Middle East & Africa Alcoholic Spirits Market Forecast 2020-2028
The Middle East & Africa alcoholic spirits market is estimated to reach a CAGR of 3.66% over the projected period of 2020-2028. The growing popularity of premium spirits, owing to increasing affordability, the rising purchasing power of consumers, and shift in preference and taste, are boosting the market growth in the region.
In order to understand the market growth of alcoholic spirits in the Middle East & Africa further, the region is reviewed on the basis of market growth in Israel, the United Arab Emirates, South Africa, Turkey, and the rest of the Middle East & Africa. In Israel, whiskeys continue to grow, with premium whiskeys recording strong growth as brands and companies penetrate the category. With the growth of a new culture of whiskey drinking, social activities like whiskey clubs and tastings, purchasing groups, and online auctions are emerging. The customers have become more knowledgeable and sophisticated in their choice of taste. The cocktail trend is strong and boosts the sales of gin and rum. In countries like South Africa, gin remained the most dynamic category in spirits in 2018, with further growth predicted for the forecast period. Millennials are propelling demand for craft gin, and also for mainstream gin indirectly. However, craft gin is not available for everyone due to its high price and limited distribution reach.
In Egypt, spirits consumption saw a significant increase following political unrest and curfew as spirits products are mainly consumed in clubs, bars, restaurants, and lounges. In Nigeria, spirits are affordable and hence seeing good growth. The manufacturers of spirits package locally produced products such as gin and bitters in sachets and small plastic bottles that drive growth within this income group.
Bacardi Limited, Brown-Forman Corporation, Beam Suntory Inc, Diageo PLC, Constellation Brands Inc, etc. are some of the prominent companies operating in the market.
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