• Market Opportunity


    Huge and Growing Global and Domestic Markets


    The global spirits market had total revenues of $617.8bn in 2016, representing a compound annual growth rate (CAGR) of 5.5% between 2012 and 2016.1


    The United Kingdom spirits market has shown continued growth with a record 51 million bottles of gin worth almost £1.4 billion sold in 2017, an increase of 27% in volume (the equivalent of over 9.5 million bottles) compared to 2016.2


    The 2017 IWSR report predicts that gin demand in the UK will grow by 37.2% by 2021.3


    The U.S. spirits market had total revenues of $26.2 billion in 2017, representing a 32% increase since 2010. The domestic market share of spirits compared to beer and wine was at a record 36.6% in 2017, representing more than a 3% gain over beer and wine in terms of market share since 2010.4


    The market share of “craft” distillers (defined as any producer that bottles less than 100,000 cases annually) has doubled over the last two years, and is projected to reach 8% by 2020.5


    Millennials are shifting their alcohol consumption habits away from beer and wine to spirits. The survey stated that 41% of Millennials now prefer liquor and other spirits as their alcoholic beverage of choice, an increase from the year-earlier period when the figure was 36%.6 In addition, in 2018, sales rose for the eighth consecutive year, driven by Millennials' taste for high-end and super premium spirits.7 


    Associated products have also enjoyed an increase in demand. Since its Initial Public Offering in 2014, tonic manufacturer Fever Tree has seen it’s share price surge by 3,400% (LSE: FEVR | Market Cap: $5.6B).8


    1 Marketline, Global Spirits Report, August 2017

    2 Wine and Spirit Trade Association, March 12, 2018

    3 IWSR Forecast Report, 2017

    4 Distilled Spirits Council of the United States (DISCUS)

    5 The American Distilling Institute

    6 2017-2018 BofA Merrill Lynch Global Research Survey

    7 Distilled Spirits Council of the United States (DISCUS)

    8 As of September 5, 2018


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