Market Introduction:
Pisco is a traditional drink of Latin America which is yellowish or can say colourless brandy specifically produced by distilling fermented grape juice into a high-proof spirit. Pisco is highly produced in the region of Chile and Peru as an alternative to orujo, a pomace brandy that was being imported from Spain since the 16th century. This practice of producing Pisco domestically in abundant quantity has reduced the volume of alcoholic beverages imported to this region. Ever since the production of pisco started, different variety of grapes were used in order to give the beverage too many different flavors so as the beverage is exported internationally as the market would not accept the wide variety under the same name. For the same reason, the Chilean and the Peruvian governments set standards as to what kind of grapes should be used to make the beverage that could be labelled as a pisco.
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Market Segmentation:
Pisco market is segmented on the basis of source, distribution channel, type and region. On the basis of source, the market is segmented into Peruvian pisco and Chilean pisco. Peruvian pisco is exported in a great quantity throughout the world and is expected to hold a relatively high-value share in the Pisco market. On the basis of distribution channel the market is segmented into supermarket/hypermarket, specialty stores and online stores. Online stores have also contributed significantly to the growth of Pisco market over the forecast period. On the basis of type, the market is segmented on the basis of puro, aromáticas, mosto verde and acholado. Among all these segment puro segment is expected to grow enormously in the coming future, followed by acholado segment.
Market Regional Outlook:
A regional segment for the market of Pisco is divided into five different regions: North America, Latin America, Europe, Asia Pacific and MEA. Among these segment, Latin America is expected to have the major market share globally, as it is one of the largest producer and consumer of Pisco. In Asia Pacific region the countries like China and Australia are generating the major revenue. In terms of revenue, Europe is also among the prominent contributor in the Pisco market, as the consumption of alcoholic beverage is quite high in this region.
Market Drivers:
According to the recent past activities in various regions in the world, it can be 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.
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Moreover, 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.
Some of the key players in Pisco market are Pisco Portón, LLC, Barton Solvents, Inc., La Diablada Pisco, and Machu Pisco among others.
