WORLD – The spirits industry made a substantial impact on the global economy in 2022, contributing US$370 billion and supporting 36 million jobs worldwide, according to a new study by the World Spirits Alliance (WSA).
The WSA Global Economic Impact Study, conducted by Oxford Economics and the IWSR, highlighted the sector’s pivotal role in driving economic growth, generating significant tax revenues, and creating millions of jobs globally.
In 2022, the spirits industry generated US$390 billion in tax revenue, equivalent to the economic output of a top 20 global economy.
Additionally, manufacturers in the sector spent approximately US$120 billion with their suppliers, with more than half of this amount directly supporting agriculture.
At the launch of the report, Philippe Schaus, CEO of Moёt Hennessy and President of the WSA, emphasized the industry’s critical contributions.
“Our Global Economic Impact Study shows clearly the spirits industry’s indispensable contribution to the world economy. From employment to tax revenue, and from fostering innovation to supporting sustainable practices, our industry plays a crucial role.
Notably, more than half of the spirits sold globally are now at the premium level or above, proof that our consumers are embracing the ‘drink less, but better’ philosophy,” Schaus stated.
Helen Medina, the newly appointed CEO of the WSA, added: “At a time of rising trade tensions, this report provides an important reminder of what a success story the global spirits sector is. I am excited and committed to navigate these opportunities and challenges together with my members.
The figures featured in our landmark study underscore our significant economic role and the need for continued collaboration to maintain stability and progress. Prioritizing responsible drinking, production, and marketing practices remains at the forefront of our efforts to ensure the long-term success and positive impact of the spirits industry.”
According to Mordor Intelligence, the spirits market size is estimated to be US$619.54 billion in 2024 and is expected to reach US$825.57 billion by 2029, growing at a CAGR of 5.91 percent during the forecast period (2024-2029).
The high growth rate is attributed to increasing demand for premium alcoholic beverages driven by rising consumer spending power. Other significant factors include the expanding consumer base, especially among the youth, enhanced distribution networks by alcohol manufacturers, and the adoption of Western culture in developing countries.
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