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Spirits growth to be slower than expected
The global spirits market is set to grow by 122 million nine-litre cases to reach the 3.2 billion mark by 2020, meaning a compound annual growth rate of just 0.6%, new IWSR figures reveal.
The five-year growth rate between 2015 and 2020 is significantly slower than the previous five-year compound annual growth (CAGR) of 3.6%.
The slowdown is being blamed on the faster-than-expected recovery of the spirits market following the global recession at the end of the last decade, according to The IWSR Forecast 2015-2020 Global Review.
Growth will mainly come from Asia, with China and India outperforming all other markets, according to Sophia Holliday, the report’s author.
However, growth in North America, Africa & Middle East and the duty-free markets will also contribute to the category’s steady expansion.
Total annual consumption of whisk(e)y will rise to 467.4m cases, overtaking vodka to become the second-largest spirits category behind national spirits by 2020.
Whisky and Tequila are forecasted to be the fastest-growing spirits categories, with a CAGR from 2014-2020 of +3.8% and +2.9% respectively.
Consumption of imported spirits is forecast to rise with a CAGR of +1.6% between 2014 and 2020 adding 37.5m cases, with gin and Tequila showing the fastest growth.