The Premium Alcohol are branded alcohol generated from the one type of spirit that the specific corporate generates. The Generic brands often utilize a base neutral spirit and add flavors and color to generate all forms of the Liquor. According to the report analysis, ‘Global Premium Alcohol Market to reach USD XXX billion by 2026’ states that the effective growth in the requirement for alcoholic drinks specially in the developing regions such as China, Indonesia and Singapore propel the market for alcoholic beverages. In addition, with the growing disposable income and customer preference and loyalty towards branded alcohols propels the market for premium alcohol throughout the review period. Additionally, growing efforts by the producers to reinforce the distribution channels such as online stores and expediency stores aid the easy accessibility of the product propelling the market growth.
Not only has this, in the mature market consumer preference towards the drinking less but better alcohol frequently with greater barely and malt contents augments the requirement for the premium alcohols. As per the beverage Information and Insights Group, the straight American whiskey category increased 5.3% during 2018 reaching 23.29 million 9-liter cases across the US. While the Rose Category increased about 48% around the US and the Wine observed an entire growth of 3%. Further, the Indian Spirit sector involving whiskey, brandy, rum and vodka was projected to enlarge 25% to USD 41 trillion by 2022.
Although, the spread of the COVID-19 pandemic has brutally affected the market bringing a piercing decline in the sales of the premium alcohols around the globe. Amidst the pandemic with the nationwide lockdowns around the infected regions the bars have been closed which has brought a steep weakening in the sales of premium alcohols. In addition, US on-premise sales channel sells USD 10 billion of alcohol which after the COVID-19 and a projected ban on sit-down dining of 2 months is projected to amount to a damage of USD 15-20 billion in alcohol alone. Moreover, the departmental stores in Japan have conveyed a year-on-year deterioration of 18% in sales during February. Further, along with the decreasing sales the disruption in the Logistics segment has also negatively wedged the premium alcohol market. As per corporate sources, this disturbance in the supply chains and sapped customer requirement caused a blow of USD 285 million in sales at Anheuser-Busch InBev, a worldwide alcohol brewer. Also, it transported an impending hit of USD 222 million in functioning profits at Smirnoff Vodka maker Diageo. Hence, amidst the Pandemic the Premium Alcohol segment has suffered a foremost blow and would increase slightly post Pandemic.
Although, the regional analysis of worldwide Premium Alcohol market is measured for the foremost regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. Whereas, the North America is the leading/proficient region across the world in terms of market share due to the mature alcohol market and growing customer preference towards fewer but better alcohol. However, the Asia-Pacific is also projected to exhibit greatest growth rate / CAGR over the review period of 2020-2026. Factors such as growing disposable income and augmenting availability of premium brands would generate the lucrative growth prospects for the Premium Alcohol market around Asia-Pacific region. Therefore, it is anticipated that the market of premium alcohol will increase around the globe more effectively over the upcoming years.
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Ankur Gupta, Head Marketing & Communications