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Key regions: United States, United Kingdom, Worldwide, United Kingdom, Australia
The Spirits market in United Kingdom has been experiencing significant growth in recent years.
Customer preferences: In the United Kingdom, customers have shown a growing interest in premium and craft spirits. They are increasingly seeking unique and high-quality products that offer a distinct flavor profile. This shift in preferences can be attributed to the rising consumer awareness about the production process and ingredients used in spirits. Customers are also becoming more adventurous in their choices, exploring different types of spirits such as gin, whisky, and vodka.
Trends in the market: One of the key trends in the Spirits market in the United Kingdom is the increasing popularity of gin. Gin has seen a resurgence in recent years, with numerous new distilleries opening across the country. This trend can be attributed to the rise of craft gin producers who offer a wide range of flavors and botanicals, appealing to consumers looking for unique taste experiences. Additionally, the growing interest in gin-based cocktails has also contributed to the rise in gin consumption in the United Kingdom. Another trend in the market is the rise of whisky consumption. Whisky has long been a popular spirit in the United Kingdom, but there has been a renewed interest in recent years. This can be attributed to the growing appreciation for single malt whiskies and the increasing number of whisky connoisseurs. The United Kingdom has a rich history of whisky production, and this heritage has played a significant role in driving the demand for whisky.
Local special circumstances: The United Kingdom has a strong tradition of alcohol consumption, with spirits being an integral part of its drinking culture. This has created a favorable environment for the growth of the Spirits market. Additionally, the country has a well-established distribution network, with a wide range of retail outlets and bars that cater to the diverse preferences of consumers. The presence of a thriving hospitality industry also contributes to the demand for spirits.
Underlying macroeconomic factors: The growth of the Spirits market in the United Kingdom can also be attributed to favorable macroeconomic factors. The country has experienced steady economic growth in recent years, which has resulted in increased disposable income for consumers. This has allowed them to spend more on premium and craft spirits. Additionally, the United Kingdom has a large population of legal drinking age, providing a substantial consumer base for the spirits industry. In conclusion, the Spirits market in the United Kingdom is witnessing significant growth due to changing customer preferences, including a growing interest in premium and craft spirits. The rise of gin and whisky consumption, along with the country's strong drinking culture and favorable macroeconomic factors, are driving the growth of the market. The United Kingdom's well-established distribution network and thriving hospitality industry further contribute to the demand for spirits in the country.
Data coverage:
The data encompasses B2C enterprises. The at-home market covers retail sales via super- and hypermarkets, eCommerce, convenience stores, or similar sales channels. The out-of-home data encompasses all sales to hotels, restaurants, catering, cafés, bars, and similar hospitality service establishments. Combined numbers encompass both the at-home market and the out-of-home market. Both the at-home and the out-of-home market are valued at retail selling prices including all sales and consumption taxes.
Modeling approach:
Market sizes are determined through a Top-Down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending (e.g. consumer spending on alcoholic beverages, consumer spending at Hotels, Restaurants etc.), and price level index. This data helps us estimate the market size for each country individually.
Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Alcoholic Drinks market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.
Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level.
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