Increase in demand for craft spirits among millennials and baby boomers and rise in spirit tourism drive the growth of the global dark spirits market. The market across Asia-Pacific held the lion’s share in 2019, accounting for more than half of the market. Manufacturers have been formulating strategies to revive from the loss of revenue by reshaping sales channels and through product innovation.
Portland, OR, March 02, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global dark spirits market generated $87.25 billion in 2019, and is anticipated to reach $129.17 billion by 2027, growing at a CAGR of 6.4% from 2021 to 2027.
Increase in demand for craft spirits among millennials and baby boomers along with rise in spirit tourism drive the growth of the global dark spirits market. However, high taxation on dark spirits and negative health & social impact on dark spirits hinder the market growth. On the contrary, delivery via e-commerce platforms and surge in demand for clean label and organic dark spirits are expected to open lucrative opportunities for the market players in the future.
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The liquor industry was not severely affected by the Covid-19 outbreak and pandemic. However, the pandemic affected the on-trade segment owing to the closure of hotels, pubs, and bars to curb the spread of the infection.
Manufacturers have been formulating strategies to revive from the loss of revenue by reshaping sales channels and product innovation.
The global dark spirits market is segmented on the basis of type, distribution channel, and region. Based on type, the market is classified into whiskey, rum, and brandy. The whiskey segment held the lion’s share in 2019, accounting for more than 90% of the total revenue of the market. Moreover, the segment is projected to register the highest CAGR of 6.6% during the forecast period.
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On the basis of distribution channel, the market is divided into on-trade and off-trade. The off-trade segment dominated the market in 2019, contributing to nearly four-fifths of the market. However, the on-trade segment is expected to manifest the highest CAGR of 7.4% during the forecast period.
The global dark spirits market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific held the lion’s share in 2019, accounting for more than half of the market. However, the region is projected to portray the highest CAGR of 7.7% from 2021 to 2027.
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The global dark spirits market report includes an in-depth analysis of the prime market players such as Asahi Group Holdings, Anheuser-Busch InBev, Diageo, Kirin Holdings, Pernod Ricard, Suntory Holdings, LT Group, Inc (Tanduay), Bacardi Limited, The Brown–Forman Corporation, and Rémy Cointreau.
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