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Luxury Wines and Spirits Market Target to Reach $1411 billion by 2027
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The luxury wines market is expected to reach $1411 billion by 2027, driven by urbanization and rising disposable incomes.
According to a new report published by Allied Market Research, titled, “Luxury Wines and Spirits Market by Type and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2020–2027,” The global luxury wines and spirits market size was valued at $970 billion in 2019, and is anticipated to reach $1411 billion by 2027, with a CAGR of 4.9% during the forecast period. The market is expected to exhibit an incremental revenue opportunity of $441 billion from 2019 to 2027. Luxury wine is one of the most popular alcoholic drinks preferred by consumers due to its aroma, taste, quality, and reasonable pricing. Furthermore, global developments, triggered by megatrends such as urbanization, increasing disposable income, and rapidly aging population indirectly creates demand for luxury wine and spirits, which, in turn, supports the growth of the number of wineries.
The fast pace of global urbanization has resulted in an increased demand for luxury goods and services, especially in developing economies like LAMEA and Asia-Pacific. As these goods are considered as status symbols, they are increasingly being adopted in these countries, thus providing attractive luxury wines and spirits market opportunity to manufacturers to distribute and sell their products in these locations. Furthermore, international events like film festivals, art exhibitions, auctions, and award shows have increased the demand for wines and spirits at such social gatherings, which in turn, augments the luxury wines and spirits market growth.
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The major players in the luxury wines and spirits market are investing in R&D to enhance the quality of wine and spirits and gain competitive advantage over other players in the market. However, stringent government policies about advertisements and distribution of wines and spirits hamper the market growth.
According to the luxury wines and spirits market analysis, the market is segmented on the basis of type, distribution channel, and region. By type, it is categorized into wines/champagne and spirits. The spirit segment held the major share in the market in 2019. Growth in consumption of wine has led producers to expand their product portfolio to meet local taste and adjust their packaging designs to appeal to the local market. This, in turn, provides opportunities for key players in the market.
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On the basis of distribution channel, it is categorized into wholesale, retail, e commerce, and others. The retail segment held the major share in 2019, and is estimated to grow at a CAGR of 4.9% during the forecast period. This is attributed to the increase in adoption of retail shops in both mature and emerging markets. Moreover, one stop solution provided by these retail formats makes it a very popular option among consumers. Furthermore, these retail formats offer a wide range of products at a competitive price to customers and are usually located at easily accessible areas, which adds to overall attractiveness of this segment.
On the basis of region, the luxury wines and spirits market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (the Middle East, Latin America, and Africa). Europe led the market for luxury wines and spirit globally. This can be attributed to the expansion of the retail industry and rise in disposable income of consumers in countries including Germany, France, and Italy.
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The key players profiled in this report include Diageo, Pernod Ricard Bacardi, Brown-Forman, Thai Beverage Public Company Limited, Davide Campari-Milano S.p.A, Hitejinro Co.Ltd, Suntory Holdings Limited, Edrington, and LVMH Moët Hennessy – Louis Vuitton.
Key findings of the study
The article discusses the growth of the luxury wines and spirits market, projected to reach $1411 billion by 2027.
Urbanization, rising disposable incomes, and demand for luxury goods drive market growth.
Europe leads the global luxury wines and spirits market.
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