The Latin America, Middle East and Africa Luxury Wines and Spirits Market would witness market growth of 8.2% CAGR during the forecast period (2023-2029).
Due to the assumption that premium wines and spirits are symbols of money and status, their demand has increased. Additionally, as consumers' tastes and understanding of wines and spirits develop, they are more willing to pay more for products with unique flavor profiles and high-quality ingredients. The growth in disposable income has also increased consumers' willingness to spend for experiences such as wine tastings, tours of wineries & distilleries, and upmarket dining occasions that feature high-end wines and spirits.
Generally speaking, wine has less alcohol than spirits. Spirits are produced by distilling a liquid mash of fermented grains and other ingredients. Whiskey, bourbon, gin, vodka, and other distilled beverages are examples of these spirits, sometimes known as liquors or distilled beverages. The four main processes of sourcing, fermenting, distilling, and aging produce both wines and spirits. Some advantages of wine include a lower risk of cancer, improved cognition, and a high antioxidant content. In addition, spirits can help lower the risk of developing heart disease.
There is a growth in demand for alcoholic beverages in developing nations with growing populations, such as Brazil or South Africa, wherein the younger generation consumes more alcohol. Additionally, because of changing social mores and alcohol's growing popularity, many locals now consume large amounts of it regularly. The growth of disposable income and the economy's health are the two key forces behind the market expansion in these industries.
Brazil is the Latin American nation with the largest population, and over the past ten years, it has had substantial economic growth. The sale of alcoholic beverages is permitted in various retail and licensed locations, including some hotels, nightclubs, bars, restaurants, and sports clubs. The growing popularity of alcoholic beverages across LAMEA is expected to lead to an expansion of the regional market for luxury wines and spirits in the upcoming years.
The Brazil market dominated the LAMEA Luxury Wines and Spirits Market by Country in 2022; thereby, achieving a market value of $7,026.8 Million by 2029. The Argentina market is poised to grow at a CAGR of 8.6% during (2023 - 2029). Additionally, The UAE market would exhibit a CAGR of 7% during (2023 - 2029).
Based on Type, the market is segmented into Wines/Champagnes, and Spirits. Based on Distribution Channel, the market is segmented into Retail, Wholesale, E-commerce, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Egypt, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Luxury Wines and Spirits Market is Projected to reach USD 349.6 Billion by 2029, at a CAGR of 6.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Diageo plc, Thai Beverage Public Company Limited, Davide Campari-Milano N.V. (Campari Group), LVMH SE, Suntory Holdings Limited, Brown-Forman Corporation, Hitejinro Co., Ltd., Pernod Ricard S.A., Bacardi Limited, Bayadera Group
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