North America Spirits Market Is Experiencing Healthy Growth Worldwide

Posted on 2022-09-16 by researchinsights in Industrial // 0 Comments

North America Spirits Industry Overview

The North America spirits market size was valued at USD 154.0 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 7.7% from 2021 to 2028.

The growing demand for premium products has been driving the growth of the market across the region. Consumers have been switching to premium spirit brands with amplified brand experience. Many spirits with unique flavors and distinct tastes were launched in North America even during the COVID-19 pandemic and thus, the market is expected to continue to grow in the coming years. For instance, Onda, a New York-based company, launched a canned spirit-based cocktail with Blanco Tequila and real fruit juice, which is gluten-free and contains no sugar and no carbs.

Gather more insights about the market drivers, restrains and growth of the North America Spirits Market

In the U.S. market, whiskey emerged as the largest product segment in 2020. The demand for whiskey in the U.S. market is growing owing to the rising demand for premium drinks. Moreover, changing consumer preferences, improved standards of living, increasing disposable income levels, and changing lifestyles are stimulating the demand. Furthermore, the growing popularity of the cocktail culture is expected to boost the demand for premium products. Over the past few years, the growth of the high-end alcohol segment has been outpacing the growth of the overall segment, hence driving product consumption in North America.

The growing demand for unique and crafted alcoholic beverages is emerging as a rising trend in North America, which is expected to drive the product demand. Increasing product promotion and tasting/educating programs are boosting the sales of spirits among millennials. Over the past few years, with the changing lifestyles, consumers are choosing quality over quantity. The availability of a wide range of these drinks, including flavored and gluten-free, has boosted the sales of these products across the region. Companies have been introducing innovative flavors to their drinks to attract a wider range of consumers.

Browse through Grand View Research’s Alcohol & Tobacco Industry Research Reports

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North America Spirits Market Segmentation

Grand View Research has segmented the North America spirits market on the basis of product, caps & closure, caps & closure material, distribution channel, and region:

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