Spirits Global Market Report 2021: COVID-19 Impact And Recovery To 2030
The Business Research Company’s Spirits Global Market Report 2021: COVID-19 Impact and Recovery to 2030
LONDON, GREATER LONDON, UK, July 1, 2021 /EINPresswire.com/ — Spirits manufacturers are now offering ready-to-mix hybrid beverages to cater to changing consumer tastes and preferences. Hybrid beverages are a blend of alcoholic drinks from multiple beverage categories. They are prepared by using unique flavor combinations, ingredients and production methods from multiple drinks. For example, producing spirits or beers in a wine barrel to give them a distinct taste. Hybrid beverages are particularly evident in the spirit category, with products such as beer mixed with rum and tea mixed with vodka. Some of the popular hybrid beverages in the flavored spirits market include Malibu Red (rum and tequila), Kahlua Midnight (rum and Kahlua) and Absolut Tune (vodka and sparkling wine).
Asia Pacific is the largest region in the global spirits market, accounting for 58% of the market in 2020. North America is the second largest region accounting for 22% of the global market. The Middle East is the smallest region in the global spirits market.
Major companies in the market include United Spirits Ltd (A Diageo Company), United Breweries Ltd (UB), Radico Khaitan Ltd, Globus Spirits Ltd, GM Breweries Ltd.
Read More On The Global Spirits Market Report:
https://www.thebusinessresearchcompany.com/report/spirits-global-market-report
The global spirits market is expected to grow from $143.31 billion in 2020 to $150.87 billion in 2021 at a compound annual growth rate (CAGR) of 5.3%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $208.84 billion in 2025 at a CAGR of 8%.
The global spirits market is segmented by type into whiskey, vodka, rum, tequila, gin, other spirits, by distribution channel into off-trade channels, on-trade channels, and by category into mass, premium. Subsegments covered are single malt, other whiskey.
Spirits Global Market Report 2021: COVID-19 Impact and Recovery to 2030 is one of a series of new reports from The Business Research Company that provides spirits global market overview, forecast spirits market size and growth for the whole market, spirits global market segments, and geographies, spirits market trends, spirits market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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