The Europe Luxury Wines and Spirits Market would witness market growth of 5.8% CAGR during the forecast period (2023-2029).
Luxury wines and spirits are typically regarded as status symbols, and high-net-worth individuals are frequently interested in purchasing distinctive and notable goods. As a result, the demand for luxury wines and spirits is rising, especially for those that are rare or difficult to find. Further, the rising prices of rare and vintage bottles, many wealthy people view luxury wines and spirits as prudent investments. As a result, premium wines and spirits have become more well-liked as alternative asset classes, supporting the luxury industry's growth. In addition, rich people are typically generous gift-givers, and pricey wines and spirits are popular presents for special occasions like anniversaries, weddings, and holidays. As a result, the market for luxury wines and spirits has expanded.
In addition, over the past few years, urbanization has increased quickly. As a result, there is now more money available to each person. The growth of the luxury wine and spirits business is supported by increased disposable income in various ways. As they have more disposable income, people are more likely to spend it on high-end luxury goods like exquisite wines and alcoholic beverages.
European culture has traditionally emphasized wine. The largest producer of wine in the world is in the European Union. One hundred sixty-five million hectolitres were produced annually on average between 2016 and 2020. It was responsible for 64% of production, 48% of consumption, and 45% of wine-growing areas worldwide in 2020. According to exports (7.6% of the value of agricultural products shipped in 2020), wine is the largest agri-food sector in the EU. Companies are launching fresh products in response to altering consumer expectations. Growth of the market is anticipated to be aided by the increased demand and use of alcoholic drinks like wine.
The Germany market dominated the Europe Luxury Wines and Spirits Market by Country in 2022; thereby, achieving a market value of $28,200.5 Million by 2029. The UK market is anticipated to grow at a CAGR of 4.9% during (2023 - 2029). Additionally, The France market would showcase a CAGR of 6.5% during (2023 - 2029).
Based on Type, the market is segmented into Wines/Champagnes, and Spirits. Based on Distribution Channel, the market is segmented into Retail, Wholesale, E-commerce, and Others. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Worldwide Luxury Wines and Spirits Market is Projected to reach USD 349.6 Billion by 2029, at a CAGR of 6.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Diageo plc, Thai Beverage Public Company Limited, Davide Campari-Milano N.V. (Campari Group), LVMH SE, Suntory Holdings Limited, Brown-Forman Corporation, Hitejinro Co., Ltd., Pernod Ricard S.A., Bacardi Limited, Bayadera Group
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