The increasing demand for rum-based spirits and the popularity of scotch whisky is anticipated to drive market expansion during the forecast period.
According to TechSci Research report, “Dark Spirit Market– Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027F, The global dark spirit market is expected to grow during the forecast period. Dark spirits are alcoholic beverages aged for several months to several years. They are composed of alcoholic drinks like whiskey, rum, or brandy that are aged to add color and flavor depth in fresh, used, or charred barrels. Congeners are organic compounds created during fermentation and are present in higher concentrations in dark liquors than in light spirits, including clear alcoholic beverages like vodka, gin, and white wine. Some of these congeners are known to protect the stomach lining and have antioxidant properties.
One of the primary factors fostering a positive outlook for the market is the significant growth in the food and beverage sector around the world. Additionally, the growing preference for premium craft spirits, particularly among millennials, is fueling market expansion. Dark spirits are frequently served in restaurants, hotels, bars, and pubs, along with exotically flavored juices and sparkling water. Another factor spurring growth is online delivery services for alcoholic beverages. To raise consumer brand awareness, brands and retailers participate in online promotional campaigns through social media platforms.
The rising popularity of new exotic flavors of artisanal spirits is further boosting the demand for dark spirits globally. The market growth is anticipated due to the increasing demand for premium spirit products in nations like the United States and the United Kingdom. The market will soon have a chance to capitalize on the growing demand for high-quality spirits that are also reasonably priced. However, the rising popularity of non-alcoholic beverages is impeding market expansion. Key players are currently concentrating on launching e-commerce platforms to gain traction with consumers of spirits. As a result, the market for spirits is anticipated to grow significantly during the forecast period.
The global dark spirit market is segmented based on product type, application, region, and competitive landscape. Based on product type, the global dark spirit market is segmented into whiskey, rum, brandy, and others. Among these, the whiskey segment holds the largest share in the global dark spirits market and is expected to remain dominant in the forecast period. Whiskey consumption in Japan is expected to grow significantly over the next few years due to many factors, including the high disposable income of developing nations like China and India. Whiskey sales will increase throughout the forecast period due to its delicious flavor and lower fat content.
In terms of application, the global dark spirit market is segmented into liquor stores, restaurants, pubs & bars, and others (cafes, etc.). Among these, the pubs & bars segment holds the largest share in the market due to its increasing popularity, which propels the growth of the global dark spirit market.
On the basis of regional distribution, the market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Among these regions, Asia Pacific holds a significant share of the global dark spirit market and is likely to dominate the market during the forecast period because China and Japan are increasingly seeking out fruity, clean, and polished malt scotch whiskey. Indian consumers' increasing consumption of bourbon and sherry-cask spirits will contribute to the market's expansion. The rising rum and brandy product consumption rate drives China's market share. Furthermore, private Japanese companies offer the infrastructure to build alcoholic beverage production facilities. The global market's consumption rate is increasing due to these manufacturing facilities. The region's increased whiskey and rum imports are anticipated to spur market expansion.
Key Market Players Operating in The Global Dark Spirit Market Include:
- Anheuser-Busch InBev SA/NV
- Asahi Group Holdings, Ltd.
- Kirin Brewery Company, Limited
- SUNTORY HOLDINGS LIMITED
- Diageo Plc.
- Bacardi Limited
- Brown-Forman Corporation
- LT Group, Inc.
- Pernod Ricard S.A
- Rémy Cointreau
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“In developing nations like India, mass-produced dark spirits are prevalent. The premium segment has, however, seen an increase in demand recently. A taste for high-end goods that offer a distinctive and genuine experience is also growing among prospective customers. Additionally, urbanization, rising middle-class population, and rising disposable income positively affect the market for premium goods. Superior spirits are flooding the dark spirits market development in advanced and emerging economies due to the growing number of pubs, bars, and breweries serving alcoholic beverages. Customers are put under stress by high taxes, which has a significant effect on how they choose to spend their money. The dark spirits market is still having trouble in various parts of the country due to high taxes on whiskey.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Dark Spirit Market– Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented By Product Type (Whiskey, Rum, Brandy and Others), By Application (Liquor Stores, Restaurants, Pubs & Bars and Others (Cafes, etc.)), By Region”, has evaluated the future growth potential of dark spirit market globally and provides statistics and information on market structure, size, share, and future growth. The report provides cutting-edge market intelligence and helps decision-makers to make sound investment decisions. Besides, the report also identifies the emerging trends along with essential drivers, challenges, and opportunities present in the global dark spirit market.