According to the latest report by IMARC Group, titled “ Uganda Spirits Market Growth, Size, Share, Industry Trends, Opportunity and Forecast 2022-2027 “, Uganda spirits market reached a value of US$ 1.62 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 2.28 Billion by 2027, growing at a CAGR of around 5.7% during 2022-2027.
Spirits, also known as hard liquors, are alcoholic beverages prepared by distillation of fermented sugar derived from cereal grains, fruits, or vegetables. Some of the most popular spirits include whiskey, gin, rum, vodka, brandy, and tequila. They are adequately aged and stored in sealed barrels to obtain the desired taste, color, and alcohol content. Many tribes in Uganda traditionally produce grain-based alcoholic beverages with a composition similar to spirits. As a result, spirits are widely consumed in the country due to the traditional outlook toward alcohol consumption among the masses. Report Metric Historical: 2016-2021 Base Year: 2021 Forecast Year: 2022-2027
Uganda Spirits Market Trends and Drivers:
The Uganda spirits market is primarily driven by the rising influence of western culture and inflating consumer expenditure capacities. Additionally, the growing inclination toward premium alcoholic beverages for unique drinking experiences and the emerging trend of socializing and casual drinking, especially among the working and millennial population, have escalated the demand for spirits.
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Furthermore, several key players are introducing value-added, flavored spirits and mixed beverages with limited alcohol content. Besides this, the widespread adoption of bio-degradable packaging solutions, sustainable manufacturing methods, and online retail platforms have accelerated product sales.
Other factors, including the increasing number of wineries and breweries, favorable government policies, surging investments in the HoReCa sector, and easy product availability, are also anticipated to propel market growth in the coming years.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Uganda Spirits Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Africa Spirits Limited, Distell, Leading Distillers (U) Ltd (Leading Group of Companies (LGoC)), Pernod Ricard, Premier Distilleries Limited, Uganda Breweries Limited (East African Breweries Limited) and West Nile Distilling (Adrikos). Ask Analyst for Customization and Explore Full Report […]