The latest market report published by Credence Research, Inc. “Global Luxury Alcohol Market: Growth, Future Prospects, and Competitive Analysis, 2015 – 2027”. The Global Luxury Alcohol Market generated revenue of around USD 773,180 million in 2020 and is anticipated to grow at a CAGR of over 6.32% during the forecast period from 2021 to 2027 to reach around USD 1,340,210 million in 2027. While, cumulative growth opportunity presented by the global Luxury Alcohol is around USD 7.98 trillion during 2021 to 2027.
Global Luxury Alcohol Market, 2020 – 2027 (USD Million)
Wines, rum, gin and vodka are some of the major types of luxury alcohols. Luxury alcohols are widely popular around the world. Luxury alcohols, especially wine is considered to be very beneficial for health is taken in moderate quantity. While, spirits are proved to be protecting heart diseases effectively when consumed in small quantity.
Wines to Grow at a Lucrative CAGR
Global Luxury Alcohol is classified into Wines/Champagnes and Spirits. Wines/Champagnes have become status symbol. With increasing desire among consumers for luxury lifestyle, the demand for Wines/Champagnes is growing. Moreover, Wines/Champagnes are also being preferred by the end-users for their health benefits. Spirits on the other hand hold the largest share of the global luxury alcohols industry.
Retail Stores to Keep Its Dominance
Wholesale, Retail, E-Commerce, and Others are major distribution channels for the global luxury alcohol industry. Online distribution channel is growing at a rapid pace around the world. Major reason behind rapid growth of luxury alcohols is promotional campaigns, attractive discounts and home delivery. While, retail stores to keep their dominance over the forecast period with over 40% share in the total revenue generation.
Asia Pacific to Emerge as a Leading Region for the Global Luxury Alcohol Market
Asia Pacific has been emerged as a rapidly growing market place for the luxury alcohols owing to increasing disposable income, changing lifestyle and growing awareness about health benefits of wines. Europe is one of the leading markets for luxury alcohols with over 30% share in total revenue generation in 2020. While, growth in Middle East will remain sluggish owing to religious restriction on intake of alcohol. U.S., Canada, Germany, UK, France, China, Japan, South Korea and India are leading markets for luxury alcohol.
Heavy Taxes to Constraint Growth Rate
Tax duties imposed by various government bodies on alcohols has been remained one of the major sources of revenues for the respective government bodies. Unlike any other product or commodity, luxury alcohols are one of the highly taxed products across the world. Which is major growth hindering factor for luxury alcohols.
Global Luxury Alcohol Market by Type, 2015 – 2027
Global Luxury Alcohol Market by Distribution Channel, 2015 – 2027
Global Luxury Alcohol Market by Company, 2015 – 2027
- Pernod Ricard Bacardi
- Thai Beverage Public Limited Company
- Davide Campari-Milano S.p.A
- Suntory Holdings Limited
- Hitejinro Co.Ltd.
- United Spirits