Market Research Report Global alcoholic beverages market revenue ,North A | Page 5

Global economy has its own set of opportunities and threats for spirits
businesses. The spirits sector revenue grew at a double-digit rate due to
recuperating economy and increasing demand for higher-value spirits in
developed countries. Global spirits sector is growing at varied rate across the
world. In global mature markets, where there is a stagnant consumption
level spirits prices have risen that facilitated industry revenue growth.
Factors that affect the growth of global spirits are improvements in the
quality, improved marketing and advertising activities. Westernization is also
affecting the global youth population.
Spirits are considered to be more of a status symbol with the association of
premium labels, quality and taste. Therefore, premium spirit brands are high
on demand compared to other spirits. The mere presence of a popular brand
in the market has increased the demand for premium quality alcoholic
beverages. The demand for premiumization across all categories of spirits
has witnessed bright prospects for global spirits market growth over the
coming years.