Luxury Wines and Spirits Market to Register $414.8 Billion by 2031: Allied Market Research

Allied Market Research published a report, titled, “Luxury Wines and Spirits Market by Type (Wines and Spirits), and Distribution Channel (Wholesale, Retail, E-commerce, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2031″. According to the report, the global luxury wines and spirits industry generated $229.4 billion in 2021 and is anticipated to generate $414.8 billion by 2031, witnessing a CAGR of 6.2% from 2022 to 2031.

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Prime determinants of growth

The growth in interest in premium and unique products, the rise in demand for organic and sustainable products, and the popularity of experiential marketing drive the growth of the global luxury wines and spirits market. However, high prices of products and availability of counterfeiting products restrict the market growth. On the other hand, innovation and new product development is providing lucrative opportunities for the market growth.

Report coverage & details:

Covid-19 Scenario

• The luxury wines and spirits industry had been negatively impacted by the COVID-19 pandemic, with sales declining and challenges in production and distribution.
• The pandemic caused disruptions to the global supply chain, resulting in delays in shipments and difficulties in sourcing raw materials. This impacted the production and distribution of luxury wines and spirits.

The wine/champagne segment to maintain its leadership status throughout the forecast period

Based on type, the wine/champagne segment held the highest market share in 2021, accounting for nearly three-fifths of the global luxury wines and spirits market revenue, and is estimated to maintain its leadership status throughout the forecast period. Consumers who have an inclination toward fine quality products rather than price drive the market growth. However, the spirits segment is projected to manifest the highest CAGR of 6.7% from 2022 to 2031, as 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 retail segment to maintain its leadership status throughout the forecast period

Based on distribution channel, the retail segment held the highest market share in 2021, accounting for more than two-fifths of the global luxury wines and spirits market revenue, and is estimated to maintain its leadership status throughout the forecast period, though the number of wholesalers is on a rapid increase, there is a large consumer base that still prefers to buy wines and spirits from retail shops, as they believe that it saves money and time. Affluent customers are the ones who often buy luxury wines and spirits through retail shops. However, the others segment is projected to manifest the highest CAGR of 7.7% from 2022 to 2031. Discounted shops are one of the most preferred platforms by consumers for buying luxury wines & spirits. Consumers prefer these stores as they get the latest products at discounted prices.

Europe to maintain its dominance by 2031

Based on region, Europe held the highest market share in terms of revenue in 2021, accounting for around two-fifths of the global luxury wines and spirits market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to changing lifestyle and a considerable rise in disposable income in Europe. However, the LAMEA region is expected to witness the fastest CAGR of 8.5% from 2022 to 2031. Factors such as rapid urbanization and a rise in disposable income in is expected to increase the demand for the luxury wines and spirits market in this region.

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Leading Market Players: –

• DIAGEO PLC.
• PERNOD RICARD
• BACARDI LIMITED
• BROWN-FORMAN CORPORATION
• THAI BEVERAGE PUBILC COMPANY LIMITED
• DAVIDE CAMPARI-MILANO N.V.
• HITEJINRO CO., LTD.
• SUNTORY HOLDINGS LIMITED
• LVMH
• BAYADERA GROUP

The report provides a detailed analysis of these key players of the global luxury wines and spirits market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Source From:- https://www.prnewswire.com/news-releases/luxury-wines-and-spirits-market-to-register-414-8-billion-by-2031-allied-market-research-301803863.html

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