The consumption of spirits in terms of retail sales value in the Philippines is expected to grow moderately from 2021 to 2025 at a compounded annual growth rate (CAGR) of 5.2 percent, according to IWSR Drinks Market Analysis Ltd. (IWSR).
The study noted imported spirits are expected to outpace the growth of the overall consumption of spirits at a CAGR of 14.9 percent in the same period versus the local spirits segment is forecasted to grow at a CAGR of only 1.3 percent.
IWSR sees imported spirits holding around 35 percent market share in terms of retail sales value by 2025 — a segment anticipated to be valued just under P50 billion by the same year.
The report said consumption of spirits in the Philippines continued increase in 2020 amid the global pandemic from P91.70 billion in 2017 to P114.10 billion in 2019, and P116.30 billion in 2020 in terms of retail sales value.
The growth in consumption of spirits by 1.9 percent in 2020 countered the decrease in the consumption of the wider beverage alcohol market posting a 6.3 percent decline in terms of retail sales value, IWSR said.
