Wine and Spirits Sector Landscape – Consumer Behavior, Innovations, News and Deals Analysis
Powered by
All the vital news, analysis, and commentary curated by our industry experts.
The global wine and spirits market is valued at $337.7 billion in 2021. Overall, the alcoholic beverage industry has seen a significantly adverse impact due to the COVID-19 pandemic. Via both on- and off-trade channels, spirits volume sales were impacted heavier than wine, with a decline of more than 8% in 2020, compared to the previous year. The wine category had a more severe impact than spirits in terms of value and it projected a decline of more than 14% during the same period. However, spirits sales will bounce back in 2021, in terms of both volume and value while wine will take time to recuperate from the 2019 volume sales level until 2025.
Overview of the global wine and spirits market
For more insights on this report, download a free report sample
What are the key regions in the global wine and spirits market?
Key regions in the global wine and spirits market include Asia, North America, Europe, Latin America, Africa, the Middle East & North Africa, and Australasia.
The wine market is mature, particularly in volume. West Europe is the leading wine market in terms of volume and value, while Asia is the largest market, in both volume and value for spirits, signifying different drinking cultures. Specialty spirits are the largest category in the overall spirits market, as the beverages falling under this category are particularly big in Asia. North America and West Europe are the dominant markets for gin.
Global wine and spirits market, by region
For more regional insights, download a free report sample
What are the market dynamics in the global wine and spirits market?
Despite the COVID-19 pandemic, the wine and spirits market looks active and is relatively surrounded by positive vibes. Premiumization has been a key focus on major industry players’ strategic actions. Brands are innovating their alcohol-free version of spirits and wines. Also, new zero alcohol brands are tapping into the market to meet the recent Teetotalism trend. The pandemic has led the e-commerce or direct-to-consumer business model to become one of the most essential channels.
The health crisis due to the pandemic has also made consumers pay close attention to their health. These consumer behavior shifts are largely a disadvantage for the alcoholic beverage industry, particularly spirits with high alcohol proof. Globally, nearly half of consumers buy alcoholic drinks from hypermarkets or supermarkets. Convenience stores are also a popular shopping location for the sector, particularly in Asia & Australasia. Alcoholic brands tapping into direct-to-consumer was slightly behind compared to other FMCG sectors, such as personal care. However, key players are innovating the platform. Thus, it can be a potential channel of growth in the coming years.
What are the trends in the global wine and spirits market?
GlobalData has identified five key innovation trends in wine and spirits:
War on hard seltzers
The hard seltzer trend emerged in the US several years ago, and it is now becoming a global trend, with many industry players and new start-ups tapping into the market. One of the key success factors has been the clean and better-for-you image.
At-home bar experience
The pandemic has influenced consumers’ drinking behavior due to social distancing measures. Although restrictions are starting to be lifted, the drinking-at-home trend is likely to stay due to various reasons.
Low & no
Another significant impact of the health crisis is that consumers have become more health-conscious. Over half of global consumers are extremely or quite concerned about their physical health or mental wellbeing. Considering these consumer sentiments, the demand for low/no alcohol beverage innovations is likely to increase.
Targeted premiumization
Key players are considering opportunities in premiumization. Consumers in the leading economies, such as the US and China, are premium-driven.
Sustainability & ethics
Sustainability & Ethics (S&E) is a growing trend across FMCG sectors. The consumer sentiments for environmentally friendly packaging material will affect consumers’ selection of alcoholic brands. Thus, taking initiatives on the S&E trend is crucial for branding strategy.
Market report scope
Market size (Year – 2021) | $337.7 billion |
Base year for estimation | 2021 |
Segmentation by Regions | Asia, North America, Europe, Latin America, Africa, Middle East & North Africa, and Australasia. |
Forecast period | 2022-2025 |
Companies covered | Diageo, E. & J. Gallo Winery, Coca-Cola, Pernod Ricard, Beam Suntory, and Bacardi. |
This report outlines the market trends and consumer behavior impacting specifically the wine and spirits sectors and what implications these may have on the industry’s future. It further explores the evolution of the market amid COVID-19, company performances, and news, as well as inspiring product innovation.
Reasons to Buy
- Understand the relevant market and consumer trends that are driving the wine and spirits sectors.
- Gain a broader understanding of the impact of COVID-19 on the sectors and its impact on consumer spending and preferences.
- Access market size and growth data for all the segments.
- Access market volume and growth data for all the segments.
- Access valuable strategic take-outs in the form of specific opportunities to enhance future decision-making and inform new product development.
E. & J. Gallo Winery
Coca-Cola
Pernod Ricard
Beam Suntory
Bacardi
Constellation Brands
Molson Coors Beverage
Table of Contents
Frequently asked questions
-
What is the value of the global wine and spirits market in 2021?
The global wine and spirits market is valued at $337.7 billion in 2021.
-
What are the key regions in the global wine and spirits market?
Key regions in the global wine and spirits market include Asia, North America, Europe, Latin America, Africa, the Middle East & North Africa, and Australasia.
-
Who are the key players in the global wine and spirits market?
Key players in the global wine and spirits market include Diageo, E. & J. Gallo Winery, Coca-Cola, Pernod Ricard, Beam Suntory, and Bacardi.
Get in touch to find out about multi-purchase discounts
reportstore@globaldata.com
Tel +44 20 7947 2745
Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.