.
Many grains, including barley, corn, rye, and wheat, are used in the production of whiskey.
Whiskey is typically aged in wooden casks and is generally made of charred white oak.
