The Speciality Spirits Market size is estimated to reach $38.8 billion by the year 2027. Furthermore, it is poised to grow at a CAGR of 4.8% over the forecast period of 2022-2027. Speciality spirits is an upcoming product category launched by the stalwarts of liquor manufacturers. The following category of spirits offers more than just “alcohol” to the targeted population. It is also a distilled spirits, as it follows the same nomenclature of manufacturing. Moreover, it is a blend of alcohol with other varieties of nuts, fruits, or any other ingredient which will add nutritional value to the alcoholic beverage, as well as serve the component of the alcohol will remain constant. Thereby, the health benefits offered by the speciality spirits along with the preferential change to adopt “flavored alcoholic drinks” are some of the factors that are driving the speciality spirits market during the forecast period of 2022-2027
Competitive Landscape:
The top 5 players in the Aloe Vera-based Drinks industry are –
1. Takara Shuzo
2. Fazenda Futuro
3. Prohibition Spirits Distillery
4. International Wines & Craft Beer and Craft Distillers
5. Campari Group
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Segmental Analysis:
1. The specialty spirit market can further be segmented into Baijiu, Shochu, Sake, Soju, and Cachaca on the product types. Baijiu held a dominant market share in the year 2021. Moreover, the Baijiu segment is estimated to be the fastest-growing, with a CAGR of 5.6% over the forecast period of 2022-2027. It is owing to the launch of various product offerings and the ability to create more product classifications.
2. The Speciality Spirits market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held the largest share of 40% as compared to the other regions in 2021. However, Asia-Pacific is estimated to offer lucrative opportunities in the speciality spirits market.
3. The speciality spirits market can be further segmented into B2C and B2B channels based on the distribution channels. The B2C segment held a dominant market share in the year 2021. However, the B2B segment is estimated to be the fastest-growing segment with a CAGR of 5.9% over the forecast period of 2022-2027.
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Report Coverage |
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Report Attributes |
Details |
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By Product Type |
Baijiu, Shochu, Sake, Soju, Cachaca
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By Distribution Channel |
Business to Business and Business to Consumers |
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By Geography |
North America, Europe, Asia-Pacific, South America and Rest of World |
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Market Drivers and Challenges:
1. The rising preference for adopting “healthy” alcoholic drinks has driven the specialty spirit market : Predominantly, Alcoholic drinks were related to being a supportive case for developing cardiovascular diseases. Moreover, the matters related to cardiovascular diseases in prominent regions such as the US that has seen a steady YoY growth of 1.25% in terms of diabetes and other ailments.
2. The traditional linkages with the speciality spirits with the populations have been a market driver : The speciality spirits have had a traditional backing from various regions. Such as Baijiu, a spirit hailing from the Asia Pacific region of China. Moreover, the following region consumes Baijiu at a rate of 9.43 L/ year(individual) which is higher than the mean of the US, which has a consumption of 8.2L/ year(individual).
3. The cost of speciality spirits is higher than traditional alcoholic drinks impeding market growth : A challenge that speciality spirits are facing is the cost at which the products are offered to prospective consumers. For example, the cost to procure a 15% ABV in the form of wines can be anywhere from $10 to $15 but purchasing a specialty spirit can cost someone between $22-and $25. Thus, although the application of speciality spirits in daily lives is more intensive than other liquor-oriented beverages, the growth potential is severely hampered by the impending costs.
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