The PH alcohol market leads as one of the fastest growing in the world
Did you know that the Philippines is also the world’s largest gin market?
The Philippines is one of the fastest growing alcohol markets in the world, according to a report from the International Wine and Spirits Research (IWSR) group, the leading source of data and intelligence on the alcoholic beverage market.
The report predicts that a number of developing nations will be at the helm of alcohol market growth within the next five years, namely India, Mexico, Vietnam, Philippines, Nigeria, Poland, Ethiopia, Myanmar, Sri Lanka, and Turkey, in that order. By 2023, IWSR forecasts that the Philippines will hold 1.4 percent of the global alcohol market.
Given the concentration of these markets in developing nations, IWSR finds that it’s the combination of growing legal drinking age populations and rising economies that are pushing this growth forward.
Overall, the report predicts that global alcohol consumption will steadily increase from 27.6 billion nine-liter cases in 2018 to 28.5 billion cases in 2023, equating to a seven percent increase from the $1 trillion-valued market in 2018.
BREAKING DOWN 2018
According to IWSR, the global alcohol consumption in 2018 dipped by two percent compared to statistics in 2017. However, some alcohol markets like gin and whiskey grew in volume, while beer, wine, and vodka saw a decline during the same period.
Gin grew by eight percent courtesy of the growing popularity of pink gin, the cocktail scene, and the premiumization of the market. The Philippine gin market, which is the largest in the world, grew by eight percent, second only to the United Kingdom’s 33 percent growth. Market growth in gin is expected to be strong in the United Kingdom, Philippines, South Africa, Brazil, Uganda, Germany, Australia, Italy, Canada and France.
2018 was also a good year for whiskey, which saw a seven percent growth that can be largely attributed to India, Japan, and the United States, which saw seven, eight, and five percent growths, respectively.
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