World: Spirits set to overtake wine as global drinking habits change, report says
More cases of spirits, such as vodka and whisky, than of wine are set to be sold globally, the World Spirits Alliance predicted on July 10, as drinking preferences have shifted.
The report – whose predictions came from Oxford Economics and alcohol market research firm IWSR, said about 2.7 billion cases of spirits were sold in 2022. This was almost as many as the 2.8 billion cases of wine sold that year.
“Should current trends in both categories continue, spirits volumes will soon surpass those of wine,” it said.
Trends which include a shift towards drinking fewer and more expensive drinks – notably a growing range of cocktails – have seen spirits displace wine.
The sales of tequila, rum and gin are expected to rise between 10 million to 20 million cases. Conversely, cognac and armagnac are set to grow the least in the spirits market.
Indian whisky is set to be the fastest growing spirits category between 2022 and 2027, growing by 50 million cases.
The wine industry has faced a global supply glut, hitting a 27-year low amid difficult weather and falling demand. Beer companies are also grappling with a shift to spirits in some markets.
Beer accounted for 75.2 per cent of total beverage alcohol volumes in 2022, followed by wine at 10.4 per cent and spirits at 9.9 per cent.
In terms of sales value in 2022, spirits accounted for 40 per cent of total beverage alcohol sales. Beer made up 38.1 per cent, while wine stood at 17.6 per cent.
The production and sale of spirits contributed some US$730 billion to the global economy in 2022, when activity ranging from farming and manufacturing to shipping and sales in shops, bars and restaurants is included.
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