North America Spirits Market Is Projected To Reach USD 278.5 Billion By 2028

North America Spirits Industry Overview

The North America spirits market size was valued at USD 154.0 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 7.7% from 2021 to 2028.

The growing demand for premium products has been driving the growth of the market across the region. Consumers have been switching to premium spirit brands with amplified brand experience. Many spirits with unique flavors and distinct tastes were launched in North America even during the COVID-19 pandemic and thus, the market is expected to continue to grow in the coming years. For instance, Onda, a New York-based company, launched a canned spirit-based cocktail with Blanco Tequila and real fruit juice, which is gluten-free and contains no sugar and no carbs.

Gather more insights about the market drivers, restrains and growth of the North America Spirits Market

In the U.S. market, whiskey emerged as the largest product segment in 2020. The demand for whiskey in the U.S. market is growing owing to the rising demand for premium drinks. Moreover, changing consumer preferences, improved standards of living, increasing disposable income levels, and changing lifestyles are stimulating the demand. Furthermore, the growing popularity of the cocktail culture is expected to boost the demand for premium products. Over the past few years, the growth of the high-end alcohol segment has been outpacing the growth of the overall segment, hence driving product consumption in North America.

The growing demand for unique and crafted alcoholic beverages is emerging as a rising trend in North America, which is expected to drive the product demand. Increasing product promotion and tasting/educating programs are boosting the sales of spirits among millennials. Over the past few years, with the changing lifestyles, consumers are choosing quality over quantity. The availability of a wide range of these drinks, including flavored and gluten-free, has boosted the sales of these products across the region. Companies have been introducing innovative flavors to their drinks to attract a wider range of consumers.

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North America Spirits Market Segmentation

Grand View Research has segmented the North America spirits market on the basis of product, caps closure, caps closure material, distribution channel, and region:

Product Outlook (Revenue, USD Million, 2016 - 2028)

Whiskey
Vodka
Gin
Rum
Brandy
Others

Caps Closure Outlook (Revenue, USD Million, 2016 - 2028)

Screw-top
Bar-top/Cork
Others

Caps Closure Material Outlook (Revenue, USD Million, 2016 - 2028)

Metal
Plastic
Others

Distribution Channel Outlook (Revenue, USD Million, 2016 - 2028)

On-Trade
Liquid Stores
Online
Others

Regional Outlook (Revenue, USD Million, 2016 - 2028)

North America
1. U.S.
2. Mexico
3. Canada

Market Share Insights

September 2021: Bacardíintroduceda a new cask-finished range with the launch of a Sherried rum and Jameson with an orange-flavored expression.
April 2021: Diageo plc announced the acquisition of Loyal 9 Cocktails, a rapidly growing spirits-based RTD brand from Sons of Liberty Spirits Company.

Key Companies profiled:

Some of the key players operating in the North America spirits market include:

Suntory Holdings Ltd.
Pernod Ricard
Diageo plc
Constellation Brands
Rémy Cointreau
Brown-Forman
Asahi Group Holdings, Ltd.
Bacardi Ltd.
Campari Group
William Grant Sons

Order a free sample PDF of the North America Spirits Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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