The global spirits market is set to witness growth at a CAGR of 5.2% over the forecast period (2022-2032) and top a valuation of US$ 92.9 Bn by 2032, Future Markets Insights estimates. By product type, whiskey is expected to account for the maximum market share by 2022 end.
East Asia is expected to dominate the global market, accounting for the maximum market value share of about 25% by 2022 end, the report says. Primary factor: Rising partying culture across the globe.
Rising partying culture in different regions across the globe is predicted to result in surging demand during the assessment period (2022-2032).
Higher income groups and working population have increased spending capacity, which is likely to increase the demand for premium brands of spirits in the near future, the study says.