Asia-Pacific Spirits Market Growth, Trends and Forecasts (2020 - 2025)

Asia-Pacific Spirits Market is segmented by Product Type (Whiskey, Vodka, Rum, Brandy, and Other Product Types); Sales Channel (Specialty/Liquor Stores, Online Retail Stores, On-Trade, and Other Sales Channels), and Geography.

Market Snapshot

Asia-Pacific Spirits  Market
Study Period: 2016-2025
Base Year: 2019
CAGR: 5.49 %

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Market Overview

Asia-Pacific spirits market is forecasted to reach USD 3,33,012.81 million by 2025, witnessing a CAGR of 5.49% during the forecast period (2020-2025).

  • Rising demand for ethnic premium, super-premium spirits, and flavored spirits, which include the artisanal varieties, has increased among the Asian consumers, which has fuelled the spirits market growth in the past decade or so. Moreover, rising income levels and improved spending on alcohol products, be that for in-house consumption or at a bar/pub, spirits market has witnessed an elevated growth rate in terms of value and volume over the past decade or so.
  • While 16% of Chinese drinkers opted for a heavy session once a month in 1990, by 2018 that percentage has nearly doubled to 30%. The corresponding figures for Vietnam were 16% to 24% while Thailand saw a jump from 18% to 25%. Bhutan and East Timor, two of Asia’s smallest states, saw similar increases of 14% to 22% and 12% to 20%. (According to Asia Times)
  • However, COVID-19 has inflicted a deep, rapid shock to economies, businesses and societies across the Asia-Pacific Spirits market. The spirit industry is among the harder-hit sectors of the economy as the COVID-19 outbreak resulted in restaurants, bars, taprooms, liquor stores, and distilleries closing up across Asia, including India, Australia, China, and other regions.
  • Furthermore, the banning of alcohol consumption in Thailand, India, and other Asian regions, has resulted in the heavy sale drop of the players in the market studied. In India, several states allowed reopening of liquor shops with the easing of some lockdown restrictions from May 4. Some states also imposed additional taxes of up to 75% to control demand as well as shore up their depleted revenues.

Scope of the Report

The report on the Asia-Pacific spirits market (henceforth, referred to as the market studied) offers key insights into the latest market developments. It analyses recent trends, opportunities, drivers, and challenges affecting the spirits market in the region. The market studied is segmented by product type, sales channel, and country. Based on product type, the market has been segmented under whiskey, vodka, rum, brandy, and other product types. Based on sales channel, the market has been segmented under specialty/liquor stores, online retail stores, on-trade, and other sales channels. The report outlines the insights of major countries of the region, including India, China, Japan, Australia, Thailand, Indonesia, South Korea, and Rest of Asia-Pacific.

By Product Type
Whiskey
Vodka
Rum
Brandy
Other Product Types
By Sales Channel
Specialty/Liquor Stores
Online Retail Stores
On-trade
Other Sales Channels
By Country
India
China
Japan
Australia
Thailand
Indonesia
South Korea
Rest of Asia-Pacific

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Key Market Trends

Rising Spending on Alcoholic Beverages in The Region

The prime driving factor for the growth of spirits and all other forms of alcohol consumption in the countries, like China, Japan, Malaysia, Singapore, and others, is the influx in the spending patterns and rise in per capita consumption of alcohol due to higher income levels. Also, access to alcohol over the retail channels as well as on-trade channels in most of the countries in the region has been driving the demand for these spirits. As alcohol consumption rises across Asia, Indonesians, including local Catholics, appear to be oblivious to the region's growing taste for a tipple, but Catholics elsewhere in Asia appear to be drinking more as incomes rise. The demand for spirits in the region is also driven by the high-classed millennials who wish to go out to the social gathering, which leads to consumption of their favourite liquors. The trend is even influenced by the concept of partying and booze culture developed from the western part of the world, as more Asian youth consumers want to get involved in the drinking habits at an early age, which can be boost to the overall market.

Asia-Pacific Spirits Market1

China Accounts For The Largest Market in The Region

In the past, China was mostly associated with social occasions or business dinners. with economic development. The drinking culture and lifestyle in the West has gradually been brought to China. Moreover, Chinese consumers are now more likely to connect drinking with personal occasions, to relax, or to indulge themselves. The report also stated that China will surpass the United States in alcohol intake per capita by 2030, with Chinese adults projected to drink more than 10 liters annually on average and per capita consumption of alcohol, making it one of the largest markets for spirits during the study period. Owing to high economies of scale, players operating in the market are focusing on adopting strategies measures, such as partnerships, and expanding their presence into the country. In 2020, Roust Group partnered with Beijing Soko to launch the premium Russian spirit Russian Standard Vodka in China with an aim to boost its sales. International players in the Chinese spirits still accounted for a relatively small share in 2019. Global spirits manufacturers are partnering with local Chinese distilleries to build stronger brand awareness among local consumers.

Asia-Pacific Spirits Market2

Competitive Landscape

The Asia-Pacific spirits market is fragmented, comprising of both regional and international competitors. The market is dominated by players, like Pernord Richard, ThaiBev, and Diageo. These companies are increasing their investments in research and development (R&D), social media marketing, and expanding their geographical presence to maintain their position in the market. New product development, partnership, and expansion are some of the most preferred strategies for the spirit industry in the Asia-Pacific region. 

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's Five Force Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Product Type

      1. 5.1.1 Whiskey

      2. 5.1.2 Vodka

      3. 5.1.3 Rum

      4. 5.1.4 Brandy

      5. 5.1.5 Other Product Types

    2. 5.2 By Sales Channel

      1. 5.2.1 Specialty/Liquor Stores

      2. 5.2.2 Online Retail Stores

      3. 5.2.3 On-trade

      4. 5.2.4 Other Sales Channels

    3. 5.3 By Country

      1. 5.3.1 India

      2. 5.3.2 China

      3. 5.3.3 Japan

      4. 5.3.4 Australia

      5. 5.3.5 Thailand

      6. 5.3.6 Indonesia

      7. 5.3.7 South Korea

      8. 5.3.8 Rest of Asia-Pacific

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Market Share Analysis

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 Diageo plc

      2. 6.3.2 LVMH Moët Hennessy Louis Vuitton SA

      3. 6.3.3 Pernod Ricard

      4. 6.3.4 Suntory Holdings Limited

      5. 6.3.5 Allied Blenders & Distillers (Officer's Choice)

      6. 6.3.6 Bacardi Limited

      7. 6.3.7 Thai Beverage PLC

      8. 6.3.8 Asahi Group Holdings Ltd

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. COVID-19 IMPACT ON THE MARKET

**Subject to Availability

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Frequently Asked Questions

The Asia-Pacific Spirits Market market is studied from 2016 - 2025.

The Asia-Pacific Spirits Market is growing at a CAGR of 5.49% over the next 5 years.

Diageo PLC , LVMH Moet Hennessy Louis Vuitton SA , Pernod Ricard, Suntory Beverage & Food Limited , Allied Blenders & Distillers (Officer's Choice) are the major companies operating in Asia-Pacific Spirits Market .

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