Luxury Wines and Spirits Market is Expected to Expand at an Impressive Rate by 2024
Luxury and Premium segment of wines and spirits have been expanding at a brisk pace in recent years. Luxury wines & spirits experience heightened demand from the High Net Worth Individuals (HNWIs) and affluent consumers who are attracted by attributes such as good brand reputation, premium quality, and premium price which provide a sense of privilege and prestige to the buyer. North America and Europe recorded a sizeable HNWI population of 5.7 million and 4.8 million in the year 2017. A notable increase in the global HNWIs population is fueling the demand for luxury wines & spirits.
Tourism and luxury spending have become highly intertwined. Consumption of luxury wines & spirits is a pervasive phenomenon in luxury aircrafts, ships, and hotels. The global luxury wines & spirits market is growing in line with the rise in extravagant spending on luxury travel. Also, China remains a luxury spot for the global luxury wines & spirits market. "Guanxi', a tradition of Chinese culture involves the exchange of gifts for establishing and maintaining relationships. Since luxury wines & spirits score high among gifts, millennials in China prefer gifting luxury wines & spirits in order to build prestige which generate demand for luxury wines & spirits.
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Luxury Wines & Spirits Market is registering rapid growth due to the rise in per capita income of consumers on a global scale, especially in the emerging economies. Consumers are increasingly becoming sophisticated and shifting towards absolute quality products. The elevating standard of living has raised consumer aspiration to consume luxury food, wines, and spirits. Moreover, fine dine restaurants also play a key role in influencing consumer choice to indulge in premium beverages by offering such options in their menu.
Although luxury wines & spirits remain popular among niche consumers, shifting consumer preference towards non-alcoholic beverages is expected to restrain the growth of the market over the forecast period. With rising awareness regarding the adverse effects of alcoholic beverages and surging popularity of functional drinks, the sales of luxury wines & spirits can witness a decline. Additionally, inspection, production, and certification of luxury wines & spirits are subject to stringent regulations imposed by regulatory authorities which limits its availability to a mass consumer base, restricting the growth of the market in regions where wine laws are tight. Nevertheless, the market players are adopting various growth strategies such as product differentiation through packaging, digitization, and branding which is anticipated to reflect favorably on the growth of the global luxury wines & spirits market.
The notable players in the Global Luxury Wines & Spirits Market include
- Thai Beverage PLC,
- Beam Suntory Inc.,
- The Edrington Group Limited,
- William Grant & Sons Limited,
- Pernod Ricard SA,
- Diageo PLC,
- Bacardi & Company Limited,
- LVMH Moet Hennessy Louis Vuitton S.E,
- Brown-Forman Corporation,
- Hitejinro Co., Ltd.,
- Campari-Milano S.p.A and
- Bayadera Group.
By region, the global Luxury Wines & Spirits Market has been segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).
Europe holds almost 26.50% share of the global luxury wines & spirits market, led by the U.K., Germany, and France. The growth of the Europe market can be attributed to the favorable economic conditions, increased affordability, and high demand for the product.
APAC accounts for the lion's share of 39.07% of the global luxury wines & spirits market. China and India are the key contributors to the APAC luxury wines& spirits market. Increase in the number of small boutique wineries along with improving quality of wine in China is expected to boost market growth. India, Singapore, Hong Kong, and Australia are also exhibiting noteworthy growth. Rise in per capita income, exposure to western culture, and growing interest in luxury indulgences is influencing the growth of the APAC market.
North America follows Europe closely and accounts for 23.67% share of the global market. The growth of the luxury wines & spirits market has witnessed a slowdown in recent years but is expected to exhibit steady growth over the forecast period. The trend of premiumization in Canada and other key regions such as Mexico, and the US has stimulated the growth of the market.
RoW market is spurred by the presence of major luxury wine and spirits producing countries such as Chile, Argentina, Uruguay, and Brazil. To capitalize on the opportunity offered by untapped markets in the region, winemakers are launching various premium brands in these regions which will further accelerate the growth of the market.
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Global Luxury Wines & Spirits Market has been segmented based on type and distribution channel.
By type, the global luxury wines & spirits market has been segmented into Wine, Rum, Vodka, Gin, Whiskey, Brandy, Tequila and others.
By distribution channel, the global luxury wines & spirits market has been segmented into food retail and food service.