Spirits Global Market Competitor Briefing 2023: The Business Research Company February 2023

Spirits Global Market
Competitor Briefing 2023
The Business Research Company
February 2023
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Spirits Global Market Competitor Briefing 2023 PAGE|2
Table of Contents
Spirits Market Characteristics ............................................................................................................. 4
Spirits Market Trends And Strategies ................................................................................................. 6
Ready-To-Mix Hybrid Beverages .................................................................................................... 6
Rise Of Alcohol Ecommerce Market ............................................................................................... 6
Rise In Ready-Mixed Cocktails .........................................................................................................7
Spirits Market Historic Growth ........................................................................................................... 8
Drivers Of The Market .................................................................................................................... 9
Restraints On The Market ............................................................................................................... 9
Spirits Market Forecast Growth ........................................................................................................ 10
Drivers Of The Market ................................................................................................................... 11
Restraints On The Market .............................................................................................................. 11
Spirits Market Competitive Landscape .............................................................................................. 13
Company Profiles.......................................................................................................................... 16
Diageo plc ..................................................................................................................................... 16
Company Overview................................................................................................................... 16
Diageo Offers Products And Services Across Industries ............................................................ 16
Diageo Financial Performance ................................................................................................... 17
Pernod Ricard SA .......................................................................................................................... 18
Pernod Ricard Offers Products And Services Across Industries ................................................. 18
Pernod Ricard Financial Performance ....................................................................................... 19
Thai Beverage Public Company Limited ....................................................................................... 20
ThaiBev Offers Products And Services Across Industries .......................................................... 20
ThaiBev Financial Performance................................................................................................. 21
Appendix .......................................................................................................................................... 22
Market Data Sources .................................................................................................................... 22
NAICS Definition Of The Industry Covered In This Report ............................................................ 23
Global Outlook Assumptions ........................................................................................................ 23
Research Methodology ................................................................................................................. 24
Abbreviations ............................................................................................................................... 25
Currencies ..................................................................................................................................... 25
Research Inquiries ......................................................................................................................... 25
The Business Research Company.................................................................................................. 25
Copyright And Disclaimer ............................................................................................................. 25
© The Business Research Company 2023, All Rights Reserved

List Of Figures
Figure 1: Global Spirits Market, Historic Market Size, 2017-2022, $ Billion ......................................... 8
Figure 2: Global Spirits Market, Forecast Market Size, 2022-2027, $ Billion ..................................... 10
Figure 3: Global Spirits Key Competitor Estimated Market Shares, 2022, Percentage (%) ................ 13
Figure 4: Diageo – Financial Performance, $ Billion ........................................................................... 17
Figure 5: Pernod Ricard – Financial Performance, $ Billion ............................................................... 19
Figure 6: ThaiBev – Financial Performance, $ Billion ........................................................................ 21
List Of Tables
Table 1: Global Spirits Market, Historic Market Size, 2017-2022, $ Billion .......................................... 8
Table 2: Global Spirits Market, Forecast Market Size, 2022-2027, $ Billion ....................................... 10
Table 3: Global Spirits Market, Key Competitors Estimated Market Shares, 2022, Percentage (%) .. 14
Table 4: Diageo – Financial Performance, $ Billion ............................................................................ 17
Table 5: Pernod Ricard – Financial Performance, $ Billion ................................................................ 19
Table 6: ThaiBev – Financial Performance, $ Billion .......................................................................... 21
Table 7: Spirits Market Data Sources ................................................................................................ 22

Spirits Market Characteristics

Spirits are distilled alcoholic beverages made from a grain or fruit/vegetable-derived sugar that’s fermented
and distilled.
The spirits market consists of sales of irish whiskey, american whiskey, canadian whiskey, scotch whiskey,
flavored vodka, non-flavored vodka, light rum, dark rum, golden rum, spiced rum, black rum, reposado tequila,
blanco tequila, anejo tequila, old tom gin, london dry gin, plymouth gin, fruit spirits, honey spirits, ouzo, and
other spirits. The companies in the distilleries industry process raw materials into potable liquors, ethyl alcohol,
grain alcohol and spirits, package and distribute them through various distribution channels to both on-trade
and off-trade establishments. Values in this market are ‘factory gate’ values, that is the value of goods sold by
the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers,
wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes
related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the
specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless
otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by
organizations in the specified geography within the specified market, irrespective of where they are produced.
It does not include revenues from resales either further along the supply chain or as part of other products.
The spirits market is segmented into whiskey, vodka, rum, tequila, gin and other spirits.
 Whiskey
Whiskey is a distilled alcoholic beverage from a fermented mash of grain, such as barley, rye, or corn,
and contains 43-50% alcohol. The whiskey market consists of sales of irish whiskey, american whiskey,
canadian whiskey, scotch whiskey, and other whiskey. The companies in the distilleries industry
process raw materials into whiskey, package and distribute them through various distribution channels
to both on-trade and off-trade establishments. Values in this market are ‘factory gate’ values, that is
the value of goods sold by the manufacturers or creators of the goods, whether to other entities
(including downstream manufacturers, wholesalers, distributors and retailers) or directly to end
customers. The value of goods in this market includes related services sold by the creators of the goods.
The whiskey market is segmented into single malt and other whiskey.
 Vodka
Vodka is a clear distilled alcoholic beverage based on starch-rich grains such as rye, maize wheat, or
potatoes. The vodka market consists of sales of flavored vodka and non-flavored vodka. The
companies in the distilleries industry process raw materials into vodka, package and distribute them
through various distribution channels to both on-trade and off-trade establishments. Values in this
market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the
goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and
retailers) or directly to end customers. The value of goods in this market includes related services sold
by the creators of the goods.

 Rum
Rum is an alcoholic beverage made by fermenting and then distilling sugarcane molasses or sugarcane
juice. The rum market consists of sales of light rum, dark rum, golden rum, spiced rum, black rum, and
other rum. The companies in the distilleries industry process raw materials into rum, package and
distribute them through various distribution channels to both on-trade and off-trade establishments.
Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or
creators of the goods, whether to other entities (including downstream manufacturers, wholesalers,
distributors and retailers) or directly to end customers. The value of goods in this market includes
related services sold by the creators of the goods. The rum market is segmented into white rum and
black rum.
 Tequila
Tequila is a mexican alcoholic beverage that is made from the fermented juice of the blue agave plant
that has been subjected to two separate distillations. The tequila market consists of sales of reposado
tequila, blanco tequila, anejo tequila, and other tequila. The companies in the distilleries industry
process raw materials into tequila, package and distribute them through various distribution channels
to both on-trade and off-trade establishments. Values in this market are ‘factory gate’ values, that is
the value of goods sold by the manufacturers or creators of the goods, whether to other entities
(including downstream manufacturers, wholesalers, distributors and retailers) or directly to end
customers. The value of goods in this market includes related services sold by the creators of the goods.
 Gin
Gin is a distilled alcoholic beverage that derives its flavor from juniper berries which are triple distilled
in traditional copper stills. The gin market consists of sales of old tom gin, london dry gin, plymouth
gin, and other gin. The companies in the distilleries industry process raw materials into gin, package
and distribute them through various distribution channels to both on-trade and off-trade
establishments. Values in this market are ‘factory gate’ values, that is the value of goods sold by the
manufacturers or creators of the goods, whether to other entities (including downstream
manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods
in this market includes related services sold by the creators of the goods.
 Other Spirits
Spirits are distilled alcoholic beverages made from a grain- or fruit/vegetable-derived sugar that’s
fermented and distilled. The other spirits market consists of sales of fruit spirits, honey spirits, ouzo,
and other spirits. The companies in the distilleries industry process raw materials into spirits, package
and distribute them through various distribution channels to both on-trade and off-trade
establishments. Values in this market are ‘factory gate’ values, that is the value of goods sold by the
manufacturers or creators of the goods, whether to other entities (including downstream
manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods
in this market includes related services sold by the creators of the goods.

Spirits Market Trends And Strategies

Major trends shaping the spirits market include the following –
Ready-To-Mix Hybrid Beverages

Spirits manufacturers are now offering ready-to-mix hybrid beverages to cater to changing consumer tastes
and preferences. Hybrid beverages are a blend of alcoholic drinks from multiple beverage categories. They are
prepared by using unique flavor combinations, ingredients and production methods from multiple drinks. For
example, producing spirits or beers in a wine barrel, to give them a distinct taste. Hybrid beverages are
particularly evident in the spirit category, with products such as beer mixed with rum and tea mixed with vodka.
i
Some of the popular hybrid beverages include Malibu Red (rum and tequila), Kahlua Midnight (rum and
Kahlua) and Absolut Tune (vodka and sparkling wine).ii For example, in 2022, Coca-Cola signed brand
authorization agreement with Constellation Brands Inc. to launch FRESCA Mixed, a line of full flavored, spirit
based ready to drink cocktails in US.iii
Spirits manufacturers should consider experimenting with different production methods and ingredients to offer
new ready-to-mix hybrid beverages to enhance customer experience
Rise Of Alcohol Ecommerce Market

Many alcoholic beverage manufacturing companies including spirit manufacturers are increasing their
customer base through e-commerce platforms. The increasing use of internet and ecommerce platforms
among consumers facilitates online alcoholic drink sales and also gives companies access to new markets
without heavy investment in distribution channels.iv According to new research by IWSR Drinks Market
Analysis, US findings showed that beverage alcohol e-commerce sales are expected to reach more than $42
billion across key markets by 2025; a growth of +66%. A quarter of global drinkers are now ordering online.v
China was the leader in alcohol ecommerce, with 27% of the consumers purchasing alcohol over the internet.vi
Some companies such as Pernod Ricard, a French distilled beverage manufacturing company, has its own
digital platform for selling alcohol in the UK and France, and is utilizing relationships with ecommerce giants
such as Amazon to further increase sales vii
Alcoholic beverage manufacturers should consider collaborating with e-commerce platforms to increase sales.

Rise In Ready-Mixed Cocktails

Alcoholic beverage manufacturers including spirit manufacturers are offering ready-mixed or ready-to-drink
cocktails to enhance drinking experience for consumers. These ready-mixed cocktails are pre-mixed bottled
and pre-batched drinks produced by mixing wine or spirits with fruit juices. Ready mixed drinks include
margaritas, martinis, whiskey and vodka-based drinks, packaged in cans and bottles. Ready-to-drink beverages
are often packaged in such a way so that they resemble other alcoholic drinks. For example, Jack Daniel’s pre-
mixed whiskey-colas, packaged in beer-like cans and Nola’s Vodka Spritzers are available in tall, elongated
bottles, which look just like a light wine.viii Ready-mixed cocktails are popular in Europe. Further, in 2021, On
the Rocks Premium Cocktails, the ready to serve cocktail brand launched its latest pre missed crafted cocktail,
The Manhattan, the premium natural ingredients and high-quality spirit-based infusions.ix Major ready mixed
cocktails brands include Jose Cuervo RTD, Jack Daniel’s Country Cocktails, Chi-Chi’s, Bacardi Party, Kahlua
Drinks To Go, BuzzBallz, Captain Morgan Prepared Cocktails and Malibu Prepared Cocktails.x
Alcoholic beverage manufacturing companies should consider offering ready-mixed cocktail drinks to provide a
convenient and enhanced drinking experience to consumers.

Spirits Market Historic Growth

Global spirits market was worth $143.5 billion in 2022. it was the third largest segment within the alcoholic -
beverages market accounting for 27.0%. In terms of per capita consumption, the market was $18.4 and in terms
of global GDP, the market was 0.13%. Spirits was the third largest segment within the alcoholic - beverages
market accounting for 27.0% preceded by wine and brandy at 31.6% and beer at 41.3% respectively.
The chart and table below show the year-on-year growth of the global spirits market during 2017-2022.
Figure 1: Global Spirits Market, Historic Market Size, 2017-2022, $ Billion

Sources: Market Data Sources, TBRC Estimates, TBRC Analysis
Table 1: Global Spirits Market, Historic Market Size, 2017-2022, $ Billion

Market 2017 2018 2019 2020 2021 2022 CAGR
Spirits 112.59 119.97 128.46 123.18 130.87 143.53 4.98%

The global spirits market grew from $112.59 billion in 2017 to $143.53 billion in 2022 at a compound annual
growth rate (CAGR) of 4.98%.

Drivers Of The Market

Rise In Disposable Income –The spirits manufacturing (distilleries) market was driven by the rise in disposable
income levels in the majority of countries in the historic period. For instance, disposable personal income in
India increased to $3145.81 in 2021 from $3145.81 in 2020xi. Rise in per capita net disposable income led
customers to increase their spending food and beverages including eating out with friends and family, which in
turn boosted the demand for spirits manufacturing (distilleries), driving the market in the historic period.
Restraints On The Market

Stringent Regulations –Strict government laws and regulations in some countries had a negative impact on
the spirits manufacturing (distilleries) market in the historic period. Rules and restrictions surrounding serving
of spirits containing alcohol differ from country to country. For example, the Minimum Legal Drinking Age
(MLDA) is a country-specific law that specifies the legal age at which an individual is allowed to consume liquor.
This number varied between countries and jurisdictions, for instance. It is 16 in Germany and 21 in countries
such as the USA, Oman and Sri Lanka. In many parts of the world, alcohol is banned and its consumption is a
criminal offence. Such countries include Afghanistan, the Maldives, Iran and Libyaxii. Similarly, advertising
alcohol was banned in many countries, such as Russia, India, South Africa and Ukrainexiii. These stringent
regulations hampered the growth of the alcoholic - beverages market, as they significantly reduced the
consumer base and increased compliance costs.
Talent Crunch–High competition for workers and a lack of suitably trained employees contributed to a
shortage of labor in the spirits manufacturing (distilleries) industry in this period, restraining its development.
For example, according to a 2017 survey by Association of Labor Providers (ALP), around 70% of companies in
the food and beverage manufacturing industry were struggling due to a shortage of skilled workforce. This
limited the growth of the spirits manufacturing (distilleries) market during the historic period. xiv
Changing Regulatory Environment–Rising concerns about consumer health, sustainability and social issues
have encouraged governments to regulate different products in spirits manufacturing (distilleries) industry.
These changes in regulation mostly affected tobacco and alcoholic drinks categories. For instance, the
Australian government removed all branding from tobacco packs. Other examples include restrictions on the
late-night sale of alcohol and bans on consumption at various public places by the Russian government and
Thailand’s government plans to implement graphic health warnings on alcoholic beverages. These factors
limited the growth of the spirits manufacturing (distilleries) market during the historic periodxv

Spirits Global Market Competitor Briefing 2023 P A G E | 10
Spirits Market Forecast Growth

The chart and table below show the year-on-year growth of the global spirits market during 2022-2027.
Figure 2: Global Spirits Market, Forecast Market Size, 2022-2027, $ Billion

Table 2: Global Spirits Market, Forecast Market Size, 2022-2027, $ Billion

Market 2022 2023 2024 2025 2026 2027 CAGR
Spirits 143.53 153.37 162.8 172.43 182.45 193.06 6.11%

The global spirits market is expected to grow from $143.53 billion in 2022 to $193.06 billion in 2027 at a CAGR
of 6.11%.

Drivers Of The Market

Rising Population –World population is growing and is expected to reach 10 billion by 2050xvi. Increase in
population creates more demand for alcoholic-beverages. Crop production, farming activities and trade
volumes will have to increase in order to meet increased population. Therefore, companies in this market are
expected to benefit from rising demand for spirits manufacturing (distilleries) products due to rising
population, during the forecast period.
Demand For Ready To Drink Beverages – Increasing demand for ready-to-drink (RTD) beverages is expected
to drive the alcoholic-beverages market in the forecast period. RTD is a single-use packaged beverage that is
ready for immediate consumption at the time of purchase. RTD drinks are gaining popularity among working
adults due to their clean label and functionality. Introduction of new flavors of in the range of RTD alcoholic
beverages, ease of carrying, and convenience are expected to boost the demand for RTD spirits. Increasing
demand for RTD beverages, including RTD alcoholic beverages, spirits is expected to drive spirits
manufacturing (distilleries) market going forwardxvii. For instance, probiotic beverages is expected to generate
over $77 billion in sales by 2025.xviii
Faster Economic Growth – The spirits manufacturing (distilleries) market growth is aided by stable economic
growth forecasted in many developed and developing countries. The International Monetary Fund (IMF)
predicts that the global GDP growth will be 5.9% in 2021 and 4.4% in 2022. Recovering commodity prices, after
a significant decline in the historic period is further expected to aid the market growth. Developed economies
are also expected to register stable growth during the forecast period. Additionally, emerging markets are
expected to continue to grow slightly faster than the developed markets in the forecast period. Stable
economic growth is expected to increase investments in the end user markets, thereby driving the market
during forecast period. xix
Restraints On The Market

Tax Increases – Taxing unhealthy foods and drinks and restricting the branding and advertising of alcoholic
and spirits beverages is being actively considered by many countries. There has already been an increase in
taxes on ‘unhealthy’ food and drinks by the Danish, Mexican and Hungarian governments In 2019, Malaysia
introduced a "sugar tax" of 40 sen per litre on drinks containing sugar above a set limit. Similarly, from 2022,
2% withholding tax will be imposed on monetary payments made by companies to their authorized agents,
dealers or distributors, arising from sales.xxThese changes are likely to create major restraints for spirits
manufacturing (distilleries) companies, especially for those multinational organizations which are exposed to
different tax regimes across varied geographies and countries. xxi
Rising Awareness On Effects of Excessive Alcoholic Beverages Consumption – Rising awareness about high
alcohol and spirits consumption and addictive nature of alcoholic beverages is expected to restrain the spirits
market in the forecasted period. Excessive consumption of alcoholic beverages may lead to digestive issues
such acidity, rapid heart rat, muscle breakdown, high blood pressure, and anxiety. Increasing awareness on
adverse effects of excessive consumption of alcohol, especially among health-conscious millennial, is expected
to limit the growth of the spirits manufacturing (distilleries) market in the forecast period. xxii
Russian-Ukrainian War - The Russia-Ukraine war is expected to hinder the growth of the spirits market during
the forecast period. The political turmoil between the two nations has led to material shortage and supply

disruptions of various products and services. Russia and Ukraine are key producers of major agricultural
commodities, minerals and other essentials. The ongoing conflict between the two countries is causing anxiety
among traders and manufacturers due to fear of continued shortage of products and services, thus impacting
the spirits market growth in the forecast period.

Spirits Market Competitive Landscape

The figure below displays competitor shares of the top companies in the spirits market. The market for spirits
is highly fragmented. The top ten competitors in the spirits market made up 26.77% of the total market in 2022.
Major players in the market are Diageo plc, Pernod Ricard, Thai Beverage public co., The Brown–Forman
Corporation, The Molson Coors Brewing Company.
Diageo plc was the largest competitor with 7.53% of the market followed by Pernod Ricard with 3.63%, and
Thai Beverage public co. with 2.53%, and The Brown–Forman Corporation with 2.41%, and The Molson Coors
Brewing Company with 2.01%, and Christian Dior SE with 1.96%, and kirin holdings co ltd with 1.89%, and Asahi
Group Holdings Ltd with 1.77%, and Suntory Holdings Limited with 1.65%, and Anheuser-Busch InBev sa/nv
with 1.39%.
Figure 3: Global Spirits Key Competitor Estimated Market Shares, 2022,

Percentage (%)


Table 3: Global Spirits Market, Key Competitors Estimated Market Shares, 2022,
Percentage (%)
Company Market Share Revenue ($ Billion)
Diageo plc 7.53% $10.81
Pernod Ricard 3.63% $5.21
Thai Beverage public co. 2.53% $3.63
The Brown–Forman Corporation 2.41% $3.46
The Molson Coors Brewing 2.01% $2.89

Company
Christian Dior SE 1.96% $2.81
kirin holdings co ltd 1.89% $2.71
Asahi Group Holdings Ltd 1.77% $2.54
Suntory Holdings Limited 1.65% $2.37
Anheuser-Busch InBev sa/nv 1.39% $1.99
Others 73.23% $105.11

Diageo plc, through their products and services that align to spirits market, is estimated to have generated
revenues of $10.81 billion for the financial year 2020, an increase of 8.5% from the previous year.
Pernod Ricard, through their products and services that align to spirits market, is estimated to have generated
revenues of $5.21 billion for the financial year 2020, an increase of 4.4% from the previous year.
Thai Beverage public co., through their products and services that align to spirits market, is estimated to have
generated revenues of $3.63 billion for the financial year 2020, an increase of 2.0% from the previous year.
The Brown–Forman Corporation, through their products and services that align to spirits market, is estimated
to have generated revenues of $3.46 billion for the financial year 2020, an increase of 6.5% from the previous
year.
The Molson Coors Brewing Company, through their products and services that align to spirits market, is
estimated to have generated revenues of $2.89 billion for the financial year 2021, an increase of 7.4% from the
previous year.
Christian Dior SE, through their products and services that align to spirits market, is estimated to have
generated revenues of $2.81 billion for the financial year 2020, a decrease of -14.6% from the previous year.

kirin holdings co ltd, through their products and services that align to spirits market, is estimated to have
generated revenues of $2.71 billion for the financial year 2020, a decrease of -5.6% from the previous year.
Asahi Group Holdings Ltd, through their products and services that align to spirits market, is estimated to have
Suntory Holdings Limited, through their products and services that align to spirits market, is estimated to have
Anheuser-Busch InBev sa/nv, through their products and services that align to spirits market, is estimated to
have generated revenues of $1.99 billion for the financial year 2021, an increase of 30.1% from the previous
year.

Company Profiles
Diageo plc
Company Overview
Diageo plc is a multinational alcoholic beverages company that produces and markets alcoholic beverages. The
company employs around 30,000 people worldwide and serves customers in approximately 180 countries.
Diageo was founded in 1997 and is headquartered in London, the UK.
Diageo Offers Products And Services Across Industries

The company operates through the following business divisions:
The Spirits division manufactures and markets a wide range of spirits worldwide. This division has 29 Scotch
whisky distilleries in Scotland, two whiskey distilleries in Canada, and two distilleries in the US.
The Beer division manufactures and sells beer under the brand names Guinness, Guinness Blonde, Kilkenny
and Harp. This division has brewing facility in Dublin, Ireland.
The Ready to Drink division manufactures ready to drink products in the UK, Italy, Africa, Australia, the US,
and Canada.

Diageo Financial Performance

The chart and table below show the financial performance of Diageo during 2014 – 2o20 (most recent full
financial year of results at time of publication).
Figure 4: Diageo – Financial Performance, $ Billion

Most recent financial year 1st January 2020 to 31st December 2020.
Sources: Annual Reportsxxiii, TBRC Estimates, TBRC Analysis
Table 4: Diageo – Financial Performance, $ Billion

Year 2014 2015 2016 2017 2018 2019 2020
Net sales 12.68 12.34 14.18 14.31 15.13 13.83 15.01
Operating profit 3.30 3.36 4.20 4.36 4.77 2.52 4.41
Profit for the year 2.91 2.79 3.27 3.71 3.94 1.72 3.31

Sources: Annual Reportsxxiv, TBRC Estimates, TBRC Analysis
Diageo had net sales of $12.68 billion for the financial year 2014, and $15.01 billion in 2020. It had a market
capitalization of $118.95 billion as of April 2022.xxv
Diageo had operating profit of $3.30 billion for the financial year 2014, and $4.41 billion in 2020.
Diageo had profit of $2.91 billion for the financial year 2014 and $3.31 billion in 2020.
Note: All financial data is taken from the latest full year annual report published in 2021.

Pernod Ricard SA
Company Overview
Pernod Ricard SA produces and sells alcoholic beverages such as wines, bitters, whiskies, spirits, liquors, cognac
and brandies, white spirits, and rum. The company brands include Absolut Vodka, Ricard pastis, Ballantine's,
Chivas Regal, Royal Salute, The Glenlivet Scotch whiskies, Jameson Irish whiskey, Martell cognac, Havana Club
rum, Beefeater gin, Malibu liqueur, Mumm, and Perrier-Jouët champagnes, as well Jacob's Creek, Brancott
Estate, Campo Viejo, and Kenwood wines. The company was founded in 1805 and has around 19,140
employees. Pernod Ricard is headquartered in Paris, France.xxvi
Pernod Ricard Offers Products And Services Across Industries

The company operates through the following business division:
The Strategic International brands are sold in almost every market worldwide.
The Luxury & Prestige brands are mostly consumed by the iconic bars and the most affluent consumers.
The Specialty division is engaged in the sale of brands to reach local consumers and specific local occasions.
The Wines division allows to access other universal convivial moments of consumption such as meals.
The Strategic Local brands aims to meet growing demand for smaller-scale, authentic ‘craft’ products.xxvii

Pernod Ricard Financial Performance

The chart and table below show the financial performance of Pernod Ricard during 2014 – 2o20 (most recent
full financial year of results at time of publication).
Figure 5: Pernod Ricard – Financial Performance, $ Billion

Most recent financial year 1st April 2020 to 31st March 2021.
xxviii
Sources: Annual Reports , TBRC Estimates, TBRC Analysis
Table 5: Pernod Ricard – Financial Performance, $ Billion

Year 2014 2015 2016 2017 2018 2019 2020
Revenue 10.11 10.25 10.64 10.61 10.84 9.98 10.42
Net Profit from Recurring

1.88 2.47 2.83 2.78 3.05 2.67 2.86
Operations
Net Income 1.04 1.48 1.65 1.78 1.95 1.70 1.90

xxix
Sources: Annual Reports , TBRC Estimates, TBRC Analysis
Pernod Ricard had revenue of $10.11 billion for the financial year 2014, and $10.42 billion in 2020. It had a
market capitalization of $56.91 billion as of April 2022.xxx
Pernod Ricard had net profit from recurring operations of $1.88 billion for the financial year 2014, and $2.86
billion in 2020.
Pernod Ricard had net income of $1.04 billion for the financial year 2014 and $1.90 billion in 2020.

Thai Beverage Public Company Limited
Company Overview
Thai Beverage Public Company Limited is a manufacturer and distributor of alcoholic and non-alcoholic
beverages, and chilled and frozen products. It offers its products under the brand names of EST PLAY,
100PLUS, Rock, Power Plus, Ranger, Oishi, F&N, GOLD CORN and others. ThaiBev operates across Asia Pacific
and North America. The company has around 41,367 employees worldwidexxxi. ThaiBev was founded in 2003
and is headquartered in Hong Kong.xxxii
ThaiBev Offers Products And Services Across Industries

The company operates through the following business divisions:
Spirits division carries out the production of spirits comprising white spirit, brown spirits, herb and others. It
serves spirits under the brand names of Mangkorn Thong, Hong Thong, SangSom Special Rum, Blend 285,
Blend 285 Signature, Mekhong, Meridian, Phraya, Crown 99 and Drummer.xxxiii
Beer division is engaged in the production and distribution of beer products. Its beer brands include Chang
Beer, Archa Beer and Federbrau beer.
Non-Alcoholic Beverage division is engaged in the production of branded water, ready-to-drink coffee, energy
drink, green tea, artificial mineral water, soda water, carbonated soft drink, fruit and vegetable juice and fruit
flavored drinks.
Food division is engaged in the operation of restaurants and distribution of foods and beverages. It offers
ready-to-cook and ready-to-eat products in frozen and chilled forms, including sandwiches, gyozas, ramen
noodles and rice bowls, as well as ready-to-eat foods.xxxiv

ThaiBev Financial Performance

The chart and table below show the financial performance of ThaiBev during 2014 – 2020 (most recent full
financial year of results at time of publication).
Figure 6: ThaiBev – Financial Performance, $ Billion

Most recent financial year 1st January 2020 to 31st December 2020.
Sources: Annual Reportsxxxv, TBRC Estimates, TBRC Analysis
Table 6: ThaiBev – Financial Performance, $ Billion

Year 2014 2015 2016 2017 2018 2019 2020
Total revenues 5.01 5.32 4.31 5.88 7.11 8.27 7.84
Operating profit 0.73 0.72 0.80 0.85 0.77 1.01 1.07
Net profit 0.66 0.82 0.77 1.07 0.61 0.81 0.81

Sources: Annual Reportsxxxvi, TBRC Estimates, TBRC Analysis
ThaiBev had total revenues of $5.01 billion for the financial year 2014, and $7.84 billion in 2020. It had a market
capitalization of $13.34 billion as of April 2022.xxxvii
ThaiBev had operating profit of $0.73 billion for the financial year 2014, and $1.07 billion in 2020.
ThaiBev had net profit of $0.66 billion for the financial year 2014 and $0.81 billion in 2020.

Appendix
Market Data Sources
Table 7: Spirits Market Data Sources
Source URL
National Statistic Offices https://www.indec.gob.ar/; http://www.abs.gov.au/;

https://www.statistik.at/web_en/; https://statbel.fgov.be/en;
https://ww2.ibge.gov.br/home/default.php; http://www.statcan.gc.ca/;
http://www.ine.cl; http://www.stats.gov.cn/english/;
http://www.dane.gov.co/index.php/en/;
http://kostat.go.kr/portal/eng/index.action; https://www.dst.dk/en;
http://www.capmas.gov.eg/?lang=2;
https://www.tilastokeskus.fi/index_en.html; https://www.insee.fr/en/accueil;
https://www.destatis.de/EN/Homepage.html;
https://www.censtatd.gov.hk/home/; http://mospi.nic.in/#;
https://www.bps.go.id/; http://www.cso.ie/en/index.html;
http://www.cbs.gov.il/reader/cw_usr_view_Folder?ID=141;
http://www.istat.it/en/; http://www.stat.go.jp/english/index.htm;
https://www.dosm.gov.my/v1/; http://en.www.inegi.org.mx/;
https://opendata.cbs.nl/statline/#/CBS/en/navigatieScherm/thema?themaNr=
5350; https://www.stats.govt.nz/; http://www.nigerianstat.gov.ng/;
https://www.ssb.no/en/; https://www.inei.gob.pe/; http://psa.gov.ph/;
http://stat.gov.pl/en/;
https://www.ine.pt/xportal/xmain?xpgid=ine_main&xpid=INE;
http://www.insse.ro/cms/en;
http://www.gks.ru/wps/wcm/connect/rosstat_main/rosstat/en/main/;
https://www.singstat.gov.sg/; https://www.stats.gov.sa;
http://www.statssa.gov.za/; https://www.czso.cz/csu/czso/home;
http://www.ine.es/en/welcome.shtml; http://www.scb.se/en/;
https://www.bfs.admin.ch/bfs/en/home.html; http://web.nso.go.th/;
http://www.turkstat.gov.tr/Start.do;jsessionid=nZhGhvpT3DQ7vWJt3c8HcMJ
GXjhyhPNh24yPpJzbnRFKwqHLGWrq!-270508800; http://fcsa.gov.ae/en-us;
https://www.ons.gov.uk/; https://census.gov/; http://www.ine.gov.ve/;
https://www.gso.gov.vn/Default.aspx?tabid=217
Directorate-General of https://ec.europa.eu/eurostat
the European
Commission
World Health https://www.who.int/
Organization
International Monetary https://www.imf.org/external/index.htm
Fund
Organisation for http://www.oecd.org/
Economic Co-operation
and Development
UN Comtrade Database https://comtrade.un.org/

NAICS Definition Of The Industry Covered In This Report

Spirits-Spirits are distilled alcoholic beverages made from a grain or fruit/vegetable-derived sugar that’s
fermented and distilled.
The spirits market consists of sales of irish whiskey, american whiskey, canadian whiskey, scotch whiskey,
flavored vodka, non-flavored vodka, light rum, dark rum, golden rum, spiced rum, black rum, reposado tequila,
blanco tequila, anejo tequila, old tom gin, london dry gin, plymouth gin, fruit spirits, honey spirits, ouzo, and
other spirits. The companies in the distilleries industry process raw materials into potable liquors, ethyl alcohol,
grain alcohol and spirits, package and distribute them through various distribution channels to both on-trade
and off-trade establishments. Values in this market are ‘factory gate’ values, that is the value of goods sold by
the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers,
wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes
related services sold by the creators of the goods. The spirits market is segmented into whiskey; vodka; rum;
tequila; gin and other spirits.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the
specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless
otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by
organizations in the specified geography within the specified market, irrespective of where they are produced.
It does not include revenues from resales either further along the supply chain or as part of other products.
Global Outlook Assumptions

Our numbers in all markets reflect the current consensus for the global economic outlook for the next 3-5 years.
This includes the positive impact of post pandemic reopening in 22-23, high inflation in the short term, higher
energy prices in the short term and higher interest rate environment in the short term. Note that our market
estimates are 'nominal' and include the impact of inflation, (reflecting actual values paid not their theoretical
worth). The estimates and forecasts for Russia and Ukraine specifically are adjusted for the impact of war. Due
to the unusual economic situation in Russia (including sanctions, currency controls etc) the market size has
been reduced to reflect a truer idea of the USD value rather than the nominal local currency value.
Note on COVID-19: The effect of the coronavirus pandemic has led to forecasts in many markets being altered
away from long term historic trends based on the impact of COVID on specific markets and geographies.
Historic trend data continues to be used to forecast the longer-term development of these markets.

Research Methodology
The Business Research Company’s reports are based on the methodology below.
Data
Our datasets are created using a wide range of proprietary and public sources including leading government
bodies, associations, trade journals, market intelligence reports and trade magazines. Data is modelled based
on hard data, extrapolation, regression analysis based on known macro data inputs, interpolation between
hard figures, comparisons with other geographies and markets, price estimations, and qualitative inputs. Data
is triangulated within our unique market data model covering an exhaustive list of 200+ markets across 12
countries and 5 regions. Comparable data is used for sanity check and trend analysis. For example our global
market value data is compared to unit sales and price data for the relevant market as well as relevant macro-
economic datasets in order to establish validity.
Market Numbers-
Market value is defined as the revenues earned by organizations for products and services within the specified
market. The break down by geography is revenue generated within the specific industry by organizations in
the specified geography, irrespective of where they are produced.
Competitor Market Share Data
The competitor market share data is intended to represent the companies that gain the most revenues from
the given market and the percentage share of the market that they hold. If a company derives most of its
revenues from the market, its revenues are given in full. If a large part of the company's revenues come from
other markets, only the division of the company which operates in this market is included. Where accurate
information is not available on the revenues a company generates from the market its market share is not
included, however a profile of the company may still be included if it is a significant competitor in the market.
Analysis
Analysis is drawn from our Consultants’ wide range of industry and research experience as well as public and
proprietary sources. Consultants are trained in research techniques and ethics by the Market Research Society.
Verification Through Expert Interviews
Every year The Business Research Company carries out thousands of interviews with senior executives and
industry experts across hundreds of markets. Through these interviews we develop our internal understanding
of markets and geographies and cross reference our understanding of global markets with expert feedback
utilizing ‘Delphic’ research methodologies.
Referencing
The Business Research Company prides itself on the quality and validity of its data and analysis. Our unique
‘end noted’ referencing approach allows the user to trace our market numbers and analysis back to the specific
data sources they were derived from.

Note on Currency Conversions –
All currency conversions are done on the basis of 2021 exchange rates.
Abbreviations
Currencies
$ stands for US Dollar
€ stands for Euro
All other currencies are given with ISO currency codes.
Research Inquiries
If you have any inquiries relating the research services, please do not hesitate to get in touch.
Please contact info@tbrc.info for more information or call Europe +44 2071930708, Asia +91 8897263534,
Americas +1 3156230293

The Business Research Company excels in competitor, market and consumer research on a range of industries
globally. We have offices in the UK, US and India and consultants in 20+ countries globally. We use advanced
secondary and investigative primary research techniques to find business critical information. Typical projects
include helping clients find new customers, understand competitors and analyze markets.
Copyright And Disclaimer

These presentations and reports should not be reproduced, re-circulated, published in any media, website or
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Research Pvt Ltd. Any unauthorized use, disclosure or public dissemination of information contained herein is
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whose accuracy we are not always in a position to guarantee. As such TBRC Business Research Pvt Ltd can
accept no liability whatever for actions taken based on any information that may subsequently prove to be
incorrect. Analysis and findings included in TBRC reports and presentations are our opinions, and are not
intended as statements of fact or investment guidance.
i
http://www.drinks-insight-network.com/features/featuretop-trends-in-alcoholic-drinks-5724974/
ii
https://www.beveragemedia.com/2013/08/22/meet-the-hybrids/
iii
https://www.coca-colacompany.com/news/fresca-mixed-north-america-launch
iv
https://www.mydrinkbeverages.com/key-trends-shaping-alcohol-industry-in-2017
v
https://www.forbes.com/sites/katedingwall/2021/12/22/alcohol-e-commerce-expected-to-reach-42-billion-by-
2025/?sh=7dd6ed891a3d
vi
https://www.just-drinks.com/news/china-tops-alcohol-e-commerce-survey_id122858.aspx

vii
http://www.businessinsider.in/The-liquor-industry-is-experiencing-3-seismic-changes/articleshow/51161614.cms
viii
https://www.trendhunter.com/slideshow/pre-mixed-alcohol
ix
https://www.prnewswire.com/news-releases/on-the-rocks-premium-cocktails-expands-ready-to-serve-portfolio-with-
introduction-of-limited-edition-manhattan-301434121.html
x
http://cheersonline.com/2016/08/22/ready-to-drink-beverages-take-off-as-consumers-seek-convenience-quality/
xi
https://tradingeconomics.com/india/disposable-personal-income
xii
http://drinkingage.procon.org/view.resource.php?resourceID=004294
xiii
https://www.diffordsguide.com/encyclopedia/499/bws/alcohol-advertising-and-dark-markets
xiv
https://www.foodmanufacture.co.uk/Article/2018/01/26/Skills-crisis-highlighted-by-latest-research
xv
https://www.theguardian.com/science/sifting-the-evidence/2016/may/20/plain-standardised-cigarette-packaging-has-
arrived-but-will-it-reduce-smoking
xvi
http://www.economist.com/blogs/graphicdetail/2015/08/daily-chart-growth-areas
xvii
https://www.beveragedaily.com/Article/2019/04/26/Why-there-s-a-resurgence-in-RTD-alcohol
xviii
https://tandobeverage.com/beverage-trends/
xix
https://www.imf.org/en/Publications/WEO
xx
https://news.bloombergtax.com/daily-tax-report-international/tax-changes-in-malaysias-2022-budget
xxi
https://www.malaymail.com/news/malaysia/2019/08/02/are-you-paying-the-sugar-tax-for-your-favourite-drink-find-
out-here/1776956
xxii
https://www.healthline.com/health/alcohol/effects-on-body#2
xxiii
https://www.diageo.com/PR1346/aws/media/7948/b3801-000797_diageo_ar2019.pdf
xxiv
https://www.diageo.com/PR1346/aws/media/7948/b3801-000797_diageo_ar2019.pdf
xxv
https://finance.yahoo.com/quote/DEO/
xxvi
https://pernod-ricard.com/en/download/file/fid/10773/
xxvii
xxviii
xxix
xxx
https://in.finance.yahoo.com/quote/RI.PA?ltr=1
xxxi
http://thaibev.listedcompany.com/misc/AR/20200110-thaibev-ar2019-en-01.pdf
xxxii
xxxiii
http://www.thaibev.com/en08/product.aspx?sublv1gID=11
xxxiv
xxxv
xxxvi
xxxvii
https://finance.yahoo.com/quote/Y92.SI/


Spirits Global Market Competitor Briefing 2023: The Business Research Company February 2023

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Spirits Global Market

Competitor Briefing 2023

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Spirits Market Characteristics

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Spirits Market Trends And Strategies

Ready-To-Mix Hybrid Beverages

Rise Of Alcohol Ecommerce Market

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Rise In Ready-Mixed Cocktails

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Spirits Market Historic Growth

Figure 1: Global Spirits Market, Historic Market Size, 2017-2022, $ Billion

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Table 1: Global Spirits Market, Historic Market Size, 2017-2022, $ Billion

Spirits 112.59 119.97 128.46 123.18 130.87 143.53 4.98%

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Drivers Of The Market

Restraints On The Market

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Spirits Market Forecast Growth

Figure 2: Global Spirits Market, Forecast Market Size, 2022-2027, $ Billion

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Table 2: Global Spirits Market, Forecast Market Size, 2022-2027, $ Billion

Spirits 143.53 153.37 162.8 172.43 182.45 193.06 6.11%

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Drivers Of The Market

Restraints On The Market

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Spirits Market Competitive Landscape

Figure 3: Global Spirits Key Competitor Estimated Market Shares, 2022,

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Diageo plc 7.53% $10.81

Pernod Ricard 3.63% $5.21

Thai Beverage public co. 2.53% $3.63

The Brown–Forman Corporation 2.41% $3.46

The Molson Coors Brewing 2.01% $2.89

kirin holdings co ltd 1.89% $2.71

Asahi Group Holdings Ltd 1.77% $2.54

Suntory Holdings Limited 1.65% $2.37

Anheuser-Busch InBev sa/nv 1.39% $1.99

Others 73.23% $105.11