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North America Alcoholic Spirits Forecast 2020-2028

The North America alcoholic spirits market is evaluated to register a CAGR of 2.85% over the projected period of 2020-2028. The trend for premiumization across all product categories is boosting the growth of the market in the region.

The alcoholic spirits market of North America is segmented into the US and Canada for further surveying the growth in the region. The craze for craft beer is brimming over other food and beverage products, including spirits. In addition, the factor that led to the stagnation or sustained weak growth in spirits in the last 10 years was an increasing consumer preference for wine over spirits and already high consumption of spirits. The major categories that got affected were rum, vodka, and liqueurs, although there is still a wide range of growth opportunities across spirits. In recent years, tequila, which is a relatively underdeveloped category, has grown benefitting from its unique taste and style, expanding usage occasions, and association with regional terroir. The years 2018 and 2019 were expected to be unstable years for various industries, including alcoholic drinks, as trade friction and legislation changes presented tremendous uncertainty for industries. The category of spirits is comparatively mature and consolidated. Corby Spirit & Wine, and Diageo remain the top two players with a wide range of offerings, claiming nearly half of the total volume of sales between them. An increasing number of participants are entering craft spirits inspired by the success of craft beer. At this stage, the emphasis is on Gin and vodka, such as the latest launches of Iceberg vodka from Newfoundland, Banff Ice Summit Vodka from Alberta, and Spirits of York from Ontario.

Bacardi Limited, Brown-Forman Corporation, Beam Suntory Inc, Constellation Brands, Inc, Anheuser-Busch InBev NV/SA, etc. are some of the major companies functioning in the market.

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North America Alcoholic Spirits Forecast 2020-2028
Published By :Inkwood Research
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