Spirits - Singapore | Statista Market Forecast

Revenue, at home (e.g., revenue generated in supermarkets and convenience stores) in the Spirits market amounts to US$362.5m in 2024.
Revenue, out-of-home (e.g., revenue generated in restaurants and bars) amounts to US$250.9m in 2024.
Revenue, combined amounts to US$613.3m in 2024.
The revenue, at home is expected to grow annually by 3.21% (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$59.89 are generated in 2024.
In the Spirits market, volume, at home is expected to amount to 5.0m L by 2024.
Volume, out-of-home is expected to amount to 1.4m L in 2024.
Volume, combined is expected to amount to 6.4m L in 2024.
The Spirits market is expected to show a volume growth, at home of 3.5% in 2025.0.
The average volume per person, at home in the Spirits market is expected to amount to 0.83L 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 Singapore has been experiencing significant growth in recent years. Customer preferences in the Spirits market in Singapore have been shifting towards premium and craft spirits. Consumers are increasingly seeking unique and high-quality products, and are willing to pay a premium for them. This trend is driven by the growing sophistication of consumers and their desire for more experiential and personalized products. As a result, there has been a rise in the number of craft distilleries and specialty bars offering a wide range of spirits options to cater to this demand. Another trend in the market is the increasing popularity of cocktails. Singaporeans are becoming more adventurous in their drinking habits and are embracing the cocktail culture. This has led to a surge in the demand for spirits that are used as key ingredients in cocktails, such as gin, vodka, and rum. Bars and restaurants are also capitalizing on this trend by offering creative and innovative cocktail menus to attract customers. Local special circumstances in Singapore have also contributed to the growth of the Spirits market. Singapore is known for its vibrant nightlife and food and beverage scene, with a wide range of bars and restaurants catering to locals and tourists alike. The city-state has also positioned itself as a hub for cocktail and spirits events, attracting international bartenders and mixologists to showcase their skills and products. This has further fueled the interest in spirits and cocktails among consumers. Underlying macroeconomic factors have also played a role in the development of the Spirits market in Singapore. The country's strong economy and high disposable income levels have enabled consumers to indulge in premium and luxury products, including spirits. Additionally, the tourism industry in Singapore has been booming, with an increasing number of tourists visiting the country. This has created a larger customer base for the Spirits market, as tourists often seek out local spirits and beverages as part of their travel experience. In conclusion, the Spirits market in Singapore is experiencing growth due to changing customer preferences towards premium and craft spirits, the increasing popularity of cocktails, local special circumstances such as the vibrant nightlife and cocktail culture, and underlying macroeconomic factors such as a strong economy and a growing tourism industry. As these trends continue to evolve, it is expected that the Spirits market in Singapore will continue to thrive 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.