Premium Spirit Market Worth $235.74 Billion By 2027

The global premium spirit market size is expected to reach USD 235.74 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 10.3% from 2020 to 2027. Rising demand for better tasting and good quality alcoholic beverages among millennial consumers has been fueling market growth across the world. Furthermore, the growing association of high-end spirits, such as scotch and bourbon whiskey, with lifestyle, along with the launch of innovative products, has been expanding the premium spirits industry scope.

Selfie time. Cute young girl smiling and taking selfies in the bar while drinking

Vodka dominated the market with more than 25.0% share in 2019 in terms of revenue. Authentic and flavored vodkas have gained traction among the consumers owing to the growing cocktail culture. For instance, in October 2018, CÎROC, a vodka brand of Diageo, launched its CÎROC Black Raspberry. This vodka is made with grapes with a unique blend of black raspberry, which offers a citrus flavor and a smooth finish. Introducing innovative flavors is a strength of the CÎROC brand.

The tequila segment is expected to witness the fastest growth over the forecast period. With the improving quality, consumers’ interest in tequila has been rising, along with its price. The 100% blue agave tequila category has been gaining traction among the consumers and boosting the segment growth. In September 2019, Cincoro Tequila launched one of the finest quality tequilas made with 100% Weber Blue Agave.

As of 2019, Asia Pacific held the largest volume share of more than 40.0%. The growth of the market is majorly attributed to the growing middle-class population and the increasing adoption of alcoholic beverages in the emerging economies of the region. China, India, Australia, and South Korea are key markets of the region where the products have been gaining popularity over the years.

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https://www.grandviewresearch.com/industry-analysis/premium-spirit-market

Further key findings from the study suggest:

The off-trade distribution channel is expected to register the fastest CAGR of 10.4% from 2020 to 2027 in terms of revenue. The provision of promotional prices and the emergence of e-commerce has been fueling the growth of this distribution channel
The vodka product category dominated the market by accounting for over 25.0% share of the global revenue in 2019. Increased launch of flavored products has boosted the adoption of the product across the world
The on-trade distribution channel held the largest share of more than 55.0% in 2019 in terms of revenue. These channels are expected to gain popularity as a result of the increasing interest of millennials in spending their weekends in restaurants and bars.

Cognac Market Size Worth $5.09 Billion By 2027

The global cognac market size is expected to reach USD 5.09 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.5% over the forecast period. The growing popularity of the product is attributed to the increasing demand for premium brandy among the consumers at the global level. The unique taste and flavor of the product have led to some ardent factions of the product. Cognac generally does not have an age stated on the bottle. Over the past few years, it has evolved as an international spirit sold across the U.S., China, Singapore, and Russia.

Product launches have played a vital role in creating a wide penetration of the product. In May 2020, Douglas Laing launched a new product, Cognac Finished Lowland Malt Scotch Whisky. The product has a natural golden color, which belongs to the Epicurean Wood Series and is packaged with ABV content of 48%. The product is a move towards exhibiting the significant effect of the cask on whiskey. The company claimed that these spirits are composed of tropical style notes with fiery ginger, lychee, coconut, and sandalwood.

North America dominated the market and accounted for over 35.0% share of the global revenue in 2019. The strong foothold of the region is attributed to the strong consumption of high-end alcoholic drinks among the students and working-class people in countries, including the U.S. and Canada.

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https://www.grandviewresearch.com/industry-analysis/cognac-market

Further key findings from the report suggest:

The V.S. cognac grade segment accounted for more than 50.0% share of the global volume in 2019. The segment growth is propelled by the constant demand for new products among customers
By distribution channel, on-trade is expected to register the fastest CAGR of 6.4% from 2020 to 2027 in terms of volume. Rising spending on providing attractive offers to the customers while ordering alcoholic drinks in bars and restaurants is expected to remain a favorable factor for the segment growth
Asia Pacific is expected to register the fastest CAGR of 4.0% from 2020 to 2027 in terms of revenue. This growth is attributed to increasing demand for cognac in Far-East countries, including China, Japan, South Korea, Singapore, and Vietnam
Off-trade distribution channel led the market and accounted for more than 55.0% share of the global volume in 2019. Consumers prefer buying drinks from various liquor stores, as these come at a cheaper price than most other on-trade distribution channels.

Craft Beer Market Size Worth $502.9 Billion By 2025

The global craft beer market size is expected to reach USD 502.9 billion by 2025, expanding at a CAGR of 19.9%, according to a new report by Grand View Research, Inc. The market is expected to witness substantial growth over the forecast period on account of the rising demand for low alcohol by volume (ABV) and flavored beer.

The government in countries including Australia, New Zealand, Belgium, Mexico, China, and the UK are promoting the production of craft beer and incorporation of new breweries on account of the positive contribution of the industry towards economic development and employment generation coupled with the willingness of the consumer to pay extra for better tasting brews.

Australia, Belgium, Germany, U.S. and New Zealand are the major craft beer producing countries with over 65% of the overall production in terms of value as well as volume. Belgian is the most preferred beer among the major craft beer consuming countries owing to the premium quality, clean taste and rich flavor & aroma of the brews.

Furthermore, the number of brewers in the global market is growing significantly on account of the rising demand for the product. As a result, the demand for grains such as barley, wheat, yeast, sugar, and hops is increasing substantially. However, the alternative applications of the raw materials are expected to lower the bargaining power of the brewers.

The demand for the pale ale, IPA, and amber ale is growing as these three craft products are widely preferred by the consumers owing to the balanced composition of the raw materials in the product including malt, hops, water, and yeast.

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http://www.grandviewresearch.com/industry-analysis/craft-beer-market

Further key findings from the report suggest:

On-trade distribution of craft beer accounted for over 50% in 2015 of the overall volume share, which is primarily attributed to the high consumption of the product in restaurants, bars, and clubs in developed economies including UK, Australia, and Belgium
Off-trade distribution of the product is expected to witness significant growth in developing economies as the consumer spending power in these countries is low with high price of the product in on-trade distribution outlets as compared to its counterpart
Europe is expected to account for the largest market share in terms of volume owing to the high consumer preference for flavored beer over other alcoholic spirits. In addition, increasing demand for IPA and pale ale in the region is expected to have a positive impact on the craft beer market growth
Middle East & Africa is expected to grow at a CAGR of 28.9% owing to the increasing penetration in South Africa. The growing consumer awareness about the wide range of flavors and styles of the product is expected to be a crucial factor for market growth in the country
Key players in the craft beer industry include The Boston Beer Company, The Gambrinus Company, D.G. Yuengling and Son, Stone & Wood Brewing Co. and Chimay Beers and Cheeses. These major players compete on the basis of acquiring new markets and increasing their product portfolio.

Hard Seltzer Market Size Worth $14.5 Billion By 2027

The global hard seltzer market size is expected to reach USD 14.5 billion by 2027, expanding at a CAGR of 16.2%, according to a new report by Grand View Research, Inc. The market is expected to experience substantial growth during the forecast period owing to the growing popularity of low content alcoholic beverages among the millennials in the developed economies including the U.S., Canada, and Australia. Furthermore, strong marketing campaigns by alcoholic drinks companies on such products is expected to have a positive impact on the industry.

Products launched have played a crucial role in the growing penetration of hard seltzer. In June 2020, Tesco announced to launch dedicated hard seltzer. It will be distributed by Mark Anthony Brands. The launch makes a significant milestone for the category in the U.K. that has been turning into a hotspot for hard seltzer manufacturers. In November 2019, AB InBev’s launched Mike’s Hard Sparkling Water in the U.K. The increasing demand for the product in the country is attributed to the increasing demand for healthier products with low calorie and sugar and clean labels which are still luxurious.

Similarly, in June 2020, Smirnoff Seltzer also entered the U.K. through various off-trade channels. The product is available in two flavors in the country including Smirnoff Seltzer Orange and Grapefruit, and Smirnoff Seltzer Raspberry and Rhubarb. The product is available in 250ml cans with ABV content of 4.7% and is priced at GBP 1.8 per can.

Australia has been evolving as another major center for the industry. Along with White Claw, Carlton and United Breweries launched Actual Vodka Seltzer in the country in May 2020, in two flavors including pure and lime. The drink contains 4.2% ABV and 100.0% natural ingredients.

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https://www.grandviewresearch.com/industry-analysis/hard-seltzer-market

Further key findings from the study suggest:

Hard seltzer with 1.0% to 4.9% ABV content is expected to register the fastest growth during the forecast years with a CAGR of 16.6% from 2020 to 2027. Low ABV content of such products is expected to attract health-conscious consumers over the next few years
On-trade is expected to register the fastest growth during forecast years with a CAGR of 16.5% from 2020 to 2027. An increasing number of consumers drinking hard seltzers in bars and restaurants is creating the rising opportunity
Asia Pacific is expected to register the fastest growth during forecast years with a CAGR of 17.0% from 2020 to 2027. A large number of manufacturers focusing on the Australian market is playing a crucial role in the growth of the market
North America dominated the market by contributing over 70.0% in the global revenue in 2019. The wide penetration of the product in the U.S., Canada, and Brazil is acting as a catalyst in creating dominance.

U.S. Energy Drinks Market Worth $26.93 Billion By 2025

U.S. Energy Drinks Market - Grand View Research

The U.S. energy drinks market size is expected to reach USD 26.93 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 7.2% during the forecast period. Growing consumer awareness regarding health benefits of natural and organic drinks has been driving the market. Energy beverage consumption has turned into a status symbol, especially for youth. Such consumer behavior type is expected to drive further the overall market demand. Consumption of alcohol mixed with these energy beverages is quite popular in urban areas.

Energy drinks have formed an integral part of social gatherings, parties, and celebrations. Substitute’s availability is anticipated to provide a significant threat to industry growth. Energy drinks face stiff competition from aerated beverages, malted health drinks, and packaged juice.

Taurine is another major component, which is essential for cardiovascular function and skeletal muscle development. Energy drinks manufacturers claim that these beverages reduce muscle fatigue, ease the mental process and protect heart health. However, a scientific consensus is yet to be achieved to support these statements. Increasing awareness of health consciousness is the key driver for the growth in energy drinks demand.

Recent trends show that most of the manufacturers create product awareness through attractive advertising. These manufacturers sponsor major sports events. Red Bull undertakes marketing campaigns in major football events and Formula 1 car racing. They have been targeting the youth through extreme sports event. Distinguished sports personalities are endorsed to promote the brand. This kind of push strategy for increasing the global demand is very popular in energy drink market.

The non-organic segment was the leading revenue contributor in 2016. Due to high initial market penetration and no specific focus on the target market, these products are projected to aid the market. At the same time, people lack awareness about the choice of products and these happen to be cheaper than their counterparts. However, there has been a trend of organic substances based products that have penetrated the market.

This trend has also penetrated the energy drinks market. Since people are realizing the importance of organic compounds in their consumption habits, this segment is expected to aid its growth in the U.S., eventually will increase the growth of organic energy drinks market exponentially over the forecast period. Increasing disposable income and changing lifestyle of young population are expected to trigger market growth of on-trade distribution channel over the forecast period.

Increasing demand for convenience beverage and changing lifestyle in the region like workaholic culture, rising sports activities and increasing income are attributed to the market growth. The growing urban class has been the most attracting factor for the market growth in the U.S. The rising popularity of sports in the country has a huge potential for promoting their brand and create a sense of recognition and loyalty among the customer.

The U.S. economy is undergoing a large-scale development. Due to this there is huge demand for these energies enhancing drinks since they improve the performance of the individuals and help them to deliver better results and impact positively to the growth of U.S. energy drinks market over the forecast period.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/us-energy-drinks-market

Further key findings from the report suggest:

The non-organic segment is likely to reach USD 18.69 billion by 2025, at a CAGR of 7.0% from 2017 to 2025
In terms of revenue, the organic segment is expected to expand at a CAGR of 11.6% over the forecast period
In terms of revenue, the adult segment is poised to exhibit a CAGR of 7.7% over the forecast period
The on-trade distribution channel market is projected to exceed USD 18.5 billion by 2025
The off-trade & direct selling segment is estimated to register a CAGR of 6.4% over the forecast period
The industry is characterized by accreditation of the product, capacity expansion, capital expansion, and substantial investment decisions to improve market share. Some of the prominent companies are Red Bull GmbH, Monster Energy, and Rockstar.

Canned Wine Market Worth $155.1 Million By 2027

The global canned wines market size is expected to reach USD 155.1 million by 2027, expanding at a CAGR of 10.4% over the forecast period, according to a new report by Grand View Research, Inc. Rising demand for portable and less fragile wine containers than glass for increased convenience is a key factor fueling the market growth. Moreover, increasing participation in outdoor recreational activities, such as camping, fishing, and hiking, is propelling the demand for the product.

Over the past few years, increasing enthusiasm for outdoor recreational activities has opened new avenues for canned wines. Millennials and working class people are increasingly spending on wine over other alcoholic beverages, such as whiskey and rum. Moreover, these metal cans are less expensive than the glass bottles, more environment friendly, and have considerably higher recycling rate than glass. These advantages are expected to boost the demand for these canned drinks over the forecast period.

North America emerged as the largest regional market for canned wines with a share of more than 35.0% in 2019 owing to increasing number of households participating in camping as an outdoor recreational activity. According to the statistics provided by the 2019 North American Camping Report, the number of camping households in U.S. increased by 1.4 million from 2017 to 2018. Moreover, major players in the market are launching new products in order to increase the booze tourism in the region.

The market is slightly fragmented owing to the presence of a number of domestic as well as international players across the globe. Moreover, major players are adopting various market strategies in order to capture greater market share. For instance, in March 2020, Integrated Beverage Group (IBG) announced the acquisition of Ransom Wine Co. & Distillery.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/canned-wines-market

Further key findings from the study suggest:

By product, sparkling canned wine held the largest share of more than 60.0% in 2019 and is expected to maintain its lead over the forecast period. This segment consists of all types of sparkling wines, including demi-sec, extra dry, brut, and extra brut
Fortified canned wine is expected to exhibit the fastest CAGR of 10.7% from 2020 to 2027 owing to increasing demand for fortified wines, especially vermouth, majorly in North America and Europe owing to their low sugar as well as ABV content
The online retail distribution channel is anticipated to expand at the fastest CAGR of 10.7% from 2020 to 2027 owing to increasing participation of millennials, young generation, and working class population in the online shopping of food and beverages
North America led the canned wine market and accounted for a share of more than 35.0% in 2019 owing to substantial consumption among millennials in U.S.
Key market players include E & J Gallo Winery, Union Wine Company, Integrated Beverage Group LLC, SANS WINE CO, Sula Vineyards Pvt. Ltd., and The Family Coppola.

U.S. Energy Drinks Market Worth $26.93 Billion By 2025

Click the link below:
https://www.grandviewresearch.com/industry-analysis/us-energy-drinks-market

Further key findings from the report suggest:

The non-organic segment is likely to reach USD 18.69 billion by 2025, at a CAGR of 7.0% from 2017 to 2025
In terms of revenue, the organic segment is expected to expand at a CAGR of 11.6% over the forecast period
In terms of revenue, the adult segment is poised to exhibit a CAGR of 7.7% over the forecast period
The on-trade distribution channel market is projected to exceed USD 18.5 billion by 2025
The off-trade & direct selling segment is estimated to register a CAGR of 6.4% over the forecast period
The industry is characterized by accreditation of the product, capacity expansion, capital expansion, and substantial investment decisions to improve market share. Some of the prominent companies are Red Bull GmbH, Monster Energy, and Rockstar.