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Latin America Alcoholic Spirits Market Forecast 2020-2028

The alcoholic spirits market of Latin America is anticipated to register a CAGR of 3.85% over the projected period of 2020-2028. The growing popularity of premium spirits among young adults is one of the driving factors of the market in the region.

In order to study Latin America alcoholic spirits market growth further, the region is segmented into countries such as Argentina, Mexico, Brazil, and the rest of Latin America, such as Columbia, Venezuela, Chile, and others. In Argentina, the consumption of spirits was affected by macroeconomics, and by the decline of salaries in real terms. However, the cocktail culture continues to grow. Liqueurs were the largest category within spirits in 2018. The Campari brand has become hugely popular among young adults, bartenders, and sommeliers. In January 2018, Branca Destilerias launched its first digital platform, BrancApp, which can be downloaded via mobile devices and allows customers to access promotions and discounts in discos, bars, and restaurants in several cities, and win exclusive branded prizes.
In Chile, whiskeys have become popular in recent years. The pisco category has experienced continual growth since 2016. The manufacturers believe that over the next few years, the growth in the whiskey category will lead to the development of categories such as blended scotch whiskey and blended malt scotch whiskey as consumers are becoming more aware of the different varieties. In Columbia, specialist stores have become very important for the distribution of spirits. The availability of more brands and greater sophistication of consumption, has led to the expansion of specialist stores, though hampered by tax reforms, which increased the prices of premium products.

Brown-Forman Corporation, Davide Campari-Milano S.P.A., Bacardi Limited, Diageo PLC, Beam Suntory Inc, etc. are some of the leading companies operating in the market.

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