White Spirits Market Size To Reach $93.5 Billion By 2030

White Spirits Market Growth & Trends

The global white spirits market size is anticipated to reach USD 93.5 billion by 2030, according to a new report by Grand View Research, Inc. The market is projected to grow at a CAGR of 6.4% from 2024 to 2030. Increasing cocktail consumption as well as improved standard of living in countries, such as China and India, are the key factors responsible for the growth of the market.

Growing population at a global level, coupled with rising per capita income, have induced consumers with aspirational drinking among the cosmopolitan consumers. Increasing acceptance of shim drinks focusing on lower-alcohol content is driven majorly by millennials on account of choosing premium products of spirits and cocktails. Premiumization is expected to be a prominent trend influencing the alcohol market, particularly in the market of Europe.

The market of Europe, particularly in U.K., witnessed growing demand for gin spirits, whereas surge in demand for vodka was observed in North America, particularly in U.S. Consumer preference for fruit flavored alcohol is witnessing a surge in the vodka spirit market. In June 2018, Pernod Ricard brand Absolut introduced flavored drinks from fruit juice and Licor 43 launched its new line extension made from coffee.

Key industry players are striving for product innovation and new product launches as consumers are focusing on the ingredients of alcoholic drinks. For instance, in March 2019, White Claw Hard Seltzer launched a limited-edition variant of alcoholic seltzer.

Asia Pacific held the largest market share and is expected to grow due to improving living standards and increasing per capita income, especially in China and India. Moreover, growing population in the region with more number of younger population will fuel the industry expansion over the coming years.

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White Spirits Market Report Highlights

• The vodka segment dominated the market and accounted for a revenue share of 61.1% in 2023. The versatility and neutral flavor of vodka make it a popular choice for a wide range of cocktails and mixed drinks.

• The off-trade distribution channel accounted for the largest revenue share in 2023. The convenience and accessibility of off-trade channels, such as supermarkets, hypermarkets, and liquor stores, make them a preferred choice for consumers.

• Asia Pacific white spirits market dominated the market revenue share with 28.4% in 2023 owing to the region's burgeoning population, rising disposable incomes, and swift urbanization, there has been a marked increase in the demand for alcoholic beverages.

White Spirits Market Segmentation

Grand View Research has segmented the global white spirits market on the basis of product, distribution channel, and region:

White Spirits Type Outlook (Revenue, USD Million, 2018 - 2030)

• Vodka

• Rum

• Gin

• Others

White Spirits Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)

• On-Trade

• Off-Trade

White Spirits Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

• Asia Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia & New Zealand

• Central & South America

  • Brazil

• Middle East and Africa (MEA)

  • South Africa

List Of Key Players in the White Spirits Market

• Diageo

• BACARDI

• Pernod Ricard

• Suntory Global Spirits, Inc.

• Stock Spirits Group.

• Proximo Spirits,

• Alberta Distillers, LTD

• William Grant & Sons

• JACOB RIEGER & CO.

• Rémy Cointreau