Pisco Market is estimated to be 1265.8 Million by 2029 with a CAGR of 6.6% during the forecasted period.
Pisco is a traditional drink of Latin America which is yellowish or
can say colorless brandy specifically produced by distilling fermented fruit
juice into a high-proof spirit. Pisco is highly produced within the region of
Chile and Peru as an alternate to orujo, a pomace brandy that was being
imported from Spain since the 16th century. This practice of manufacturing
Pisco domestically in abundant quantity has reduced the quantity of alcoholic
beverages imported to the present region. Ever since the assembly of pisco
started, different sort of grapes were utilized in order to offer the beverage
too many various flavors so because the beverage is exported internationally as
the market wouldn't accept the big variety under an equivalent name. For an
equivalent reason, the Chilean and therefore the Peruvian governments set
standards on what quite grapes should be used to make the beverage that would
be labelled as pisco.
The report "Global Pisco Market, By Origin (Peruvian and Chilean), By Type (Puro, Acholado, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) - Trends, Analysis and Forecast till 2029”.
Key Highlights:
·
In May
2019, Catan Pisco announced its product launch in Los Angeles to give spirit
enthusiasts a novel experience of the traditional drink from chile.
·
In
January 2019, The Commission for the Promotion of Peru for Exports and Tourism
(PROMPERU), through Peruvian brand, launched the brand ‘Pisco, Spirit of Peru’
at the Madrid Fusion 2019.
Analyst View:
According to the recent activities in various regions in the
world, it concluded that consumption of alcoholic products has become an
accompaniment for a number of reasons such as celebrations, commiserations, the
end of the working day, and others. In many developed regions such as Europe,
Canada, the U.S., alcohol is a socially accepted part of their daily life.
Younger population of the world is influenced by their peer group or peer
thinking, which is a factor driving growth of alcohol-based market. The gender
gap in terms of alcohol consumption is closing as there is increasing
acceptance of female drinking in the societal norms. Because of all these
factors, people are attracted towards alcoholic products, which is driving
growth of the pisco market and this is expected to continue over the forecast
period.
Changing lifestyles, influence of social media and internet,
increasing social parties, adolescents with high social network influence,
greater family incomes, and others have easier access to alcoholic drinks and
alcoholic products, which is also driving demand for pisco. The pace at which
new technologies are impacting the food and beverage sector is high, and it has
become necessary for manufacturers to increase the speed and scale of their
R&D efforts. Many flavor manufacturing companies are shifting their R&D
activities away from their headquarters. It is expected that focus on R&D
will increase over the forecast period, as companies are expected to offer
products that are better than its rivals. Manufacturers of pisco products are
also focused on the positioning their brands better, to improve its sales.
However, risng health concern among the consumer might be hampering the growth
of the market.
Key Market Insights from the
report:
The global pisco market accounted for 710.6
Million in 2020 and is estimated to be US$ 1265.8 Million
by 2029 and is anticipated to register a CAGR of 6.6%. The market report has
been segmented on the basis of origin, type, and region.
·
Depending upon origin, the chilean segment is projected to grow at highest CAGR over
the forecast period owing its authentic taste and its availability.
·
Depending upon type, the puro segment is projected to grow at highest CAGR over
the forecast period. However, acholado is the fastest emerging segment in the
forecast period.
· By region, Latin America is expected to have the major market share globally, as it is one of the largest producer and consumer of pisco.
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Competitive Landscape:
The prominent player operating in the global
pisco market includes Cooperativa
Agrícola Pisquera, Elqui Limitada (CAPEL), Compañía Pisquera de Chile S.A.,
Bauzà, Hacienda Mal Paso, Pisco MalPaso and Pisquera Tulahuén.
The market provides detailed information
regarding the industrial base, productivity, strengths, manufacturers, and
recent trends which will help companies enlarge the businesses and promote
financial growth. Furthermore, the report exhibits dynamic factors including
segments, sub-segments, regional marketplaces, competition, dominant key
players, and market forecasts. In addition, the market includes recent
collaborations, mergers, acquisitions, and partnerships along with regulatory
frameworks across different regions impacting the market trajectory. Recent
technological advances and innovations influencing the global market are
included in the report.
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