Liqueurs and Specialty spirits Market Introduction:
A liqueur is an alcoholic beverage made my addition of flavors, cream, spices and herbs to distilled spirits, bottled together with added sugar or other sweetening agents. Liqueurs have wide application and are used to mix drinks, served neat, with coffee or mixed with other non-alcoholic beverages and dairy such as cream and milk. Furthermore these specialty spirits are used in baking and some of the liqueurs are now used as an important ingredient in many desserts. The use of specialty spirits to add flavor in other drinks has amplified the demand.
Traditionally used liqueurs which were earlier popular within the region are now extensively promoted throughout the globe. This has led to increase in popularity of these traditional spirits especially from China, Korea, France and Italy.
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Liqueurs and Specialty spirits Market Segmentation:
Liqueurs and specialty spirits are segmented on the basis of product type which comprises of primary base for prepared drink and include; rum, whiskey, vodka, wine and others. Vodka and rum based drinks being in popularity and brands such as Vermouth and Bénédictine gaining significant attention from consumers across the globe.
Liqueurs and specialty spirits are further segmented by distribution channel as; Liquor stores, supermarkets/hypermarkets, online retail, and other retail.
Liqueurs and Specialty spirits Market Regional Outlook:
Specialty spirits are available through the globe and vary from region to region. Traditionally used drinks in countries such as Italy, France, China, Korea, etc. are now available as popular brands such as Bénédictine which is a herbal liqueur beverage developed in France, Advocaat or advocatenborrel which is a traditional Dutch alcoholic beverage made from eggs, sugar and brandy, Vermouth which a herbal based liqueur fortified wine flavored developed in Italy. Globalization increased the demands for such tradition drinks and are now in high demand worldwide. Countries such as Japan, China, and Korea are using promotional advertisements to popularize there traditional spirits like shochu and báijiu. Leading manufacturing companies are focused on leveraging opportunity to introduce new products in the market in order to meet the growing demand among consumers for flavored drinks, specifically targeting women.
The overall consumption of alcohol being dominant in Europe has created high demand for innovative new flavors based drinks in this region, with already existing drinks in this domain, consumer are willing to try something new. The liqueur segment is thus driven by this large consumer demand for new flavors
Liqueurs and Specialty spirits Market Drivers and Trends
Rising popularity of healthy alcoholic beverages driven by the demand in herbal based liqueurs among health-conscious female. Liqueurs are available in variety of flavors and recipes and a prominent trend is observed by increased demand of herbal based liqueurs. Manufacturers are introducing botanical specialty spirits in order to match this growing demand.
High demand for new products in the global liqueurs and specialty spirits market. Manufacturers are constantly innovating in the field of liqueurs and specialty spirits to gain product differentiation and a substantial brand equity in this highly competitive market. Companies such as Red Eye Louie’s, maker of Vodquila has further introduced Rumquila, a blend of premium rum & tequila in order to strengthen it product portfolio.
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Liqueurs and Specialty spirits Market Key Players:
With the increase in completion among key producers of specialty spirits and high branding of regional liqueurs, major players have introduced variety of new product in an attempt to gain significant market share. Some of the key players in the global liquor industry offering liqueurs and specialty spirits include; Suntory Holdings Limited, Halewood International Limited, The Brown-Forman Corporation, Bacardi Limited, Pernod Ricard SA., Rémy Cointreau, ILLVA Saronno S.p.A., The Drambuie Liqueur Company Limited, Davide Campari-Milano S.p.A., Branca International S.p.A., Mast-Jägermeister SE., Companhia Müller de Bebidas.