The North America Spirits Market is expected to reach USD 278.5 billion by 2028, registering a CAGR of 7.7% over the forecast period, according to a new report by Grand View Research, Inc. The market has several growth opportunities due to the rising consumer demand for premium and low alcohol content drinks. Moreover, innovation in Ready-to-Drink (RTD) products with an infusion of botanical and organic ingredients will provide new growth opportunities in the coming years.
The whiskey product segment held the largest
market share in 2020 and is expected to maintain dominance over the forecast
period. In North America, there is a growing demand for distinctive and
handcrafted alcoholic beverages, which is likely to boost the market growth.
The demand for whiskey is predicted to rise in the coming years due to the
increasing consumption of alcohol, especially in the U.S. and Canada.
The U.S. accounted for the largest revenue share in
2020. As per the data by IWSR, people under the age group of 21 to 44 years are
the most frequent consumers of low-alcohol drinks. According to The Wall Street
Journal, alcohol volumes declined by 0.8% in 2018 in the U.S., slightly steeper
than the 0.7% drop in 2017. The market has a strong presence of several
regional and international players.
Related Press Release@ North America Spirits Market Report
North America Spirits Market
Report Highlights
- The whiskey segment accounted for a larger share of the overall
revenue in 2020. The growing demand for unique and crafted alcoholic
beverages is emerging as a rising trend, which drives the segment
- The screw-top caps & closure segment held the largest market
share in 2020 and is expected to maintain dominance over the forecast
period
- The growth is credited to several advantages pertaining to the
structure of screw-top caps, such as low cost and ease of use &
application
- The plastic material segment held the largest market share in 2020
and is expected to maintain dominance over the forecast period
- The abundant availability of these raw materials translates to the
low cost of production, thereby making plastic caps and closures a viable
choice for packaging
- The liquor stores distribution channel segment accounted for the
largest market share in 2020 and is expected to maintain dominance over
the forecast period
- Some of the popular liquor stores in North America are Astor Wines
& Spirits and Ambassador Wines & Spirits
- Mergers & acquisitions emerged as the key strategy deployed by
the majority of market players to stay abreast of the competition
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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