IWSR forecasts further premiumisation in the alcoholic beverages market
IWSR Drinks Market Analysis, an analytical company specialising in researching the alcoholic beverages market, has published a report presenting a forecast for the market for the coming years based on current data and trends. As one of the key trends, IWSR indicated premiumisation and a further increase in the popularity of rare and expensive drinks. These conclusions coincide with the data published by such analytical companies as Nielsen or Mintel (about which we have already written HERE).
Increasing consumer awareness and purchasing power is expected to translate into more sales of premium alcohols in the coming years. The highest quality spirits are expected to increase their share in the global market to 13% by 2024. IWSR argues that for several years we have been observing an increase in the importance of quality for alcohol consumers, especially in Asian countries where, for example, Scotch whisky has become a symbol of status.
Growing demand for Scotch Whisky in China
This trend is confirmed by experts from the Scotch whisky industry, who indicate China as one of the countries where rare editions of Scotch whisky are very popular and the sales keep increasing.
Other key trends for the market indicated in the IWSR report include: the growing importance of e-commerce and digital, the evolution of traditions and social experiences related to alcohol consumption, and greater emphasis on health and ethics.
The entire report can be found HERE.
