Spirits - Hong Kong | Statista Market Forecast

Revenue, at home (e.g., revenue generated in supermarkets and convenience stores) in the Spirits market amounts to US$341.7m in 2024.
Revenue, out-of-home (e.g., revenue generated in restaurants and bars) amounts to US$189.1m in 2024.
Revenue, combined amounts to US$530.8m in 2024.
The revenue, at home is expected to grow annually by 1.48% (CAGR 2024-2029).
In global comparison, most revenue, at home is generated China (US$146bn in 2024).
In relation to total population figures, the average revenue per capita, at home of US$45.58 are generated in 2024.
In the Spirits market, volume, at home is expected to amount to 9.3m L by 2024.
Volume, out-of-home is expected to amount to 1.6m L in 2024.
Volume, combined is expected to amount to 10.9m L in 2024.
The Spirits market is expected to show a volume growth, at home of -1.2% in 2025.0.
The average volume per person, at home in the Spirits market is expected to amount to 1.24L in 2024.

Definition:

The Spirits market includes alcoholic beverages that have been produced through the distillation of wine, fermented fruits, or grains. Due to the distillation process, the alcohol content of spirits is much higher than that of most wines and beers, typically ranging from 20% to 50% alcohol by volume (ABV).

Structure:

The Spirits market is divided into 8 markets:

The Whisky market encompasses spirits on a grain basis that have been aged in wooden casks for a duration of at least three years.
The Vodka market encompasses spirits based on grain and/or potatoes.
The Rum market encompasses spirits based on sugar cane.
The Gin market encompasses spirits based on juniper berries.
The Brandy market encompasses spirits based on fermented fruit juice.
The Tequila market encompasses spirits made primarily from the blue agave plant (Agave tequilana) in Mexico.
The Soju market encompasses the Korean distilled beverage, Soju, which is traditionally made from rice, barley, or sweet potatoes.
The Liqueurs & Other Spirits market encompasses all other spirits not previously mentioned as well as Ready-to-Drink (RTD) cocktails.

Additional information:

The market comprises revenue and average revenue per capita, volume and average volume per capita, price per liter, as well as sales channels. Per capita figures refer to a country’s or region’s whole population.

At-home market data covers retail sales via super- and hypermarkets, eCommerce, convenience stores, and similar sales channels. Out-of-home market data includes all sales in hotels and restaurants, sales by catering companies, as well as sales in cafés, bars, and similar hospitality service establishments. Combined numbers encompass both the at-home market and the out-of-home market. All prices are valued at retail selling prices, including all sales and consumption taxes.

Key players include Diageo (e.g., Johnnie Walker, Smirnoff, and Tanqueray), Pernod Ricard, and Kweichow Moutai.

Whisky, such as Jack Daniel's Tenessee Whiskey
Vodka, such as Absolut Vodka
Rum, such as Bacardi Rum
Gin, such as Ginebra San Miguel
Brandy, such as Ararat Brandy

Wine, such as Red Wine
Beer, such as Budweiser
Non-Alcoholic Spirits, such as Tanqueray 0.0

The Spirits market in Hong Kong continues to experience steady growth, driven by changing consumer preferences and local special circumstances.

Customer preferences: In recent years, there has been a shift in consumer preferences towards premium and craft spirits in Hong Kong. Consumers are increasingly seeking unique and high-quality products, and are willing to pay a premium for them. This trend is driven by a growing appreciation for craftsmanship and a desire for more personalized and exclusive experiences. As a result, there has been an increase in the demand for small-batch and artisanal spirits, as well as a rise in the popularity of cocktail culture.

Trends in the market: One of the key trends in the Spirits market in Hong Kong is the rise of locally produced spirits. Hong Kong has seen a surge in the number of craft distilleries, producing a wide range of spirits including gin, vodka, and whisky. These local distilleries have gained popularity among consumers who value locally sourced and produced products. In addition, there has been an increase in the number of bars and restaurants that specialize in craft cocktails, further driving the demand for locally produced spirits. Another trend in the market is the growing interest in premium and aged spirits. Consumers in Hong Kong are increasingly willing to invest in high-quality and aged spirits, particularly whisky. This trend is driven by a desire for exclusivity and the perception that aged spirits are of higher quality. As a result, there has been a rise in the demand for premium and limited-edition whiskies, as well as a growing interest in whisky tasting events and education.

Local special circumstances: Hong Kong's status as a global financial hub and its thriving tourism industry contribute to the growth of the Spirits market. The city attracts a large number of international visitors, many of whom are interested in experiencing the local food and beverage scene. This has led to an increase in the demand for premium spirits, as well as a growing interest in cocktail culture. In addition, Hong Kong's cosmopolitan nature and diverse population create a vibrant and dynamic market for spirits, with consumers from different backgrounds and cultures contributing to the demand for a wide range of products.

Underlying macroeconomic factors: The strong economy and high disposable income levels in Hong Kong have also played a role in the growth of the Spirits market. With a high standard of living and a culture that values luxury and indulgence, consumers in Hong Kong are willing to spend more on premium and high-quality products. In addition, the city's favorable tax policies and free trade agreements make it an attractive market for international spirits brands. These factors, combined with changing consumer preferences and local special circumstances, have created a positive environment for the growth of the Spirits market in Hong Kong.

Data coverage:
The data encompasses B2C enterprises. The at-home market covers retail sales via super- and hypermarkets, eCommerce, convenience stores, or similar sales channels. The out-of-home data encompasses all sales to hotels, restaurants, catering, cafés, bars, and similar hospitality service establishments. Combined numbers encompass both the at-home market and the out-of-home market. Both the at-home and the out-of-home market are valued at retail selling prices including all sales and consumption taxes.

Modeling approach:
Market sizes are determined through a Top-Down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending (e.g. consumer spending on alcoholic beverages, consumer spending at Hotels, Restaurants etc.), and price level index. This data helps us estimate the market size for each country individually.

Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Alcoholic Drinks market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

The term “spirits” refers to an alcoholic beverage that has been distilled, contains no added sugar, and has at least 20 percent alcohol by volume. The term is derived from the medieval practice of alchemy and refers to the essential liquid element obtained from a substance through distillation, the “spirit” of the substance, so to speak. Popular spirits include whiskey, rum, vodka, tequila, and gin, among others.