Luxury Wines and Spirits Market Overview:
Global Luxury Wines and Spirits Market was valued at $812,108 million in 2015, and is expected to reach $1,122,578 million by 2022, supported by a CAGR of 4.8% during the forecast period 2014 - 2022. The global luxury wines and spirits market is a premium consumer goods market that is concentrated on consumers focused on quality than pricing. The products offered in this market are high quality fermented wines and distilled spirits such as rum, vodka, and brandy. They are usually distinguished by their content of alcohol by volume (ABV) which usually varies from 3 to 40% in these products.
The consumption of luxury wines and spirits generally associated with events of significance importance in the consumer’s life for instance celebrations, anniversaries, parties, social gatherings, and personal moments. Currently, the products offered in this market are wines extracted from different fruit juices, for instance, grapes, apples, and pomegranate. Whereas, products containing spirits includes distilled beverages such as vodka, whisky, and tequila. In addition, with growing popularity of innovative drinks like cocktails, one can bring numerous combinations of spirits and juices.
The global luxury wines and spirits market is generally driven by consumer’s satisfaction and fine quality of the products. Furthermore, the rise in disposable incomes have increased consumption of these products as they are considered as status symbols. However, stringent government policies and regulations restrict their sales and distribution in some countries. In addition, selective distribution of these products further limits the availability of these products to the masses. Opportunities like providing quality-standardized products to the large masses at comparatively less premium pricing can boost the market growth. Moreover, by expanding the distribution channels to provide these products to larger masses can provide a potential increase in consumers in the near future.
Top Winning Strategy
Leading market players have adopted various strategies to achieve additional market share. These key strategies are gathered from press releases, annual reports of market players, and primary calls made to industry experts. Market players profiled in this report are luxury wines and spirits producers. Key strategies adopted by these players include product launch, joint venture, acquisition, partnership, expansion, and investment.
The above pie chart represents the percentage split of the strategies adopted by the key market players. Product launch accounted for 43% of all strategies adopted, while acquisition is the second topmost strategy, accounting for 33% of the overall strategies.
Top Investment Pocket
The current luxury wines and spirits market trends result attractive profitable opportunities for market in developing economies such as Asia-Pacific and LAMEA. Furthermore, owing to rapid urbanization and increase in disposable income is expected to drive the market for luxury wines & spirits. However, markets such as North America and Europe have huge market share and have almost steady year-on-year growth as shown in market segmentation chapter. These market shares have less government restrictions on sales & distribution of alcoholic beverages, however, Asia-Pacific and LAMEA have the fastest growth and can yield better returns on investment.
Wine segment is projected to witness the highest growth during the forecast period, both in terms of value and volume as the market is driven by consumers who have inclination toward fine quality of product than premium pricing of the product. And thus, providing fine-quality products is one of the key growth factors and opportunities for this market. Moreover, as these products are majorly consumed during social gatherings like parties, art exhibitions, and corporate parties, they are expected to provide attractive opportunities for the manufacturers. In addition, they have comparatively less stringent rules and regulations as compared to distilled spirits.
The LAMEA market is fast emerging luxury wines and spirits market. Factors such as rapid urbanization and increase in disposable income in African countries are expected to increase the demand to consume luxury wines and spirits market. As luxury goods are considered as status goods and with consumer aspirations to consume luxury goods with increasing living standards. This market is expected to provide attractive profitable opportunities to the manufacturers.
Key players profiled in the report Diageo, Pernod Ricard, Bacardi, Brown-Forman, ThaiBev, Campari, United Spirits, HiteJinro, Beam Suntory Inc., and Edrington Group.
Other key players in the market value chain include Mast-Jägermeister Remy Cointreau, LVMH Moët Hennessy Louis Vuitton SE and William Grant & Sons.
*These companies are not profiled, can be profiled based on client request
LUXURY WINES AND SPIRITS MARKET KEY BENEFITS :
- This report provides an extensive analysis of the current trends, future estimations, and dynamics from 2014 to 2022 of the global luxury wines and spirits market, which assists to identify the prevailing opportunities
- Geographically, the luxury wine and spirits market share is analyzed across North America, Europe, Asia-Pacific, and LAMEA
- Exhaustive analysis predicts the applications that are currently used along with the variants that are expected to gain prominence in the future
- Competitive intelligence of leading manufacturers and distributors highlights the competitive scenario across the geographies
- An in-depth analysis of current research and developments within the market is provided with key dynamic factors that interpret the market behavior
- Extensive analysis is conducted by following key product positioning and monitoring the top competitors within the market framework
- Key market players are profiled and their strategies are analyzed thoroughly, which portrays the competitive outlook
- Detailed analysis on spirits market trends and spirits market shares are provided in the report
- Detailed analysis on luxury wines market trends and luxury wines market shares are provided in the report
LUXURY WINES AND SPIRITS MARKET KEY SEGMENTS:
BY PRODUCT TYPE
BY DISTRIBUTION CHANNEL
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Latin America