The 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 process to yield quality wines for aging process and consumption. Besides, with increasing disposable income globally and premium pricing of the products has provided huge profit opportunities for the manufactures of the market. However, the stringent regulations regarding the advertisement and distribution of wines & spirits are expected to affect the market growth during the forecast period.
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.
A new report published , titled, "Luxury Wines and Spirits Market by Product Type, Distribution Channel and Geography: Global Opportunity Analysis and Industry Forecast, 2014 - 2022," projects that the global luxury wines and spirits market was valued at $812,108 million in 2015, and is expected to reach $1,122,578 million by 2022, growing at a CAGR of 4.8% from 2016 to 2022. The wine segment was a major revenue contributor for global luxury wines & 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
Rapid urbanization, changing lifestyles, rising disposable incomes and the world’s largest youth population has further contributed to wine’s popularity in India, particularly among the upper middle-class urban consumers. Between 2015 and 2018, the Indian wine industry recorded a double-digit compounded annual growth rate of over 14%; just as leading Indian wine brands gained recognition and awards on the international Diaspora.
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