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Asia Pacific Alcoholic Spirits Market Forecast 2020-2028

The alcoholic spirits market of Asia Pacific is estimated to reach the highest CAGR of 4.16% over the forecast period of 2020-2028. One of the prominent factors creating the prospects for the market growth in the region is the increasing demand for the consumption of premium spirits.

The Asia Pacific alcoholic spirits market growth is analyzed further on the basis of the markets in countries such as Australia & New Zealand, China, Indonesia, India, Thailand, Japan, Vietnam, South Korea, and the rest of Asia Pacific that includes Malaysia, Philippines, Singapore, Taiwan, and others. Thailand is witnessing the rise of craft beer along with craft spirits, with craft products accounting for the majority of sales. The craft movement is supported by various events in nightclubs and bars. In Vietnam, the growing number of pubs, clubs, and other luxury channels, the increase in the habit of eating and drinking out, and higher disposable incomes boosted the consumption and sale of international spirits. Since the marketing of spirits is banned in Vietnam, international players tend to work with pubs and bars to offer attractive commissions and benefits to encourage sales.
In countries like Australia, Diageo remained the leading player in spirits during the projected period due to its extensive product portfolio, including gin, vodka, rum, tequila, and whiskeys. Campari Australia recorded the highest increase in share among the top players. In the Philippines, the consistent economic development leading to rising disposable income and spending power, has resulted in the growing consumption of spirits at different prices. International companies see strong growth opportunities in the country. In Taiwan, Chinese spirits continued to dominate the spirits segment in 2019. Though the spirits sale suffered due to the weak economy, the on-trade benefitted from the flourishing cocktail scene in Taiwan.

HiteJinro Co Ltd, Radico Khaitan Limited, Pernod Ricard SA, Brown-Forman Corporation, Bacardi & Co Ltd, etc. are some of the well-known players functioning in the market.

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Asia Pacific Alcoholic Spirits Market Forecast 2020-2028
Published By :Inkwood Research
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