Market Research Future (Food and Beverages) Luxury Wines and Spirits Market Research Report | Page 3

Luxury Wines and Spirits Market Research Report - Forecast to 2023
2 Market Overview
Global consumption of luxury wines & spirits has spiraled upwards in recent years. MRFR’s study reveals that more
than 83,900 hectoliters of luxury wines and spirits were consumed in 2018. As per the study, there is a strong global
market for luxury wines & spirit. In addition, luxury wines and spirits market is anticipated to post a CAGR of 5.22%
during the forecast period (2018-2023). Rise in number of high net worth individuals, growth of luxury travel industry
and increased discretionary spending are some of factors that are liked with the fast-growing market for luxury wines
& spirits. Additionally, emergence of new wineries in China and India describes the exponential expansion of
winemaking industry in these countries.
Regional Analysis:
MRFR's dedicated team of analyst adopt an established research methodology and employ specialized research
methods to provide nuanced analysis about luxury wines and spirits market. Both primary and secondary research
activities are carried out to ensure an accurate diagnosis of the market. Primary research techniques encompass
personalized networking with industry insiders while secondary research technique is applied to complement the
information acquired from primary sources. Secondary sources include news releases, annual reports, whitepapers,
and other information available on public domain. After data collection, vigilant analysis of micro and macroeconomic
indicators is done to provide an absolute and objective picture of the market. Projections regarding market size are
being arrived at by deployment of the top-down and bottom-up approaches.
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