Spirits Market to witness a Staggering growth by 2023

The global spirits market is expected to witness an exponential CAGR by 2023. This could be attributed to excessive consumption of vodka and whisky in developing economies like India and China. Spirits are better known as distilled beverages. The basic objective of distillation is that of purifying the mixture (produced out of alcoholic fermentation) and/or removing diluting components (like water) for increasing alcohol by volume (ABV).

It has been observed that since the year 2013, the spirits market has grown manifold especially owing to rising demand from BRICS. This factor will continue to rule the roost in the near future as well. The other factor is increase in disposable income. People go for premium brands; which, in turn, asks for shelling out extra money. This also adds to the revenue. However, the restraint over here is that In India the sale of alcohol is confined only to government-approved shops. Besides, advertising of alcohol is banned herein.

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In Europe, the market is driven by the middle-aged people; as they are more into drinking. Youngsters come in second. North America also contributes to the revenue but it has already reached saturation.

Key Findings: 
•	China is the torchbearer of spirits market in Asia Pacific due to demand for imported spirit and extensive consumption of rice wine and white spirit (baijiu). 
•	Super premium and premium brands hold the largest market share across the globe.
The global spirits market could be segmented as follows: 

By Product:
•	Vodka
•	Gin
•	Tequila
•	Rum
•	Whisky
•	Brandy
•	Cane
•	Natural Spirits
•	Flavored Spirits
•	White Spirit (Baijiu)
•	Rice Wine

By Region: 
•	North America 
•	Europe
•	Asia-Pacific
•	Latin America
•	MEA

The players contributing to the market include The players contributing to the market include Marnier Lapostolle SA; Remy Cointreau SA; Constellation Brands, Inc.; Brown-Forman Corp.; Pernod-Ricard SA; Diageo plc; Berentzen-Gruppe AG; and Belvedere SA.