by The United States distilled spirits market has witnessed significant growth over the past few years. Distilled spirits refer to alcoholic beverages that are produced by distilling ethanol produced through fermenting grains, fruits, or vegetables and then bottling it at or above 20% alcohol by volume. The major products in the US distilled spirits market include whiskey, vodka, rum, tequila, gin, and others. Distilled spirits provide benefits like enhanced social bonding and stress relief in moderation. They are enjoyed in various cocktails and on the rocks.
The United States Distilled Spirits Market Size Is Estimated To Be Valued At US$ 5.51 Bn In 2024 And Is Expected To Exhibit A CAGR Of 5.2% Over The Forecast Period 2024-2031.
Key Takeaways
Key players operating in the United States distilled spirits are Diageo Plc, Pernod-Ricard SA, Constellation Brands Inc., Brown-Forman Corporation, Remy Cointreau SA And Among Others. Key players are investing in product innovation, premiumization, and celebrity endorsements to win market share.
The demand for distilled spirits is growing in the US due to rising young population, social drinking occasions, innovative marketing techniques and introduction of new flavors. Younger consumers in their 20s and 30s have driven double-digit growth of craft spirits.
The US distilled spirits market is also expanding globally. Exports of US whiskey have grown significantly in recent years, with over 50% of all bourbon now being consumed outside the United States. American vodka and rum brands are also getting popular internationally through aggressive export promotions.
Market Key Trends
Increased online sales through e-commerce platforms is a key trend in the US distilled spirits market. During the COVID-19 pandemic, online sales emerged as a major revenue generator for distillers as on-premise consumption declined. E-commerce enables buyers to browse a wide array of products, read reviews, and orderspirits of their choice delivered right at their doorsteps. digitally native brands are leveraging social media marketing for online customer acquisition. This trend is expected to continue in the forecast period with the growth of mobile shopping.
Porter’s Analysis
Threat Of New Entrants: Low barriers to entry due to low capital requirement and high availability of raw material but established players hold strong distribution network.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes but brand loyalty influences their preferences.
Bargaining Power Of Suppliers: Suppliers have moderate bargaining power due to their limited numbers and influence of few agricultural commodity traders.
Threat of new substitutes: Threat of substitutes is moderate to high from various other alcoholic beverages that are introduced as per changing consumer preferences.
Competitive rivalry: Intense competition exists among existing players to gain market share and expand their portfolio through product differentiation, branding and regional expansions.
The United States distilled spirits market is highly concentrated in major areas including central and southern states like Texas, Florida and California in terms of value owing to robust distribution network, higher consumption and tourist influx in these regions. States like Kentucky, Tennessee and Indiana hold significant market share owing to presence of major whiskey producers and favorable climate conditions for whiskey manufacturing.
The western region of the United States comprising states of California, Oregon and Washington is expected to witness fastest growth during the forecast period primarily due to increasing consumption among young demographic, infusion of cultural diversity and rapid urbanization stimulating on-premise sales through bars, pubs and restaurants. Premiumization trend and experimentation with craft spirits is also driving the market in these states.
What are the key data covered in this United States Distilled Spirits Market report?
:- Market CAGR throughout the predicted period
:- Comprehensive information on the aspects that will drive the United States Distilled Spirits Market’s growth between 2024 and 2031.
:- Accurate calculation of the size of the United States Distilled Spirits Market and its contribution to the market, with emphasis on the parent market
:- Realistic forecasts of future trends and changes in consumer behavior
:- United States Distilled Spirits Market Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa
:- A complete examination of the market’s competitive landscape, as well as extensive information on vendors
:- Detailed examination of the factors that will impede the expansion of United States Distilled Spirits Market vendors
FAQ’s
Q.1 What are the main factors influencing the United States Distilled Spirits market?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?
Q.4 Which of the top United States Distilled Spirits Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the United States Distilled Spirits market’s distributors, traders, and dealers?
Q.6 How are market types and applications and deals, revenue, and value explored?
Q.7 What does a business area’s assessment of agreements, income, and value implicate?
*Note:
- Source: CoherentMI, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
