Contact
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)
Key regions: United States, United Kingdom, Worldwide, United Kingdom, Australia
The Spirits market in North America has been experiencing steady growth in recent years, driven by changing consumer preferences and a strong economy.
Customer preferences: Consumers in North America have shown a growing interest in premium and craft spirits, with a focus on quality and unique flavors. This trend is driven by a desire for a more personalized and experiential drinking experience. Additionally, there has been a shift towards healthier options, with an increasing demand for low-alcohol and low-calorie spirits.
Trends in the market: One of the key trends in the Spirits market in North America is the rise of craft distilleries. Consumers are seeking out locally-produced spirits that offer a unique taste and story. Craft distilleries are able to cater to this demand by producing small-batch, artisanal spirits that are often made using traditional methods and local ingredients. This trend has led to a proliferation of craft spirits brands and a diversification of product offerings in the market. Another trend in the market is the growing popularity of flavored spirits. Flavored spirits, such as flavored vodkas and flavored whiskeys, appeal to consumers who are looking for new and exciting flavor profiles. This trend is driven by the desire for variety and experimentation, as well as the influence of cocktail culture. Flavored spirits are often used as the base for creative and innovative cocktails, making them a popular choice among mixologists and consumers alike.
Local special circumstances: In the United States, the Spirits market is heavily regulated at the state level, with each state having its own set of laws and regulations governing the sale and distribution of alcohol. This can create challenges for spirits producers, particularly smaller craft distilleries, as they navigate the complex regulatory landscape. However, it also creates opportunities for local producers to cater to the unique preferences of consumers in each state. In Canada, the Spirits market is dominated by a few large players, making it difficult for smaller producers to enter the market. However, there has been a recent shift towards supporting local and artisanal products, which has created opportunities for craft distilleries to gain a foothold in the market. Additionally, the legalization of cannabis in Canada has had an impact on the Spirits market, as some consumers are choosing cannabis products over alcoholic beverages.
Underlying macroeconomic factors: The strong economy in North America has contributed to the growth of the Spirits market. With rising disposable incomes and consumer confidence, consumers are more willing to spend on premium and craft spirits. Additionally, the growing tourism industry in the region has also had a positive impact on the market, as tourists seek out local spirits as souvenirs and gifts. In conclusion, the Spirits market in North America is experiencing growth due to changing consumer preferences, including a focus on premium and craft spirits, flavored spirits, and healthier options. The rise of craft distilleries and the influence of cocktail culture are driving these trends. However, the market is also influenced by local special circumstances, such as state-level regulation in the United States and the dominance of large players in Canada. The strong economy and growing tourism industry in North America are also contributing to the market's growth.
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.
Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)