Luxury Wines and Spirits Market Poised for US$ 470.0 Billion by 2032: Growing Demand for High-End & Distinctive Goods to Propel Growth
Luxury wines and spirits market size from USD 250.4 billion in 2022 to USD 470.0 billion in 10 years. The increasing consumer disposable income drive the market’s growth. The Brainy Insights has launched market research services to help alcohol brands better understand their target customers and provide tailored strategies to reach more potential customers in the Luxury Wines and Spirits industry globally.
Newark, Dec. 06, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 250.4 billion luxury wines and spirits market will reach USD 470.0 billion by 2032. The use of luxury goods, advancements in technology to improve fermentation, and a surge in alcohol addiction among consumers are the main factors behind the growth of the luxury wines and spirits market. For example, in Western society, alcohol is used regularly and on exceptional occasions. A poll revealed that most people drank on the weekends and after work because they were stressed and anxious. Prospects for market expansion are also presented by growing disposable income and increased consumer spending power due to increased health awareness. Red wine, for example, has become increasingly popular due to increased awareness of its health advantages. Nearly 40% of producers have started producing distinctive red wine varieties to match the demands of their customers, which is a great opportunity for the sector. Tight government laws, on the other hand, can prevent the luxury wines and spirits market from growing since drinking too much alcohol is bad for you and can lead to diseases like diabetes, high blood pressure, etc.
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Key Insights on Luxury Wines and Spirits Market
Europe will account for the largest market size during the forecast period.
Europe is expected to have the essential luxury wines and spirits market share. Several major competitors, like Campari, Bacardi, Pernod Richard, and Diageo, dominate the mature, homogenous luxury wine and spirits sector in Europe. The demand for luxury wines and spirits in Europe is further boosted by changing lifestyles brought on by a significant increase in disposable money.
The spirits segment dominated the market with the most significant revenue of USD 137.7 billion.
The spirits segment dominated the market with the most significant revenue of USD 137.7 billion. With the surge in popularity of social media sites like Instagram and Twitter, consumers are more aware of their status and social image. As a result, consumers’ desire to purchase luxury goods rises, supporting the expansion of the market for spirits.
The retail segment dominated the market with the most significant revenue of USD 85.1 billion.
The retail segment dominated the market with the most significant revenue of USD 85.1 billion. An increase in the adoption of retail stores in both established and new regions is responsible for the growth of the retail segment in the luxury wines and spirits market. Furthermore, these retail formats’ provision of a one-stop shop makes them a highly well-liked choice among customers. The fact that these retail formats are typically situated in easily accessible regions and provide a large selection of products at low prices to clients further enhances the segment’s allure.
Report Attribute Details
|Revenue forecast in 2022
|USD 250.4 Billion
|Market size value in 2032
|USD 470.0 Billion
|Expected CAGR Growth
|2023 – 2032
|Top Market Players
|Brown-Forman Corporation, Suntory Holdings Limited, LVMH, HITEJINRO Co., Ltd., Thai Beverage Pubilc Company Limited, Bayadère Group, Diageo plc., Bacardi Limited, Davide Campari-Milano N.V., Pernod Ricard
|Product, Distribution Channel
|Customized purchase options are available to meet any research needs. Explore customized purchase options
Drivers: Increasing disposable income
The last few years have seen a significant increase in urbanisation. Consequently, there has been an increase in per capita disposable income. The increase in disposable money is driving the expansion of the market for luxury wines and spirits in several ways. People with greater disposable money are more likely to spend it on high-end luxury items like premium wines and spirits. Because they are considered symbols of wealth and status, premium wines and spirits are in higher demand.
Restraint: Counterfeit products
Counterfeiting significantly limits the size of the market for luxury wines and spirits. Counterfeit luxury wines and spirits are commodities that are marketed as genuine but are, in reality, imitations or fakes that don’t live up to the original’s standards of excellence. Counterfeiting can seriously negatively influence the sales and revenue of companies that manufacture high-end wines and spirits and their brand reputation. Selling fake items at lower prices may reduce consumer appetite for the real thing, which could lead to a fall in the market share of luxury wine and spirits companies. Customers are also at a very high risk of being the victims of counterfeiting because fake goods may be of poor quality or even contain hazardous chemicals.
Opportunity: Growing adoption of advanced technologies
Manufacturers’ increasing adoption of cutting-edge technology to enhance the fermentation process creates opportunities in the market. Global demand for wines and spirits is rising due to changing lifestyles and rising stress and anxiety among working people. Hence, it gives opportunities for the market’s growth.
Challenge: Stringent regulations
The market is being negatively impacted by the government’s strict laws and restrictions around alcoholic beverages.
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Some of the major players operating in the luxury wines and spirits market are:
● Brown-Forman Corporation
● Suntory Holdings Limited
● HITEJINRO Co., Ltd.
● Thai Beverage Pubilc Company Limited
● Bayadera Group
● Diageo plc.
● Bacardi Limited
● Davide Campari-Milano N.V.
● Pernod Ricard
Key Segments cover in the market:
By Distribution Channel :
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About the report:
The global luxury wines and spirits market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter’s five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirements whether they are looking to expand or planning to launch a new product in the global market.
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