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Technavio’s research analyst predicts the global specialty spirits market to grow at a CAGR of just over 1% by the end of the forecast period. Exposure to different cultures, the introduction of new flavors and setting up of new breweries are some of the drivers for the specialty spirit markets. Consumers are bucking market trends and expressing an interest in trying imported products. Countries like China, Korea, and Japan are promoting traditional spirits like Baijiu and Sochu. China’s traditional drink Baijiu is likely to dominate the specialty spirits market and give up a small percentage of market share to competitors like Shochu.
The high demand for specialty spirits from developing countries in the APAC region is the biggest driver for this market. Even though advertising for alcoholic drinks is regulated in many countries, market demand hasn’t slowed. For instance, Chinese Baijiu is very popular with US consumers and its demand is skyrocketing. With an alcohol content similar to vodka, flavored varieties like cinnamon and pear are tickling customer palates. Many Asian restaurants serve Baijiu with traditional foods. It is becoming easier to find specialty spirits at duty-free shops at major airports. Over 50% of travelers purchase alcohol at airports because they find the best brand at a great price.
The specialty spirits market is dominated by APAC giants like China and Japan. Vendors compete for the same market share and have piqued the interest of consumers with a broad range of products. Innovative advertising and marketing of several specialty brands are helping to make inroads in the international market.
Key vendors in this market are –
Other vendors in the market include Asahi Breweries, Beam Suntory, Beijing Red Star, Companhia Müller de Bebidas, Diageo, Engarrafamento Pitu, Kweichow Moutai, and Wuliangye.
The APAC region has the biggest market share in the specialty spirits market with China and Thailand as the largest markets. Even with the ban on advertising alcohol, specialty spirits are doing well based on personal recommendations. The introduction of new brands and flavors, which specifically targets the female consumer demographic, is an important growth-promoting factor for this market. Artisan brands are also gaining ground in this region due to their unique flavor.
Of all the specialty spirits available on the market, Baijiu is the most purchased and consumed. The Chinese drink a lot of it through the year on special occasions, and there are several flavors to try. The Chinese consumer is gravitating towards imported spirits, and the competition is pretty stiff, thanks to a multitude of products. Drinks like Shochu and Soju are also catching on with consumers around the world thanks to clever advertising and product placement.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by product
PART 07: Market segmentation distribution
PART 08: Geographical segmentation
PART 09: Key leading countries
PART 10: Market drivers
PART 11: Impact of drivers
PART 12: Market challenges
PART 13: Impact of drivers and challenges
PART 14: Market trends
PART 15: Vendor landscape
PART 16: Appendix
PART 17: Explore Technavio
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