Global Specialty Spirits Market 2016-2020

Overview of the global specialty spirits market

Technavio’s research analyst predicts the global specialty spirits market to grow at a CAGR of just over 1% by the end of the forecast period. Exposure to different cultures, the introduction of new flavors and setting up of new breweries are some of the drivers for the specialty spirit markets. Consumers are bucking market trends and expressing an interest in trying imported products. Countries like China, Korea, and Japan are promoting traditional spirits like Baijiu and Sochu. China’s traditional drink Baijiu is likely to dominate the specialty spirits market and give up a small percentage of market share to competitors like Shochu. 

The high demand for specialty spirits from developing countries in the APAC region is the biggest driver for this market. Even though advertising for alcoholic drinks is regulated in many countries, market demand hasn’t slowed. For instance, Chinese Baijiu is very popular with US consumers and its demand is skyrocketing. With an alcohol content similar to vodka, flavored varieties like cinnamon and pear are tickling customer palates. Many Asian restaurants serve Baijiu with traditional foods. It is becoming easier to find specialty spirits at duty-free shops at major airports. Over 50% of travelers purchase alcohol at airports because they find the best brand at a great price.

Competitive landscape and key vendors