Distilled Spirits is a variety of alcoholic beverages with higher ethanol concentration than the original fermentation products. Whiskey, vodka, rum, gin, tequila and brandy are all distilled spirits, and most of them are strong spirits with higher degrees. The making process is brewing first, then distilling and then cooling, and finally the alcohol solution drink with high degree is obtained.
There are many types of distilled spirits. Whiskey, vodka and brandy are the three types of spirits that currently occupy the largest market share. Whiskey is a kind of strong distilled spirits brewed from barley and other grains, which is aged in oak barrels for many years and blended into about 43 degrees. Its value in 2019 is $86,721 million, which is the highest market value of all distilled spirits. Vodka is a traditional alcoholic beverage in Russia. It makes people feel not sweet, bitter and astringent, but only stimulated like flames, forming unique characteristics of Vodka wine. Vodka is one of the most flexible and adaptable wines among various base wines for preparing cocktails. In 2019, its value reached $52328 million, occupying 11.82% of the market share.
Distilled spirits are currently sold in a variety of areas, including supermarkets and hypermarkets, specialty stores, online stores, and convenience stores. Supermarkets and hypermarkets are traditional large-scale retail stores that operate in a modern way, striving for efficient logistics and achieving small profits but quick turnover. Generally, there are a large number of goods of different brands, prices and types in the store, which are arranged in an orderly manner, so that customers can buy all the goods they need in the same store. Therefore, supermarkets and hypermarkets have a market share of 38.65% of the distilled spirits market, which is the largest share of all applications.
Distilled Spirits Market Status and Prospect Analysis in Various Regions
At present, North America, Europe, and China are the largest markets in the distilled spirits industry, accounting for 31.24%, 22.92% and 23.89% of the market share respectively.
North America is the largest market for the distilled spirits industry, with diversified economic activities. And America and Canada have more developed economics. Although American population represents only 5% of the total population, their income account for more than 20% of the total income in the world. In addition, America has consistently pursued a policy of encouraging consumption. Personal consumption occupies the most important position in GDP. With the increase in per capita disposable income, Americans are demanding higher standard of living. Distilled Spirits industry has reached a market value of $138,327 million in 2019 and is expected to reach $151,860 million by 2025.
Europe is the first major region in the world to develop a modern economy based on commercial agriculture, industrial development and professional services. Wine culture is prevalent in Europe, so there is a great demand for distilled spirits. As a result of the epidemic, European countries have suffered serious economic losses. Distilled spirits industry can drive the recovery of the European economy. Therefore, many countries will relax the restrictions on distilled spirits industry and promote the development of distilled spirits industry. It is estimated that in 2025, its market value will rise from $101470 million in 2019 to $110203 million.
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The distilled spirits industry in China is a growing market. With a large population and the largest middle class in the world, China is an important market for the distilled spirits industry. With the rapid growth of the online and e-commerce industry, many industries have developed a simultaneous operation model of online websites and offline stores, and the spirits industry has joined in. Online sales not only reduce many transaction costs, but also allow for real-time exploration of all the latest business developments. The convenience of the internet and the development of e-commerce have driven the growth in demand for distilled spirits, leading to further development of the industry. China market share in the global distilled spirits is 23.89% in 2019 and the market value is expected to reach $120,319 million in 2025.
The Response of Distilled Spirits Industry to the Impact of the Epidemic
The outbreak of COVID-19 is affecting almost every region of the world. Emerging markets and developing countries will be hit by economic headwinds from multiple directions. The crisis has outpaced the global economy and a global recession has become inevitable, with the global economy expected to lose nearly $8.5 trillion in output over the last two years. By 2030, 130 million people could join the ranks of the extremely poor.
The epidemic has had a serious impact on the global economy and various industries. With the continued downturn of the global economy, countries are beginning to formulate economic recovery plans to promote local economic development through developing the distilled spirits industry. Compared with large enterprises, small and medium-sized spirits enterprises have weaker ability to cope with risks due to their vulnerable industrial chain. To improve the ability of SMEs to cope with these risks, countries have begun to relax their sales policies for the distilled spirits industry. For example, lawmakers from Wyoming in the United States are considering allowing cross-state transportation of spirits made in Wyoming to provide greater flexibility for small distillers in the state. The deregulation on the sales of distilled spirits by governments will facilitate the growth of the distilled spirits industry.
In the next few years, the surge in popularity and demand for distilled spirits is expected to drive the distilled spirits industry. In developed countries, alcohol and bar culture is prevalent. Although many bars are currently unable to operate due to the epidemic, the demand for distilled spirits industry will grow further after the epidemic has passed and public lives have returned. From 2020 to 2025, distilled spirits will grow at a CAGR of 3.77%. The distilled spirits industry is expected to reach a market value of $490,869 million by 2025.
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