Premium Spirit Market Size, Share, Growth Analysis, By Product(Vodka, Whiskey, Gin, Tequila), By Source(Natural and Flavored), By Distribution Channel(On-trade and Off-trade), By End User(Household, Commercial, Restaurants, Cafes), By Region - Industry Forecast 2024-2031

In 2021, the Asia Pacific region had the largest volume share, which was over 40.0%. Premium spirits are more in demand now than ever before thanks to rising social media usage and greater public awareness of local health problems. Real cocktails with low alcohol are what consumers are looking for. The development of bar cultures in developing countries like China, India, and Thailand has contributed to the expansion of the regional sector. Together with rising disposable money, another important factor is the rise of the region's capacity to consume upmarket spirits of premium quality.

The region's key markets are China, India, Hong Kong, Australia, New Zealand, and South Korea. Due to a growth in the domestic sales of premium spirits, China held the largest share of the Asia Pacific market. The nation's market is also expected to rise in the near future due to a rising middle-class population and an increase in the number of urban dual-income families.

Europe is the largest region in the world of premium spirits. Many of the most popular and respected brands of whisky, gin, vodka, rum, and other spirits come from Europe, with a long tradition of producing great spirits. Whisky is especially recognized in countries like Scotland, Ireland, and France, while gin is popular in nations like England and Germany. While the vodka made in other countries like Russia and Poland is well-known, the rum made in the Caribbean is.