Flavored Spirits Market Overview
Flavored Spirits Market Share Expected to Grow at a CAGR of 15.69% 2022 to 2030
Flavored spirits have exploded in popularity in recent years. Consumption of flavored spirits is an emerging trend which has percolated the alcoholic beverages industry. Market Research Future (MRFR) has analyzed the trend and patterns governing the global flavored spirits market over the forecast period of 2022-2030 in a minutely analyzed report. MRFR has projected that the market is likely to scale new heights and reach a significant valuation by 2030.
Consumer gravitation towards flavored spirits has prompted manufacturers to introduce more varieties of flavored spirits with natural ingredients and novel flavors along with a higher emphasis on quality. Flavored spirits help spirit manufacturers to fetch/command premium price from consumers who are increasingly high-end and premium liquor. With the rise in disposable income and affinity of millennials towards drinking, the flavored spirits market is poised for substantial growth. Manufacturers are engaging in rigorous marketing and promotional activities to increase the visibility of their product. Furthermore, consolidation of the online sales channel has spurred the sales of flavored spirits.
The flavored spirits market is consolidating on the back of changing consumer preference who are shifting away from core flavors to novel tastes. Manufacturers are launching spirits with every conceivable flavor. Besides contemporary flavors, there are few flavors which remain an all-time favorite among consumers which continue to boost the growth of the flavored spirits market.
The beverage market dynamics is focusing on flavors as consumers are more than ever willing to experiment with their drinks. In addition, increasing demand for flavored spirits from female consumer base is likely to augment the growth of the market. Other factors substantiating the growth of the market include increasing disposable income, the rise in the youth population who spend more on drinking, and increasing urbanization.
However, the growing trend of 'mindful drinking' can act as a headwind to the growth of the flavored spirits market. Besides, the availability of other fermented drinks such as kombucha and growing realization about the ill effects associated with the consumption of alcohol is likely to hinder the growth of the market. Millennials are more concerned about their health and prefer functional beverages over alcoholic beverages. The rise in alcohol-related diseases such as liver cirrhosis has also reduced the consumption of flavored spirits considerably.
Competitive Landscape
Davide Campari-Milano S.p.A. (Italy), Mast-Jägermeister SE (Germany), Pernod Ricard (France), Diageo plc (U.K.), Constellation Brands Inc. (U.S.), The Brown-Forman Corporation (U.S.), and Lapostolle SA (Paris) are the distinguished in the flavored spirits key market players.
Segmentation
The global flavored spirits market has been segmented based on type, form, and packaging.
By type, the flavored spirits whiskey, rum, vodka, tequila, gin, and others. The flavored vodka segment is dominating the market.
By flavor, the flavored spirits market has been segmented into herbs & spices, fruits, nuts & seeds, and others. Among them, the fruit segment is leading the market due to rising demand for flavored vodka and gin.
By distribution channel, the flavored vodka market has been segmented into store-based and non-store based. The store-based segment is dominating the market due to the presence of a large number of retail stores selling flavored spirits.
Regional Analysis
By region, the flavored spirits market has been segmented into North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW). Europe is the largest market for flavored spirits followed by North America. In Europe, the market growth is sustained by high demand from the developed economies of the region. The US, UK, Germany, Spain, and the Netherlands are among the key importers of flavored spirits.
Industry Updates
• March 2019- BOM BOM, a Connecticut-based company, announced the launch of a new creamy, brownie and cookie-flavored alcoholic beverage. The new flavor, Fully baked is gluten-free and vegan. It is made up of hemp milk.
• April 2019- Hanson of Sonoma, a maker of handcrafted vodka, added a new Meyer lemon-infused vodka to their existing lineup of organic and infused vodkas. The newly launched vodka has tastes of spicy bergamot, herbs and slight kick of spice.
• April 2019 - Stoli Vodka, the first brand to sell flavored vodkas and super-premium vodkas in America, has introduced a new lime flavor to its product lineup. The Stoli Lime has a sour and over-powering flavor which would address the challenges encountered while making cocktail.
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