Specialty Spirits Market by Product Type (Baijiu, Shochu, Sake, Soju, Cachaca)
BROOKLYN, NY, UNITED STATES, July 17, 2023/EINPresswire.com/ — IMARC Group, a leading market research company, has recently released a report titled “Specialty Spirits Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”. The study provides a detailed analysis of the industry, including the specialty spirits market size, share, trends and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the Specialty Spirits Market?
The global specialty spirits market size reached US$ 29.72 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 39.66 Billion by 2028, exhibiting a growth rate (CAGR) of 5.00% during 2023-2028.
What is Specialty Spirits?
Specialty spirits are alcoholic beverages that are meticulously crafted in small batches, employing unique ingredients and production techniques. This category encompasses a variety of drinks, such as herbal liquors, mezcal, fruit brandies, amaro, absinthe, aquavit, shochu, chartreuse, cachaca, sake, baijiu, and soju. These spirits are created through processes that involve infusing or macerating high-quality and natural components, such as herbs, botanicals, fruits, grains, and roots, followed by distillation, aging, blending, and bottling. Compared to traditional spirits, specialty spirits are considered healthier, environmentally friendly, and sustainable. They offer exceptional quality, distinctive taste, and unique flavor profiles. Specialty clinics are rich in antioxidants, which can contribute to improving sleep, promoting digestive health, reducing inflammation, lowering stress levels, and alleviating pain. Consequently, they are in extensive demand across the globe.
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What are the growth prospects and trends in the specialty spirits industry?
The specialty spirits market is primarily driven by the increasing consumer interest in exploring unique and high-quality spirits that offer distinct flavor profiles and deliver a premium drinking experience. Furthermore, the shifting preferences toward specialty spirits made from herbs, fruits, and botanicals, owing to their antioxidant and anti-inflammatory properties that contribute to digestion, appetite stimulation, anxiety reduction, and relaxation promotion, are also positively influencing the global market. Besides this, the emerging cocktail culture among consumers, where specialty spirits are used as complementary ingredients that add depth, complexity, and smoky flavors to various drinks, such as margaritas, negroni, and whiskey sour, is acting as another significant growth-inducing factor. Moreover, the introduction of low alcohol by volume (ABV) specialty spirits, which serve as healthier alternatives, helps reduce alcohol intake, minimize intoxication, improve hydration, and prevent alcohol-related issues, is further catalyzing the market growth. Additionally, the introduction of aggressive promotional activities through social media campaigns, advertisements, and celebrity endorsements by leading manufacturers and the escalating product availability through e-commerce platforms are expected to bolster the specialty spirits market over the forecasted period.
What is included in market segmentation?
The report has segmented the market into the following categories:
Product Type Insights:
Baijiu
Shochu
Sake
Soju
Cachaca
Distribution Channel Insights:
Business to Business
Business to Consumers
Market Breakup by Region:
North America (United States, Canada)
Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
Craft Distillers,
HiteJinro Co. Ltd,
Kirishima Shuzo Co. Ltd,
Lotte,
Sanwa Shurui Co.ltd.,
Takara Shuzo Co. Ltd
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Article originally published on www.einpresswire.com as Global US$ 39.66 Billion Specialty Spirits Market Report & Forecasts to 2028
