Alcoholic spirits are commonly consumed by the youth that could be a major driver of the flavored spirits market globally. Changing lifestyle and adoption of the fashionable trends has influenced the high sale of flavored spirits within the flavored spirits market. Increase in disposable income has a positive impact on this market. Growing demands for refreshing and fortified flavored alcoholic beverages is anticipated to have a positive impact on this market across the globe.
The shift in consumer’s alcohol consumption preferences has influenced the positive growth of flavored spirits within developing countries. Application of natural fruits as a flavor in the alcoholic beverage will increase the sales of flavored spirit products. Consumption of flavored spirits is gaining popularity as mass consumers choose to experiment with refreshing and new flavors in their drinks. Higher demand for flavored spirits from female population of urban countries have conjointly influenced the market of flavored spirits. Key players are focusing on merger and acquisition of small players as a result of the high demand for the products. France and U.K are witnessing more innovations in flavors compare to other European countries.
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Some of the key players profiled in the global flavored spirits market: Constellation Brands Inc. (U.S.), Davide Campari-Milano S.p.A. (Italy), Lapostolle SA (Paris), Diageo plc (U.K.), The Brown-Forman Corporation (U.S.), Pernod Ricard (France), and Mast-Jägermeister SE (Germany) among many others.
Europe region will witness high demand for flavored vodka products.
Top exporters of flavored spirits include Spain, Germany, U.S., Jamaica and the Netherlands
Raw material suppliers
Traders, importers, and exporters
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The global flavored spirits market is segmented into type, form, and packaging.
On the basis of the type, it is segmented into whiskey, rum, vodka, tequila, gin, and others. Among all, the flavored vodka will witness higher growth rate compared to other type of flavored spirits.
On the basis of the flavor, it is segmented into herbs & spices, fruits, nuts & seeds, and others. Among all, the fruit flavor will continue to dominate the market due to increasing demand for vodka & gin with fruit flavors.
On the basis of the distribution channel, it is segmented store-based, and non-store based. Among all, the store-based distribution channel is dominating the market due to the stronghold of retailing sector in spirits market.
The global market of seasoned spirits is metameric into North America, Europe, Asia Pacific, and rest of world (ROW). Europe has the key market share followed by North America. Key players in Europe is projected to get a high revenue throughout the given forecast period due to rising demand from developed economies in this particular region. The major importers of flavored spirits include U.S., Spain, Germany, U.K., and The Netherlands. Due to growing demand for alcoholic beverages particularly amongst the population of youth, the import and export of flavored spirits within the developed countries are found to rise at a moderate rate.