Speciality Spirits Market Overview
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. The consumer trends are now favoring unusual product offerings, and a trend known as DIY- Do It Yourself has further increased the demand for speciality spirits. Additionally, they also contain varieties where there is no alcohol and is marketed as non alcoholic spirits.
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
Speciality Spirits Market Report Coverage
The report: “Speciality Spirits Market Forecast (2022-2027)”, by IndustryARC covers an in-depth analysis of the following segments of the Speciality Spirits Market.
By Product Type- Baijiu, Shochu, Sake, Soju, Cachaca, and Others.
By Distribution Channel- Business to Business and Business to Consumers.
By Geography- North America (U.S., Canada, Mexico), Europe (Germany, United Kingdom (U.K.), France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, Japan India, South Korea, Australia, and New Zealand, and Rest of Asia Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America), and Rest of the World (the Middle East, and Africa)
Key Takeaways
- Geographically, North America held the largest revenue share in the year 2021. It is owing to the rising trend for adopting alcoholic beverages with certain nutritional benefits. Moreover, the unusual taste preference for alcoholic beverages has been predominantly found in this region. However, Asia-Pacific shows optimal growth opportunities in the projected period. It is due to the rising trend of premiumization in speciality spirits and a rising younger population to obtain products from fair trade practices.
- The health benefits offered by the speciality spirits in treating and preventing cardiovascular diseases will act as a driver for the market. However, high production costs compared to alcoholic beverages will serve as a challenge for the market.
- Detailed analysis of the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Speciality Spirits report.
Speciality Spirits Market Segment- By Geography (%) for 2021
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Speciality Spirits Market Segment Analysis- By Product Type
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. It is owing to an efficient production method and a traditional value with the following drink in the regions. In addition, baijiu exhibits chemical properties that can help reduce the uric acid concentration and can also help in improving the lipid profiles in the younger population.
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. Sauce Flavor Baijiu is a recent launch that exhibits a taste similar to soy sauce and also emits several amino acids, which can help in reducing the prevalence of cardiovascular diseases. Strong flavor baijiu exhibits a strong after taste, while light flavor baijiu has a refreshing after taste. The following enhancements and customizations according to the dynamic demand will help this segment.
Speciality Spirits Market Segment Analysis- By Distribution Channel
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. It is owing to the stringent lockdowns imposed throughout the world because of the pandemic. Thereby shutting down the majority of restaurants and bars. Furthermore, speciality spirits have been used to make loaves of bread, cakes, and other delicacies that were predominantly made in homes due to trends such as DIY. Moreover, the B2C segment operate
