Global spirits sales to rise by 4.3%
Global spirits sales are estimated to grow by 4.3% in 2018, surpassing every other alcoholic drinks category, according to BMI Research.
In the Outlook for global demand for spirits report, beer, wine and fermented drinks in the same period are predicted to grow by 1.3%, 1.5% and 0.2%, respectively.
The study also highlights “growing” demand for luxury and premium Tequila in the US “amid rising disposable incomes” in the country.
BMI forecasts that households in the upper-income segment (with a household disposable income of US$75,000+) in the US will account for 37.4% of total households in 2022, up from 32% in 2018.
As more households enter the upper-income segment, consumers are predicted to trade up from mass-market offerings to higher quality drinks.
In addition, the report notes that strong cocktail culture among millennial consumers across US cities is pushing the demand for Tequila in the on-trade.
Earlier this month, BMI published a report on the Canadian drinks market, which predicts that spirits spending is expected to increase in Canada over the next two years to reach CA$26.6 billion (US$20.4bn) by 2020.