Increasing Disposable Income Drives the Growth of India, South Korea, Singapore, Malaysia and Spain Spirits Market

According to the published article by ResearchGate, the per capita consumption expenditure is directly proportional to country's disposable income, which means the higher the disposable income, the more will be the expenditure of consumers boosts the demand for spirits in the market. The increase in disposable income in the countries has significantly increased the consumption of alcohol, which is expected to drive the growth of India, South Korea, Singapore, Malaysia & Spain spirits market.

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Data Bridge Market Research analyzes that the India, South Korea, Singapore, Malaysia and Spain Spirits Market is expected to grow at a CAGR of 4.6% from 2023 to 2030 and reach USD 67,199.74 million by 2030. The country's population, rising disposable income, and changing lifestyle are expected to keep the spirits demand high for the near future, acting as a driver to the spirits market in the country.

Key Findings of the Study

The increasing popularity of cocktails is expected to drive the market growth rate in the country

In recent years, there has been an upsurge in the consumption of cocktails among consumers. The growing urbanization and interest in exploring new and diverse culinary experiences have led consumers to try a variety of cocktails. Consumer tastes are changing, and they are looking for more sophisticated and refined beverages. Furthermore, as the economy and incomes have grown, people have more money to spend on luxury goods and experiences, such as high-end cocktails. In addition, various companies and brands are offering cocktails in their portfolio as per the changing preferences of consumers.

Report Scope and Market Segmentation

Segment Analysis

The India, South Korea, Singapore, Malaysia & Spain spirits market is segmented into five notable segments based on type, flavor, source, ageing, and distribution channel.

• Based on type, the India, South Korea, Singapore, Malaysia & Spain spirits market is segmented into whiskey, rum, brandy, vodka, gin, tequila, cane, flavored spirits, neutral spirits, and others. In 2023, the whisky segment is expected to dominate the market with a market share of 52.39% due to the growing inclination of consumers towards the various kinds of whiskey, such as rye whiskey, malt whiskey, and wheat whiskey.

In 2023, the whiskey segment in type segment is anticipated to dominate the India, South Korea, Singapore, Malaysia & Spain spirits market

In 2023, the whiskey segment of this market is expected to dominate the market due to the growing inclination of consumers towards various kinds of whiskey, such as rye whiskey, malt whiskey, and wheat whiskey. The increasing urbanization coupled with millennials preferring premium quality whiskey brands is also contributing to the growth of this segment in the market. Furthermore, manufacturers launching new whiskey products in the market are also expected to drive the demand for whiskeys in the country. The whiskey segment is expected to reach a CAGR of 4.5% from 2023 to 2030.

• Based on flavor, the India, South Korea, Singapore, Malaysia & Spain spirits market is segmented into plain, honey, maple, caramel, chocolate, vanilla, fruit, spices, and nuts. In 2023, the plain segment is expected to dominate the market with a market share of 64.90% due to its versatility and authenticity without any adulteration of flavors.

In 2023, the plain segment of this market is expected to dominate the market due to the growing inclination of consumers toward cocktails. Moreover, plain spirits have wide versatility and can be used in several drinks without altering or masking the flavors. The increasing urbanization coupled with millennials preferring premium quality spirits is also contributing to the growth of this segment in the market.

• Based on source, the India, South Korea, Singapore, Malaysia & Spain spirits market is segmented into grapes, molasses, agave, grains, potato, and others. In 2023, the grains segment is expected to dominate the market with a market share of 42.93% due to the rising consumption of alcoholic beverages by consumers.
• Based on ageing, the India, South Korea, Singapore, Malaysia & Spain spirits market is segmented into aged and unaged. In 2023, the unaged segment is expected to dominate the market with a market share of 57.53% due low cost of unaged spirits compared to aged ones.
• Based on distribution channel, India, South Korea, Singapore, Malaysia & Spain spirits market is segmented into store-based retailing and non-store retailing. In 2023, the store-based retailing segment is expected to dominate the market with a market share of 97.76% due to the increasing presence of a large chain of retail stores and increased demand for spirits.
• The key market players operating in the market are Constellation Brands, Inc., (U.S.), Brown-Forman (Kentucky), Pernod Ricard (France), Diageo (England), Bacardi Limited (Bermuda), Khemami Group (2022) (India), Kyndal Group (2022) (India), Kaya Spirits (2022) (India), LVMH (2022) (France), SUNTORY HOLDINGS LIMITED (2022) (Japan), John Distilleries (2022) (Karnataka), Remy Cointreau (2022) (Paris), Kweichow Moutai Co., Ltd. (2022)( China), CAMPARI GROUP (2022) (Italy), HITENJINRO CO., LTD. (2022) (South Korea), Ian Macleod Distillers Limited (Scotland), Tequila Cuervo La Rojeña, S.A. de C.V. (Mexico), Globus Spirits Ltd. (2022) (India), Lucas Bols(2022)(Netherlands), Radico Khaitan Ltd (2022) (India), Mohan Meakin Ltd. (2022) (India), Allied Blender & Distillers Pvt. Ltd (India), William Grant & Sons (UK), and THE EDRINGTON GROUP LIMITED (UK,) among others

Major Players

Data Bridge Market Research recognizes the following companies as the major spirits market players in India, South Korea, Singapore, Malaysia & Spain spirits market that include  Allied Blender and Distillers, Tequila Cuervo La Rojeña, S.A. de C.V, HITEJINRO CO.,LTD, BACARDI, Constellation Brands, Inc., Diageo, Pernod Ricard, Brown‑Forman, LVMH, Suntory Holdings Limited., WILLIAM GRANT & SONS, REMY COINTREAU, THE EDRINGTON GROUP, Kweichow Moutai Co., Ltd., CAMPARI, Ian Macleod Distillers Limited, and John Distilleries, among others.

Market Development

• In January 2023, Brown‑Forman Corporation announced its acquisition of the Diplomático Rum brand and related assets from Destillers United Group S.L. (Spain). This acquisition will help the company increase its product portfolio to meet the preferences of global spirits consumers.
• In September 2022, Thirstie, a leading e-commerce provider for beverage alcohol brands, announced the launch of The Balvenie and Glenfiddich Single Malt Scotch Whisky U.S. digital storefronts in collaboration with William Grant & Sons, a global family-owned distiller and supplier. The partnership is part of William Grant & Sons' larger global e-commerce strategy of providing consumers with digital access to its portfolio of premium spirits.
• In March 2022, William Grant & Sons launched a new product in its Hendrick's gin brand with the sea-inspired Neptunia. The extension blends Scottish coastal botanicals with a 'bright citrus' flavor. It expanded the product portfolio of the company.
• In March 2022, THE EDRINGTON GROUP LIMITED launched its new product- The Famous One., blended scotch in the UK. It expanded the product portfolio of the company.
• In October 2021, Rémy Cointreau Group finalized the acquisition of Champagne J. de Telmont. The company's broad product portfolio and prestigious brands will help it generate higher revenues.

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