Global Specialty Spirits Market 2016-2020

Overview of the global specialty spirits market

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.

Competitive landscape and key vendors

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 –

• HiteJinro
• IRB Tatuzinho 3 Fazendas
• Kirishimashuzo
• Kumbokju
• Lotte
• Luzhou Laojiao
• Sanwa Shurui
• Takara Shuzo.

Other vendors in the market include Asahi Breweries, Beam Suntory, Beijing Red Star, Companhia Müller de Bebidas, Diageo, Engarrafamento Pitu, Kweichow Moutai, and Wuliangye.

Geographical segmentation and analysis of the specialty market 

• Americas
• APAC
• EMEA

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.

Segmentation by product and analysis of the specialty spirits market

• Baijiu
• Shochu and Soju
• Cachaça

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.

Key questions answered in the report include

• What will the market size and the growth rate be in 2020?
• What are the key factors driving the specialty spirits market?
• What are the key market trends impacting the growth of the global specialty spirits market?
• What are the challenges to market growth for specialty spirits?
• Who are the key vendors in the global specialty spirits market?
• What are the market opportunities and threats faced by the vendors in the specialty spirits market?
• Trending factors influencing the market shares of the Americas, APAC, and EMEA.
• What are the key outcomes of the five forces analysis of the global specialty spirits market?

Technavio also offers customization on reports based on specific client requirement.

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