Published Date: 26-May-2023
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According to a new report, published by KBV research, The Global Luxury Wines and Spirits Market size is expected to reach $349.6 billion by 2029, rising at a market growth of 6.3% CAGR during the forecast period.
The Wines/Champagnes market is leading the Global Luxury Wines and Spirits Market by Type in 2022; thereby, achieving a market value of $200.7 billion by 2029. Market expansion is driven by consumers who prefer high-quality goods over low prices. In addition, as social media sites like Twitter and Instagram have grown in popularity, consumers are more aware of their social standing and image. As a result, their desire to purchase high-end goods grows, which supports the expansion of the market for luxury wines and spirits.
The E-commerce market is poised to grow at a CAGR of 6.6% during (2023 - 2029). In recent years, buying alcohol online has grown in popularity, and this trend is anticipated to continue during the projected period. The advantages for customers include a convenient shopping experience, prompt home delivery, a variety of offers, and others. As a result, key markets like the U.K., Italy, the U.S., Spain, and others rely heavily on the online sales channel.
The Europe market dominated the Global Luxury Wines and Spirits Market by Region in 2022; thereby, achieving a market value of $125.2 billion by 2029. The Asia Pacific market is estimated to grow at a CAGR of 6.8% during (2023 - 2029). Additionally, The North America market would showcase a CAGR of 6% during (2023 - 2029).
Full Report: https://www.kbvresearch.com/luxury-wines-and-spirits-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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
By Distribution Channel
Unique Offerings from KBV Research
North America Luxury Wines and Spirits Market size & Opportunities 2023-2029
Europe Luxury Wines and Spirits Market & Growth Forecast 2023-2029
Asia Pacific Luxury Wines and Spirits Market Share & Industry Outlook to 2029
LAMEA Luxury Wines and Spirits Market Growth, Trends & Forecasts 2023-2029