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IWSR predicts positive outlook for premium spirits
Premium-and-above spirits will grow their global volume market share to 13% over the next few years as consumers seek quality over quantity, according to new data from IWSR Drinks Market Analysis.
Premium-and-above spirits will grow their global market share to 13% by 2024, IWSR Drinks Market Analysis has forecast
According to the IWSR Global Trends Report 2020, premium-and-above spirits will grow their volume share to 13% by 2024.
In value terms, China is the world’s biggest market for premium-and-above wine and spirits. It also leads the way in volume terms, closely followed by the US.
The popularity of local products and experiences will also accelerate as travel restrictions take hold and borders remain closed due to the Covid-19 pandemic. IWSR believes consumers will back “symbolic and job-sustaining producers”.
Furthermore, younger legal-drinking-age (LDA) consumers will continue to embrace trends such as portable and convenient beverages, such as canned wine and ready-to-drink (RTD) cocktails.
Premium-and-above Tequila is expected to continue to grow globally, following 15% year-on-year growth between 2015 and 2019. Spirit aperitifs, which dropped due to on-trade closures caused by the pandemic, are expected to “return to healthy growth” by 2021, with volumes up by almost 16% compared to 2019.
Mark Meek, CEO of IWSR Drinks Market Analysis, said: “From mastery of the e-commerce channel and at-home consumption, to future-proofing the production and distribution chain, to aligning with lifestyle choices and consumer experiences, beverage alcohol brands are wise to identify and understand macro trends taking place right now in the industry, to ensure longevity and success post-Covid.
“That’s why it’s so important for us at IWSR to not only track and analyse data, but to identify what those numbers are telling us as well.”
Other trends highlighted include the continued focus on healthy consumption. Health-conscious drinkers are expected to trade up to higher-quality beverages or options they believe to be a healthier choice.