Global Spirits Market to hit 3.2bn Cases by 2020
Global spirits market will climb above 3.2bn nine-litre cases by 2020, according to leading Wine and Spirits Analysts, International Wine & Spirits Record (IWSR) forecast.
Interestingly, IWSR says that while this maintains a ‘steady’ increase, the category’s compound annual growth rate (CAGR) between 2014 and 2020 is expected to be ’noticeably slower’ at +0.6% compared with the previous five-year CAGR of +3.6%.
The highest growth will be seen in Asia, with China and India, the world’s two largest spirits markets leading the charge. China and India currently account for 620 million and 290 million cases of spirits annually.
Population growth and rising disposable income levels in many emerging markets will stimulate growth in the spirits segment, the IWSR said, and mature markets such as the ‘US and UK’ will look to regain some of this growing sales attention from these less-developed regions – especially as their own growth opportunities improve in both volume and value.
The fastest categories of spirits will be whisky and tequila, the IWSR adds. They will show annual growth rates of 3.8% and 2.9% respectively through 2014 and 2020.
Total annual consumption of whisky will climb to 467.4m cases, surpassing Vodka to become the largest spirits category by the end of the decade.