Market Size of Asia-Pacific Spirits Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.49 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Asia Pacific Spirits Market Analysis
The Asia-Pacific spirits market is projected to record a CAGR of 5.49% during the forecast period.
Rising demand for ethnic premium, super-premium spirits, and flavored spirits, which include artisanal varieties, has increased among Asian consumers, fuelling the spirits market's growth in the past decade. With rising income levels and improved spending on alcohol products, whether for in-house consumption or at a bar/pub, the spirits market has witnessed an elevated growth rate in terms of value and volume over the past decade. The spirits market in the Asia-Pacific region is highly diversified in terms of consumption patterns and products, mainly due to the differences in tastes and preferences and the social and cultural behaviors across different nations. The market studied has been growing at a healthy pace, owing to the increased demand for premium alcohol.
Rising incidences of eating outside and clubbing among youngsters have been driving the spirits market's growth in Asia-Pacific. The increasing demand for health and wellness beverages that are infused with bioactive compounds has been boosting the cannabis beverage market's growth. Influenced by the prevailing trends, several key companies have been developing innovative cannabis-based spirit beverages. Asia-Pacific has a large millennial consumer base, which has been encouraging key players to expand their geographic presence and increase their consumer base in the region, thus supporting the premium spirits market's growth in the region. The market studied is highly competitive, with major players, such as Pernord Richard, Suntory Holdings Limited, ThaiBev, Diageo, and Asahi Group Holdings, holding a significant share.
