Spirits - Jamaica | Statista Market Forecast

Revenue, at home (e.g., revenue generated in supermarkets and convenience stores) in the Spirits market amounts to US$157.4m in 2024.
Revenue, out-of-home (e.g., revenue generated in restaurants and bars) amounts to US$60.8m in 2024.
Revenue, combined amounts to US$218.2m in 2024.
The revenue, at home is expected to grow annually by 3.27% (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$55.71 are generated in 2024.
In the Spirits market, volume, at home is expected to amount to 8.5m L by 2024.
Volume, out-of-home is expected to amount to 1.1m L in 2024.
Volume, combined is expected to amount to 9.6m L in 2024.
The Spirits market is expected to show a volume growth, at home of -2.2% in 2025.0.
The average volume per person, at home in the Spirits market is expected to amount to 3.00L 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 Jamaica has been experiencing steady growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances.

Customer preferences: Jamaican consumers have shown a growing interest in premium and craft spirits, with a preference for high-quality, locally produced products. This shift in consumer preferences can be attributed to the increasing disposable income and changing lifestyle choices of the population. Additionally, there is a growing demand for spirits that offer unique flavors and are made from natural ingredients.

Trends in the market: One of the key trends in the Spirits market in Jamaica is the rise of rum as a popular choice among consumers. Jamaica has a rich history of rum production, and local distilleries have capitalized on this by producing high-quality rums that are sought after both domestically and internationally. Furthermore, there has been a growing interest in flavored spirits, with Jamaican consumers showing a preference for fruit-infused spirits such as flavored rums and vodkas.

Local special circumstances: Jamaica's tourism industry plays a significant role in the growth of the Spirits market. The country attracts a large number of international tourists who are eager to experience the local culture and taste the authentic spirits produced in Jamaica. This has led to an increase in demand for Jamaican spirits, both within the country and in export markets. Additionally, the popularity of Jamaican music, particularly reggae, has also contributed to the global recognition of Jamaican spirits, further boosting their sales and reputation.

Underlying macroeconomic factors: The positive economic growth in Jamaica has had a direct impact on the Spirits market. As the economy continues to strengthen, consumers have more disposable income to spend on premium spirits. Furthermore, the government's efforts to attract foreign investment and promote local industries have created a favorable business environment for the spirits sector. This has encouraged both local and international players to invest in the production and distribution of spirits in Jamaica. In conclusion, the Spirits market in Jamaica is experiencing growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The demand for premium and craft spirits, particularly rum, has been on the rise, driven by the increasing disposable income and changing lifestyle choices of Jamaican consumers. The country's tourism industry and cultural exports, such as music, have also played a significant role in promoting Jamaican spirits both domestically and internationally. With a favorable business environment and positive economic growth, the Spirits market in Jamaica is expected to continue its upward trajectory in the coming years.

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.