Unveiling Growth Projections: White Spirits Sector Analysis 2023-2030
White Spirits Industry | Forecast 2030
White Spirits Industry Data Book - Vodka, Rum and Gin Market
Grand View Research’s white spirits industry data book is a collection of market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports (1 detailed sectoral outlook report) and summary presentations on individual areas of research.
White Spirits Industry Data Book Coverage Snapshot
Markets Covered
· White Spirits Industry USD 57.37 billion in 2022, 6.0% CAGR (2023-2030)
· Vodka Market Size USD 35.94 billion in 2022, 6.2% CAGR (2023-2030)
· Rum Market Size USD 13.49 billion in 2022, 5.9% CAGR (2023-2030)
· Gin Market Size USD 7.94 billion in 2022, 5.3% CAGR (2023-2030)
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the Global White Spirits Industry Data Book, 2023 to 2030, compiled with details like market sizing
information & forecasts, trade data, pricing intelligence, competitive
benchmarking, macro-environmental analyses, and regulatory & technological
framework studies
Vodka Market Growth & Trends
The global vodka market size was estimated to reach USD 40.25 billion in 2030 and is expected to expand at a CAGR of 5.6% over the forecast period. Millennials have accounted for a significant percentage of alcohol drinkers in the recent past and this trend is anticipated to continue over the forecast period. The generation exhibits significant purchasing power and represents a major demographic for the alcoholic beverages market as they form a major percentage of consumers frequently visiting restaurants and pubs. As a result, they appear to be the most powerful buyers of various food and drink items, including vodka.
Vodka-based Ready to Drink (RTD) beverages such as pre-mixed cocktails, spirits, and hard seltzers are witnessing a huge increase in new product development, which is expected to drive the market. For example, in March 2022, under the Svedka brand, Constellation Brands launched a canned vodka line. The Tea Spritz line is described as a spirit-based hard seltzer that combines real tea, sparkling water, and natural tropical fruit flavors and is available in three flavors: Orange Mango, Pineapple Guava (both of which include turmeric), and Raspberry Kiwi.
Unlike beer and wine, vodka consumption at restaurants and bars has been growing. The growth is expected to continue outpacing on-premise consumption. With consumers' return to bars following the COVID-19 disruptions, vodka's on-premise consumption has been fueled, and this trend is anticipated to continue. According to IWSR Drinks Market Analysis in 2019, total vodka on-premise sales increased by 5.9% in the U.S. Grey Goose, for example, saw a 181% increase in on-premises sales in 2021, presenting lucrative opportunities for premium vodka manufacturers.
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Rum Market Growth & Trends
The global rum market size is expected to reach USD 18.15 billion by 2030, registering a CAGR of 5.6% over the forecast period, according to a new report by Grand View Research, Inc. Rum is one of the most consumed beverages in all spirits, and consumers are highly inclined towards flavored and premium alcoholic beverages. Factors such as the growing urban population coupled with rising per capita income, consumers’ willingness to pay for premium brands, and younger generations increased footprints in places like nightclubs, pubs, and bars are expected to propel the market growth.
The high demand for flavored and spiced rums observed in recent years is driving the growth of the overall market. Rum is also extensively used for shakers, drink mixes, and cocktails thereby driving its demand among consumers. For instance, as per Wine and Spirit Trade Association in 2020, rum was declared the “drink of lockdown” owing to the availability of flavor-infused varieties. The change in consumer tastes and the growing demand for small-batch, handcrafted rum with darker/bolder flavor profiles are contributing to the growth of the market. For instance, Ron Zacapa 23 is made with brown sugar and hints of chocolate and caramel. This expression blends six to 23-year-old rum using the solera process, which combines younger and older liquids in oak casks. Such flavors have a higher preference among regular rum drinkers.
Go through the table of content of White Spirits Industry Data Book to get a better understanding of the Coverage & Scope of the study
Competitive Insights
The manufacturers aim to achieve optimum business growth and a strong market position through the implementation of various strategies such as acquisitions, new product launches, collaborations, and strengthening of distribution networks in the global as well as regional markets. White spirits material manufacturers aim to intensify their market positions by widening their customer base. Thus, multinational players are aiming to achieve business growth in the regional market through mergers, acquisitions, and other strategic initiatives.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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