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National spirits make their mark

National spirits such as baijiu, soju and Indian whisky have gained significant market share recently and are expected to continue growing. According to a new report assembled by Vinexpo and the IWSR, global spirits consumption will grow 1.7% between in the next 3 years.

The fastest-growing spirit category by volume will be Tequila followed by Cognac. Bourbon, Scotch and gin are also all predicted to perform strongly and set to increase volumes. The report also notes that all spirit categories will achieve growth in the premium-plus price bracket by 2021. Gin and baijiu are expected to see the greatest CAGR gains in this price bracket.

Vinexpo CEO Guillaume Deglise remarked that markets with renowned national spirits such as China are home to “very loyal” consumers. “But on the other side,” he added, “the fact that baijiu is going more premium is also a good sign that these producers are looking to enter new markets, both locally and nationally.”

Source: The Spirits Business, February 2018