Future Trends Spirits Category
To understand future trends in the spirit category in order to facilitate a business project.
- According to Allied Market Research, "higher consumption of hybrid, mixed, and flavoured spirits is expected in the near future, due to the downward trend of the beer market.”
- Younger consumers such as millennials and Gen Z are demanding sweeter spirits and the trend is expected to gain steam in the coming years. The data is currently showing that spirit "demand has shifted away from bitter and malt-based beverages, instead towards fruity, more exciting flavours."
- Canned spirits is also another trend that is growing, with Nielsen reporting that the category has seen over 200% sales increase in the last year.
- Craft spirit is also growing with over 1,500 craft spirit distillers in the US. The market is expected to grow further in future as distillers in the industry keep pressuring lawmakers to amend laws in many states that make it illegal for distillers to ship directly to consumers and there is optimism that the pressure will pay off in the future.
- The spirit market in the US is worth $44 billion and the market is expected to keep growing at 6% until 2022.
- Premiumization of spirits is expected to continue into the future as "consumers, particularly millennials, are bypassing the value and premium liquor store shelves in search of high-end, super-premium products. From 2012 to 2017, the super-premium spirits and high-end premium spirits segments grew 6%-7% per year by volume, significantly outpacing the premium and value segments’ growth and driving the overall increase in spirits consumption."
Proprietary Research Available
- Bolster your final deliverable with proprietary research from MarketLine for an additional $1,203.48. This research includes a segment dedicated to trends in the spirits category and the various factors that are currently shaping the spirits category.
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