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US Demand for Distilled Spirits to Rise 1.9% Annually in Volume Terms to 2023
Consumer Trends Toward Premium Distilled Spirits, Away From Beer and Wine Will Support Gains
CLEVELAND, Dec. 11, 2019 /PRNewswire/ -- US demand for distilled spirits is forecast to rise 1.9% annually in volume terms through 2023, according to Distilled Spirits: United States, a report recently released by Freedonia Focus Reports. Suppliers will continue to benefit from a consumer trend toward premium and super-premium distilled spirits, and away from beer and wine. Suppliers will also benefit from increasingly tight consumer budgets, particularly among Millennials, as distilled spirits can offer a higher value in terms of drinks per dollar than beer or wine.
Demand for vodka is expected to decline slightly to 2023 while remaining the largest segment due to the spirit's versatility. Penetration of flavored vodkas has reached a saturation point, which will restrain growth prospects, particularly as suppliers field flavored versions of other spirits.
Tequila demand is expected to rise 5.7% per year to 2023, the fastest pace of any segment. Advances will be driven by mounting consumer interest in diversifying their palates and favorable positioning of super-premium tequilas, specifically barrel-aged, as an alternative to whiskey.
These and other key insights are featured in Distilled Spirits: United States. This report forecasts to 2023 US bottled distilled spirits demand in US gallons. Total demand is segmented by product in terms of:
• vodka
• liqueur and cordial
• whiskey
• rum
• tequila
• brandy
• gin
• other bottled distilled spirits such as bottled cocktails
To illustrate historical trends, total demand, the various segments, and trade are provided in annual series from 2008 to 2018.
Distilled spirits packaged in bulk containers (i.e., containers holding over four liters) are excluded from the scope of this report. Spirits imported in bulk and bottled domestically are counted toward domestic production of bottled spirits. Exports of bulk spirits are similarly excluded.
More information about the report is available at:
About Freedonia Focus Reports
Each month, The Freedonia Group – a division of MarketResearch.com – publishes over 20 new or updated Freedonia Focus Reports, providing fresh, unbiased analysis on a wide variety of markets and industries. Published in 20-30 pages, Focus Report coverage ranges from raw materials to finished manufactured goods and related services such as freight and construction. Additional Consumer Goods reports can be purchased at Freedonia Focus Reports or MarketResearch.com.
Analysis is intended to guide the busy reader through pertinent topics in rapid succession, including:
• total historical market size and industry output
• segmentation by products and markets
• identification of market drivers, constraints, and key indicators
• segment-by-segment outlook in five-year forecasts
• a survey of the supply base
• suggested resources for further study
Press Contact:
Corinne Gangloff
+1 440.684.9600
cgangloff@freedoniagroup.com
SOURCE The Freedonia Group
Web Site: http://www.freedoniafocusreports.com
US Demand for Distilled Spirits to Rise 1.9% Annually in Volume Terms to 2023
Consumer Trends Toward Premium Distilled Spirits, Away From Beer and Wine Will Support Gains
CLEVELAND, Dec. 11, 2019 /PRNewswire/ -- US demand for distilled spirits is forecast to rise 1.9% annually in volume terms through 2023, according to Distilled Spirits: United States, a report recently released by Freedonia Focus Reports. Suppliers will continue to benefit from a consumer trend toward premium and super-premium distilled spirits, and away from beer and wine. Suppliers will also benefit from increasingly tight consumer budgets, particularly among Millennials, as distilled spirits can offer a higher value in terms of drinks per dollar than beer or wine.
Demand for vodka is expected to decline slightly to 2023 while remaining the largest segment due to the spirit's versatility. Penetration of flavored vodkas has reached a saturation point, which will restrain growth prospects, particularly as suppliers field flavored versions of other spirits.
Tequila demand is expected to rise 5.7% per year to 2023, the fastest pace of any segment. Advances will be driven by mounting consumer interest in diversifying their palates and favorable positioning of super-premium tequilas, specifically barrel-aged, as an alternative to whiskey.
These and other key insights are featured in Distilled Spirits: United States. This report forecasts to 2023 US bottled distilled spirits demand in US gallons. Total demand is segmented by product in terms of:
• vodka
• liqueur and cordial
• whiskey
• rum
• tequila
• brandy
• gin
• other bottled distilled spirits such as bottled cocktails
To illustrate historical trends, total demand, the various segments, and trade are provided in annual series from 2008 to 2018.
Distilled spirits packaged in bulk containers (i.e., containers holding over four liters) are excluded from the scope of this report. Spirits imported in bulk and bottled domestically are counted toward domestic production of bottled spirits. Exports of bulk spirits are similarly excluded.
More information about the report is available at:
About Freedonia Focus Reports
Each month, The Freedonia Group – a division of MarketResearch.com – publishes over 20 new or updated Freedonia Focus Reports, providing fresh, unbiased analysis on a wide variety of markets and industries. Published in 20-30 pages, Focus Report coverage ranges from raw materials to finished manufactured goods and related services such as freight and construction. Additional Consumer Goods reports can be purchased at Freedonia Focus Reports or MarketResearch.com.
Analysis is intended to guide the busy reader through pertinent topics in rapid succession, including:
• total historical market size and industry output
• segmentation by products and markets
• identification of market drivers, constraints, and key indicators
• segment-by-segment outlook in five-year forecasts
• a survey of the supply base
• suggested resources for further study
Press Contact:
Corinne Gangloff
+1 440.684.9600
cgangloff@freedoniagroup.com
SOURCE The Freedonia Group
Web Site: http://www.freedoniafocusreports.com