Alcoholic Spirit Market size is valued at USD 1,550.1 billion in 2021 and is expected to reach a value of USD 1,792.8 billion by 2028, growing at a CAGR of 2.1% during the forecast period 2022 to 2028. The global market provides a detailed overview of the market that can be segmented by product type and distribution channel. The alcoholic spirit market has been segmented by product type into brandy & cognac, liqueurs, whiskey, tequila, rum, white spirits, and others. The brandy & cognac segment is likely to be the largest and fastest-growing segment in terms of product type. Based on distribution channels, the alcoholic spirit market is segmented into supermarkets & hypermarkets, liquor specialist stores, and online stores. Among these, the liquor specialist stores segment is expected to have the fastest-growing market during the forecast period 2022-2028.
In May 2021, Treasury Wine Estates (TWE) introduced a new, on-trade-only collection of Vegan certified wines, giving consumers a sustainable option on wine menus.