Luxury Wines and Spirits Market Report, forecasts that the global market was valued at $812,108 million in 2015, and is expected to reach $1,122,578 million by 2022, supported by a CAGR of 4.8% during the forecast period 2016 - 2022. The wine segment was a major revenue contributor for global luxury wines & spirits market in 2015. The European region held the leading position in the global market in 2015, and is expected to maintain its lead during the forecast period.
The wines segment is expected to grow at a faster rate during the forecast period, as the market currently offers alcoholic drinks such as vodka, gin, rum, and brandy and has more alcohol by volume (ABV) than other alcoholic beverages. The market has seen a significant growth, owing to increase in popularity of cocktail drinks. Moreover, they are being preferred over beers and other alcoholic beverages due to growing popularity of cognac and tequila. However, there is a decline in the growth of rum and vodka.