Europe Alcoholic Spirits Market Forecast 2020-2028
The alcoholic spirits market of Europe is predicted to register a CAGR of 2.20% during the estimated period of 2020-2028. The trend of premiumization is expected to propel the alcoholic spirits market in the region as consumers are shifting from local spirits to premium spirits.
In order to survey the European alcoholic spirits market growth further, the region is divided into countries such as Russia, Italy, Belgium, Germany, Poland, the UK, France, and the rest of Europe that includes Finland, Sweden, Austria, Netherlands, and others . In Russia, Vodka remains the most traditional drink. The consumption of spirits such as rum, whiskeys, gin, and brandy is growing. The consumption culture is shifting towards premiumization as consumers are becoming more refined in taste. However, pricing policy and premium positioning of some brands of Vodka will slow down the shift to the niche categories. In countries like Belgium, due to increasing health consciousness, the consumers try to lower their alcohol consumption. Hence, the alcohol-free versions are expected to penetrate other spirits categories during the forecast period. Diageo, the leading player in spirits, launched an alcohol-free version of Gordon’s Gin & Tonic in 2018. The consumers are looking for lower abv (alcohol by volume) drinks, and due to the growing trend of mixology, cocktails are becoming very popular.
In Poland, the demand and distribution of premium drinks are growing owing to good economic conditions, and changes in consumer habits. Whiskey is becoming immensely popular, and whiskeys festival in Poland is attended by consumers from neighboring countries as well. In Sweden, as spirits are very expensive, many opt to shop from Germany. In the Netherlands, the major international players are focused on brand building by launching premium versions of their leading brands.
Diageo PLC, Anheuser-Busch InBev NV/SA, Davide Campari-Milano S.p.A., Pernod Ricard SA, Bacardi Limited, etc. are some of the leading companies operating in the market.
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