The global pisco market size isprojected to reach USD 1,057.8 million by 2027, exhibiting a CAGR of 6.2%during the forecast period. Increasing awareness about the potential healthbenefits of pisco will play a central role in augmenting the development ofthis market, observes Fortune Business Insights™ in its report, titled “Pisco MarketSize, Share & COVID-19 Impact Analysis, By Origin (Peruvian and Chilean),Type (Puro, Acholado, and Others), and Regional Forecast, 2020 – 2027”.Pisco is a certain type of brandy that is derived from fermented grape juice.The drink is native to Chile and Peru, where pisco is considered the nationalbeverage. Not only does pisco have an exotic taste but it also offers somedistinct health benefits to drinkers. For example, drinking pisco after meals stimulatessecretion of gastric juices, thus aiding digestion.
Moreover, in case of hypothermia, adding pisco in hot tea alongwith lemon and honey can bring instant warmth to the body and prevent the bodytemperature from rising suddenly. In addition to this, flu-induced sore throatand fever can also be relieved by taking pisco-based tinctures. Thus, thisPeruvian-Chilean drink promises a host of advantages related to health, whichwill increase its consumption around the world.
Restraining Factors
Staggered Operations of Hotels & Bars amid COVID-19 toRestrict Market Growth
The pisco market growth is facing massive impediments amid theCOVID-19 as the pandemic led to the initial closure and subsequent staggeredopening of bars and restaurants in major economies. In the US, for example, thestates of Florida and Texas announced that bars will have to shut down to stopthe spread of the coronavirus, when cases spiked in June 2020.
In March, when the pandemic erupted, several casinos in Las Vegasclosed their operations, while states such as Ohio and California directed barsand restaurants to announce temporary closures. Even now, with countries slowlyrestoring economic activities, bars are being forced to follow strict time andsocial distancing regulations. For example, in the UK, bars have beeninstructed to close down by 10pm, while in India the Maharashtra stategovernment has allowed bars and restaurants to function with limited capacity.The imposition of the coronavirus-induced lockdown and social distancingmeasures on bars is, therefore, likely to stymie the demand and consumption ofexotic alcoholic beverages such as pisco.
Regional Insights
South America to Occupy Driver’s Seat; Europe to Present ExcitingProspects
At USD 374.4 million, South America dominated the pisco marketshare in 2019 as the region is home to the two largest producers of the drinkin the world, Peru and Chile. Companies in this region are constantlyinnovating and developing unique alcoholic blends to cater to the growingpopularity of exotic drinks in North America and Europe. Moreover, thecompanies are also producing premium pisco variants for the domestic as well asthe international market.
Europe is slated to emerge as the second-largest region for this market due tothe surging demand for traditional foreign alcohols across the continent. InAsia Pacific, the market outlook appears wide and bright on account of thedeepening cultural and trade relations among Asian and South Americancountries.
Competitive Landscape
Cooperative Agreements and Measured Expansions to Spur Competition
With pisco gaining widespread popularity, grape producers and alcohol companiesin Chile and Peru are seeking agreements that can help farmers as well as thekey market players. These mutually beneficial deals are crucial as they provideincentives to key players to innovate and expand their operations, whilefarmers are encouraged to produce more and adopt modern farming technologies.
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https://www.fortunebusinessinsights.com/industry-reports/pisco-market-100203
