About Specialty Spirits
Specialty spirits are region-specific traditional spirits. Baijiu in China, soju in South Korea, sochu in Japan, Cachaça in Brazil, and raki in Turkey are some of the popular specialty spirits.
The global specialty spirits market is dominated by APAC. China is the largest market for specialty spirits. Rising disposable incomes, especially in developing nations, coupled with increased expenditure on alcohol has fueled the global specialty spirits market.
Technavio’s analysts forecast the global specialty spirits market to grow at a CAGR of 1.05% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global specialty spirits market for the period 2016-2020. The market size and forecasts provided in this report are in terms of revenue and volume and are calculated on the basis of retail sales of specialty spirits.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Specialty Spirits Market 2016-2020
Technavio recognizes the following companies as the key players in the Global Specialty Spirits Market: HiteJinro, IRB Tatuzinho 3 Fazendas (Tatuzinho), Kirishimashuzo, Kumbokju, Lotte, Luzhou Laojiao, Sanwa Shurui, and Takara Shuzo.
Other Prominent Vendors in the market are: Asahi Breweries, Beam Suntory, Beijing Red Star, Companhia Müller de Bebidas, Diageo, Engarrafamento Pitu, Kweichow Moutai, and Wuliangye.
Commenting on the report, an analyst from Technavio’s team said: “Consumers today prefer the convenience of online shopping owing to their busy lifestyles, and this is likely to extend to specialty spirits as well. Increased internet penetration, increased access to smartphones, and simplified e-banking systems will lead to increased purchases through the online channel.”
According to the report, specialty spirits from different regions have grown in popularity in recent years; cachaça in Brazil, baijiu in China, and raki in Turkey are some of the spirits that are gaining in popularity. Baijiu, which is popular in Asia, has seen increasing demand from consumers in the US. Baiju has an alcohol content similar to that of vodka. Vendors have introduced flavored varieties such as cinnamon, pear, ginger, and honey to cater to consumer preferences.
Further, the report states that the campaigns against alcohol consumption launched by various organizations in many countries are another challenge hindering market growth.
HiteJinro, IRB Tatuzinho 3 Fazendas (Tatuzinho), Kirishimashuzo, Kumbokju, Lotte, Luzhou Laojiao, Sanwa Shurui, Takara Shuzo, Asahi Breweries, Beam Suntory, Beijing Red Star, Companhia Müller de Bebidas, Diageo, Engarrafamento Pitu, Kweichow Moutai, Wuliangye.
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