North America Spirits Market Segment Analysis On The Basis Of Product, Caps & Closure, Caps & Closure Material, Distribution Channel, Region And Forecast To 2028


 San Francisco, 14 May 2024: The Report North America Spirits Market Size, Share & Trends Analysis Report By Product (Whiskey, Gin), By Caps & Closures Material (Plastic, Metal), By Caps & Closures (Bar-top, Screw-top), By Distribution Channel, And Segment Forecasts, 2021 - 2028

The North America spirits market is expected to reach USD 278.5 billion by 2028, registering a CAGR of 7.7% over the forecast period, according to a new report by Grand View Research, Inc. The market has several growth opportunities due to the rising consumer demand for premium and low alcohol content drinks. Moreover, innovation in Ready-to-Drink (RTD) products with an infusion of botanical and organic ingredients will provide new growth opportunities in the coming years.

The whiskey product segment held the largest market share in 2020 and is expected to maintain dominance over the forecast period. In North America, there is a growing demand for distinctive and handcrafted alcoholic beverages, which is likely to boost the market growth. The demand for whiskey is predicted to rise in the coming years due to the increasing consumption of alcohol, especially in the U.S. and Canada.

The U.S. accounted for the largest revenue share in 2020. As per the data by IWSR, people under the age group of 21 to 44 years are the most frequent consumers of low-alcohol drinks. According to The Wall Street Journal, alcohol volumes declined by 0.8% in 2018 in the U.S., slightly steeper than the 0.7% drop in 2017. The market has a strong presence of several regional and international players.

Access Research Report of North America Spirits Market @ https://www.grandviewresearch.com/industry-analysis/north-america-spirits-market-report

North America Spirits Market Report Highlights

  • The whiskey segment accounted for a larger share of the overall revenue in 2020. The growing demand for unique and crafted alcoholic beverages is emerging as a rising trend, which drives the segment
  • The screw-top caps & closure segment held the largest market share in 2020 and is expected to maintain dominance over the forecast period
  • The growth is credited to several advantages pertaining to the structure of screw-top caps, such as low cost and ease of use & application
  • The plastic material segment held the largest market share in 2020 and is expected to maintain dominance over the forecast period
  • The abundant availability of these raw materials translates to the low cost of production, thereby making plastic caps and closures a viable choice for packaging
  • The liquor stores distribution channel segment accounted for the largest market share in 2020 and is expected to maintain dominance over the forecast period
  • Some of the popular liquor stores in North America are Astor Wines & Spirits and Ambassador Wines & Spirits
  • Mergers & acquisitions emerged as the key strategy deployed by the majority of market players to stay abreast of the competition

North America Spirits Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 169.8 billion

Revenue forecast in 2028

USD 278.5 billion

Growth rate

CAGR of 7.7% from 2021 to 2028

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

List of Key Players of North America Spirits Market

  • Suntory Holdings Ltd.
  • Pernod Ricard
  • Constellation Brands
  • Rémy Cointreau
  • Brown-Forman
  • Asahi Group Holdings, Ltd.
  • Bacardi Limited
  • Campari Group
  • William Grant & Sons

Access Press Release of North America Spirits Market @ https://www.grandviewresearch.com/press-release/north-america-spirits-market-analysis

 

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