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2020
Luxury Wines And Spirits Market

Luxury Wines and Spirits Market

by Type (Wines/Champagnes and Spirits) and Distribution Channel (Wholesale, Retail, E-Commerce, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027
Update Available On-Demand

Report Code: A01484
Pages: 213
Jun 2020 | 31835 Views
Author(s) : Raju K , Roshan D
Tables: 102
Charts: 64
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The global luxury wines and spirits market size was valued at $970 billion in 2019, and is anticipated to reach $1,411 billion by 2027, with a CAGR of 4.9% during the forecast period. Luxury wines and spirits constitute alcoholic beverages having alcohol by volume (ABV) ranging from 3 to 40%. The drinks currently offered in the market are wines and distilled spirits, which generally are of fine quality and premium priced. These products are generally consumed during occasions such as marriages, parties, social gatherings, and other celebrations. Owing to government regulations, these beverages cannot be consumed by people aged below 17 years of age in most countries. Therefore, these beverages are increasingly becoming popular among middle-aged consumers, who are between 35 and 55 years of age.  

As the living standards of people have increased globally, the aspiration of customers to consume premium quality luxury products is also expected to grow. The consumption of these products is often associated with occasions such as celebrations. Furthermore, dependency of these products at marriages, parties, and social gatherings is anticipated to drive the market in the coming years. Moreover, the premium luxurious product market experienced considerable growth across most regions in 2019, driven primarily by robust consumption. Luxury brands have started to develop accurate social media strategies to engage tech-savvy young consumers in social media activities that seek greater value for money, more personalization, and integrated digital access. A significant increase has been witnessed in the number of netizens along with rise in internet penetration. Most key players in the luxury wines and spirits market strategize on promoting their products on various social media platforms. Thus, through the social media marketing strategy, the luxury wines and spirits market is expected to sight critical growth opportunity during the forecast period.  

Rise in number of consumers suffering from alcohol addiction has been a great concern for governments of different nations. As a result, many governments have imposed stringent rules and regulations about sales and distribution of these products. Moreover, there are restrictions on advertisements and promotions of such products, which restricts the marketing strategies available to manufacturers. In addition, some governments also support campaigns and non-government organizations (NGO) that condemn the use of such beverages. These factors act as major hindrances for the market growth.

Emerging nations are expected to provide major opportunities for the luxury wines and spirits market growth during the forecast period. Rise in acceptance of wines and spirits consumption and surge in popularity of vintage wines for special occasions are expected to stimulate the market growth in nations such as China, Canada, and Germany. Moreover, rise in social media trends in developed countries is also taking lifestyle of millennials and Gen Z toward spending more on premium products, which is expected to open new avenues for the market participants to enter emerging markets.  

Luxury-Wines-&-Spirits-Market-2020-2027

According to the luxury wines and spirits market analysis, the market is segmented on the basis of type, distribution channel, and region. By type, it is categorized into wines/champagnes and spirits. By distribution channel, it is divided into wholesale, retail, e-commerce, and others. Region-wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia-Pacific), and LAMEA ( Latin America, the Middle East, and Africa).   

Luxury Wines and Spirits Market
By Type

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The Spirits segment helds the major share of 61.04% in 2019

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On the basis of type, the spirits segment accounted for the maximum share in the global market in 2019 and is likely to remain dominance throughout the luxury wines and spirits market forecast period. The luxury spirits market currently offers alcoholic drinks such as vodka, gin, rum, and brandy that have more alcohol by volume (ABV) than other alcoholic beverages. The luxury spirits market has seen a significant growth, owing to increase in popularity of cocktail drinks. Spirits are majorly consumed in Europe, as the region host numerous sports and other events where consumption of alcoholic beverages is a common trend. 

Luxury Wines and Spirits Market
By Distribution Channel

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The retail segment witness a CAGR of 4.30% from 2020-2027

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On the basis of distribution channel, the retail segment held a significant luxury wines and spirits market share in 2019. Growth of the retail segment in the market can be attributed to increase in adoption of retail shops in both mature and emerging markets. Moreover, one stop solution provided by these retail formats make it a very popular option among consumers. Furthermore, these retail formats offer a wide range of products at a competitive price to customers and are usually located at easily accessible areas, which adds to the overall attractiveness of this segment.

Luxury Wines and Spirits Market
By Region

2027
Europe 
North America
Asia-pacific
Lamea

The Europe region helds the higest market share of 41.22% in 2019

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On the basis of region, Europe dominated the market in 2019, and accounting for the maximum share. The Europe luxury wines and spirits market is mature and homogenous with high penetration, which is dominated by leading key players such as Campari, Bacardi, Pernod Richard, and Diageo. Changing lifestyle, owing to considerable rise in disposable income, further boosts the demand for luxury wines and spirits in Europe. To cater to increase in demand from customers, companies are acquiring big and local players to increase their product portfolio of luxury wines and spirit products in Europe. 

Players in the luxury wines and spirits market have adopted business expansion and product launch as their key developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in the report include Diageo, Pernod Ricard Bacardi, Brown-Forman, Thai Beverage Public Company Limited, Davide Campari-Milano S.p.A, Hitejinro Co.Ltd, Suntory Holdings Limited, Edrington, and LVMH Moët Hennessy - Louis Vuitton.  
 
Key Benefits For Stakeholders  

  • The report provides a quantitative analysis of the current luxury wines and spirits market trends, estimations, and dynamics of the market size from 2019 to 2027 to identify the prevailing opportunities.

  • Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.

  • In-depth analysis and the market size and segmentation assists in determining the prevailing luxury wines and spirits market opportunity.

  • The major countries in each region are mapped according to their revenue contribution to the market.   

  •  The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the luxury wines and spirits industry.

Luxury Wines and Spirits Market Report Highlights

Aspects Details
By Type
  • Wines/Champagnes
  • Spirits
By Distribution Channel
  • Wholesale
  • Retail
  • E-Commerce
  • Others
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, France, UK, Spain, Italy, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, Australia, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players DIAGEO, PERNOD RICARD, BACARDI, BROWN-FORMAN, THAIBEV, DAVIDE CAMPARI-MILANO S.P.A., HITEJINRO CO.LTD, SUNTORY HOLDINGS LIMITED, EDRINGTON, LVMH MOËT HENNESSY - LOUIS VUITTON
 

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Rise in demand for wine and increase in wineries are among the major factors that boost the market growth. A huge consumption of wine has been noted during past years, which is expected to continue during the forecast period. Consumer attractiveness toward different flavors of wines and spirits with its significant quality and reasonable pricing is among the main factors that drive the market growth. The demand for flavors of luxury wines and spirits have led manufacturers to invest more in R&D to provide innovative products in the market.  

The luxury wines and spirits consumption is led by Europe and the region has the highest per capita daily consumption of luxury wines and spirits compared to other regions. North America offers incremental opportunities for luxury wines and spirit, hence the market in the region is likely to grow at the highest CAGR during the forecast period. Owing to increase in disposable income and aspiration of consumers toward experiential luxury, the market is expected to grow significantly in the coming years. Manufacturers are focused toward providing innovative and attractive product offerings, in terms of packaging, flavors. and style of products to gain a higher share in the luxury wines and spirits market.        
 

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FREQUENTLY ASKED QUESTIONS?

A. The growth rate of the Luxury Wines and Spirits Market during the forecast period is 4.9%

A. The Luxury Wines and Spirits Market size is likely to reach $ $1,411 billion by 2027.

A. The Luxury Wines and Spirits Market projected to grow at a CAGR of 4.9% during the forecast period (2020-2027).

A. 2019 is the base year calculated in the Luxury Wines and Spirits Market report.

A. The top active companies which holds the major market share in the Luxury Wines and Spirits Market are Diageo, Pernod Ricard Bacardi, Brown-Forman, Thai Beverage Public Company Limited, Davide Campari-Milano S.p.A, Hitejinro Co.Ltd, Suntory Holdings Limited, Edrington, and LVMH Moët Hennessy - Louis Vuitton.

A. Spirits is the most influencing segment growing in the Luxury Wines and Spirits Market report.

A. Increase in demand for premium quality luxury goods and rise in disposable income & rapid urbanization are the key trends in the luxury wines and spirits market report.

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