Luxury Wines and Spirits Market to Reach $1,411 Bn, Globally, by 2027 at 4.9% CAGR: Allied Market Research

Luxury Wines and Spirits Market to Reach $1,411 Bn, Globally, by 2027 at 4.9% CAGR: Allied Market Research

Rise in demand for premium quality luxury goods, surge in disposable income, and rapid urbanization drive the global luxury wines and spirits market

PR Newswire

PORTLAND, Oregon, June 23, 2020

PORTLAND, Oregon, June 23, 2020 /PRNewswire/ -- Allied Market Research published a report, titled,"Luxury Wines and Spirits Market by Type (Wines/Champagnes and Spirits) and Distribution Channel (Wholesale, Retail, E-Commerce, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027."According to the report, the global luxury wines and spiritsmarket garnered $970 billion in 2019, and is estimated to reach $1,411 billion by 2027, registering a CAGR of 4.9% from 2020 to 2027.

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Drivers, restraints, and opportunities-

Increase in demand for premium quality luxury goods, rise in disposable income, and rapid urbanization drive the growth of the global luxury wines and spirits market. However, stringent government policies and selective distribution of products hinder the market growth. On the other hand, growth in popularity of cocktail drinks and increase in demand for selected standardized premium productsare anticipated to offer new opportunities in the coming years.

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Covid-19 Scenario-

The spritssegment to maintain its lead status-

Based on type, the spritssegment accounted for more thanthree-fifthsof the global luxury wines and spirits market in 2019, and is expected to maintain its lead status in terms of revenue throughout the forecast period. This is due toincrease in popularity of cocktail drinks.However, the wines/champagne segmentis estimated toportray the highest CAGR of 5.0% from 2020 to 2027. Change in lifestyle and inclination toward fine quality of products drives the growth of the segment.

The retailsegment to maintain its leadership position-

Based on distribution channel, the retailsegment contributed to the highest market share with more than two-fifth of the global luxury wines and spirits market in 2019, and is estimated to maintain its leadership position during the forecast period. This is due to increase in adoption of retail shops in both mature and emerging markets.However, the e-commerce segment is estimated to generate the fastest CAGR of 5.10% from 2020 to 2027.

North America to grow at a fastest CAGR during the forecast period-

Based on region, North America is estimated to generate the fastest CAGR of 5.9% from 2020 to 2027. This is attributed to rise in disposable income and increase in the consumption of alcoholic beverages in this region.However, the region across Europeaccounted for the highest share based on revenue, holding for more thantwo-fifthsof the global luxury wines and spirits market in 2019, and is projected to maintain its dominant position throughout the forecast period.Changing lifestyle and presence of leading key players such as Campari, Bacardi, Pernod Richard, and Diageo in this region is responsible to drive the growth of the market.

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