According to the latest report by IMARC Group, titled "Dark Spirits Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global dark spirits market reached a value of US$ 84.24 Billion in 2021. Dark spirits refer to liquors that undergo an aging process ranging from a few months to several years. They consist of drinks such as whiskey, rum or brandy and are stored in new, recycled or charred barrels to provide color and depth of taste. As opposed to light spirits, which include clear alcoholic beverages like vodka, gin and white wine, dark liquors have higher concentrations of congeners, organic substances produced during the fermentation process. Some of these congeners are known to protect the stomach lining and offer antioxidant properties.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Dark Spirits Market Trends:
The global market is primarily being driven by the growing preference for dark spirits among consumers. Market players have witnessed an uptick in demand for liquors like cognac, whiskey, and scotch over the past few years. Apart from this, as consumers are willing to try new blends, bar owners are expanding their offerings and including dark spirit-based cocktails made with sparkling water and exotic fruit juices. These drinks are also being used as flavor enhancers. In addition, with growing disposable incomes and expanding working population, individuals are also preferring premium products that offer an authentic experience. This is further supported by the rising number of bars, pubs, and breweries providing easy access to alcoholic beverages. Furthermore, the availability of dark spirits via online retail channels and home delivery services has driven product sales during the COVID-19 pandemic. Other factors, such as rising urbanization, elevating demand for low and non-alcoholic product variants, and expanding middle class, are further expected to influence the market growth. Looking forward,?the market is anticipated to reach a value of US$ 122.92 Billion by 2027, expanding at a CAGR of 6.00% during 2022-2027.
- On the basis of the type, the market has been categorized into whiskey, rum and brandy, wherein whiskey dominates the segment.
- Based on the distribution channel, the market has been bifurcated into on trade and off trade. At present, most dark spirits are distributed through off trade channels.
- On the basis of the application, the market has been segregated into bars, restaurants, pubs and others.
- Based on the region, Asia Pacific accounts for the majority of the market share. It has been further divided into China, Japan, India, South Korea, Australia, Indonesia, and others. Other major regions include North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players are Asahi Group Holdings ltd., Anheuser-Busch InBev SA/NV, Brown–Forman Corporation, Bacardi Limited, Kirin Brewery Company Limited, Diageo plc, Pernod Ricard, LT Group Inc, Suntory Holdings Limited (Kotobuki Realty Co. Ltd.), and Rémy Cointreau. get their color by being aged in different types of barrels. Some are recycled barrels that are charred on the inside to help add depth of taste and color to a liquor. Others are aged in brand new barrels (barrels lose their color as they age). In general, most dark liquors go through an aging process that can range anywhere from a few months to many, many, years. Sometimes caramel coloring and flavor are added to enhance the depth of the color.
- The average percentage preferring liquor has risen from 19 percent in the 1990s to 21 percent in the early 2000s to 23 percent over the past five years. more people have started buying liquors like cognac, whiskey, and scotch. cognac has been on the rise, in particular, since the advent of stay-at-home orders spirits like cognac and whiskey have been on the rise during the pandemic
- The momentum has only picked up for women having an interest in dark spirits, thanks in a large part to the growth of the cocktail scene.
- Being used as flavor enhancers consumers are now eager to find the best alternatives to alcoholic serves aspiring consumers are developing the taste for premium products that offer unique and authentic experience rising disposable income, urbanization, and rising middle class population positively impact the market of premium products With growing number of pubs, bars, and breweries serving alcoholic beverages.
- Online grocery and delivery services have gained high traction in the last 5 years. The growth of such platforms is further accelerated by the ongoing pandemic
- Dark spirits are served in pubs, bars, restaurants, and other dining centers in combination with exotic flavored juices and sparkling water to facilitate an enhanced experience to customers. In addition, the advent of an online delivery system for alcohol is another very strong growth factor for the global dark spirits market.
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