The global market for luxury wines and spirits was valued at $812.11 billion in 2015, and is expected to reach $1.122 trillion by 2022, supported by a CAGR of 4.8% during 2016 – 2022, according to a new study by Allied Market Research.
The wine segment was a major revenue contributor for global luxury wines and spirits market in 2015. The European region held the leading position in the global market in 2015, and is expected to maintain its lead during the forecast period.
Consumption of luxury wines and spirits has seen a significant growth in the past few years. Further the use of technology has enabled to select the finest quality of raw materials for fermentation to yield quality wines for aging process and consumption.
The wines segment is expected to grow at a faster rate during the forecast period, as the market currently offers alcoholic drinks such as vodka, gin, rum, and brandy and has more alcohol by volume (ABV) than other alcoholic beverages. The market has seen a significant growth, owing to increase in popularity of cocktail drinks. Moreover, they are being preferred over beers and other alcoholic beverages due to growing popularity of cognac and tequila. However, there is a decline in the growth of rum and vodka.