by Baijiu is a popular distilled alcoholic drink in China made from fermented grain such as sorghum, wheat and rice. It contains 45% to 60% alcohol by volume. Baijiu is commonly consumed on social occasions and regarded as a symbol of hospitality in Chinese culture. It helps to promote warmth during winter season.
The global Baijiu Market is estimated to be valued at US$ 116.31 billion in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends
Rapid industrialization in China and growing disposable income have increased the demand for baijiu over the years. Industrialization has significantly improved China’s economic condition which has augmented the purchasing power of consumers. Growing spending on luxury and premium goods including high-end baijiu varieties demonstrates rising affluence. Additionally, evolving tastes and preferences among young population have popularized new baijiu flavors experimented by distillers. These factors have accelerated the consumption of baijiu particularly in urban regions and driven the market growth.
SWOT Analysis
Strength: Baijiu has strong cultural significance in China and is considered part of Chinese culture and heritage. It is consumed widely during social and business gatherings.
Weakness: Baijiu has a strong scent and taste that some non-Chinese consumers may find unappealing. It also has a high alcohol content.
Opportunity: With increasing globalization, there is potential to increase export and introduce Baijiu to international customers. Younger populations that are open to new tastes also present an opportunity.
Threats: Stricter regulations around alcohol could pose challenges. Health consciousness and preferences for low-alcohol beverages also threaten demand.
Key Takeaways
The global Baijiu Market Size is expected to witness high growth. The global Baijiu Market is estimated to be valued at US$ 116.31 billion in 2024 and is expected to exhibit a CAGR of 11% over the forecast period 2024 to 2031.
The Asia Pacific region currently dominates the global Baijiu market due to high consumption in China. China accounts for over 90% of the global production and consumption of Baijiu.
Key players operating in the Baijiu market are Kweichow Moutai Group, Wuliangye, Yanghe Brewery, Daohuaxiang, Luzhou Laojiao, Langjiu Group, Shunxin Holdings, Fen Chiew Group, Baiyunbian Group, Huangtai Liquor, Shanzhuang Group, Hetao Group, Yingjia Group, and Kouzi Liquor. Key players are focusing on export markets and younger populations open to new flavors to capitalize on opportunities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
