A new report, titled “Global Specialty Spirits Market 2016-2020,” added to the repository of market studies of MarketResearchReports.biz provides a holistic overview of the market for specialty spirits for the period between 2016 and 2021. Compiled with the intent of updating the stakeholders about the prevailing market dynamics, the report also presents insights into the growth drivers and key restraints impacting the market during the aforementioned forecast period.
Specialty spirits are region-specific spirits such as baijiu in China, sochu in Japan, soju in South Korea, raki in Turkey, and Cachaa in Brazil. The global market for specialty spirits is likely to exhibit a rather slow CAGR of 1.05% between 2016 and 2020. It is presently dominated by the APAC region, with China emerging as the largest market for specialty spirits. The rising disposable income of consumers, coupled with the increased expenditure on alcohol in emerging economies, has been a crucial factor fuelling demand from the global specialty spirits market.
The introduction of new flavors, exposure to different cultures, and opening up of new breweries are some of the other factors aiding the growth of the specialty spirits market. Furthermore, consumers have also become more open to trying new imported products, with countries such as Japan, China, and Korea promoting their traditional spirits at full swing. This has led to the high demand for specialty products in the APAC region. Additionally, despite advertising liquor or alcoholic drinks being regulated in many countries, the demand for Chinese baijiu in the U.S. is skyrocketing, which has been identified as a key reason behind the steady growth of the specialty spirits market in APAC.
In the APAC region, Thailand and China have emerged as the largest markets for specialty spirits. Even with existing ban on advertising, the specialty spirits and alcohols market has been doing well due to personal recommendations. Furthermore, the introduction of new brands and flavors targeting particular consumer demographics has also helped the market register sustainable growth. Regionally, the report segments the global market into the Americas, EMEA, and APAC.
The report provides a holistic overview of the various factors that have been influencing the market. It also profiles the leading players operating in the market for the purpose of the study. These include IRB Tatuzinho 3 Fazendas, HiteJinro, Luzhou Laojiao, Kirishimashuzo, Takara Shuzo, Kumbokju, Sanwa Shurui¸ Lotte, and others. These companies are studied on the basis of financial overview, strategies adopted over the recent past, cost structure analysis, product portfolio, and recent developments. Using SWOT analysis, the report weighs the strengths and weaknesses of the companies profiled. The analysis also helps readers in identifying the threats and opportunities that these companies may face in the near future.
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