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The Wine & Spirits Industry
The consumption of luxury wines and spirits has seen a significant growth in the past few years. Further the use of technology has enabled to select the finest quality of raw materials for fermentation process to yield quality wines for aging process and consumption. Besides, with increasing disposable income globally and premium pricing of the products has provided huge profit opportunities for the manufactures of the market. However, the stringent regulations regarding the advertisement and distribution of wines & spirits are expected to affect the market growth during the forecast period.
Japan is the leading consumer of luxury wines & spirits accounted for approximately 24% of the Asia-Pacific market, followed by China.
The wines segment is estimated to expand with the highest CAGR of 4.4% in the product type segment in terms of value during the forecast period.
The European region accounted for more than two-fifths of the global luxury wines & spirits market in 2015.
U.S. is the leading market for luxury wines & spirits in the North American region, growing at a CAGR of 4.9% in terms of value during the forecast period.
The European luxury wines and spirits market is largest among all other geographical regions. Furthermore, the consumption of alcoholic beverages at various social gatherings such as parties, marriages is more and provides profitable opportunities for the manufacturers. Moreover, with growing popularity of sports such as football and tennis, where audiences are often seen consuming alcoholic beverages is further expected to grow this market in the near future.