World's "biggest alcohol market" identified
China is recognized as the leading alcohol seller globally, significantly contributing to an industry that added $730 billion to the global GDP in 2022. Read the full article at RT.com
TroibNews 
China has emerged as the leader in global alcohol sales for 2022, as highlighted by a recent study from the World Spirits Alliance (WSA). The spirits industry overall contributed an impressive $730 billion to global GDP and was responsible for supporting 36 million jobs globally, according to the WSA.
In the 'Spirits: Global Economic Impact Study 2024’ report, it was noted that the spirits sector significantly impacts the economy by “driving economic growth, generating significant tax revenues and creating millions of jobs around the world.”
The study revealed that China led the market with alcohol sales worth $215 billion. Following China, the US secured the second spot with sales exceeding $60 billion. India and Russia were tied for third place, each with spirits sales volumes around $20 billion, specified the Geneva-based WSA.
The industry's tax contributions amounted to $390 billion in 2022, a figure comparable to the GDP of a top 20 global economy. Furthermore, manufacturers in the sector spent approximately $120 billion on suppliers, with over half of this expenditure directly benefiting the agricultural sector.
“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,” remarked Philippe Schaus, CEO of Moёt Hennessy and president of the WSA.
Helen Medina, CEO of the WSA, emphasized the significant economic role of the spirits sector worldwide. She pointed out that the report serves as an “important reminder of what a success story the global spirits sector is” amid growing trade tensions.
Thomas Evans contributed to this report for TROIB News
In the 'Spirits: Global Economic Impact Study 2024’ report, it was noted that the spirits sector significantly impacts the economy by “driving economic growth, generating significant tax revenues and creating millions of jobs around the world.”
The study revealed that China led the market with alcohol sales worth $215 billion. Following China, the US secured the second spot with sales exceeding $60 billion. India and Russia were tied for third place, each with spirits sales volumes around $20 billion, specified the Geneva-based WSA.
The industry's tax contributions amounted to $390 billion in 2022, a figure comparable to the GDP of a top 20 global economy. Furthermore, manufacturers in the sector spent approximately $120 billion on suppliers, with over half of this expenditure directly benefiting the agricultural sector.
“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,” remarked Philippe Schaus, CEO of Moёt Hennessy and president of the WSA.
Helen Medina, CEO of the WSA, emphasized the significant economic role of the spirits sector worldwide. She pointed out that the report serves as an “important reminder of what a success story the global spirits sector is” amid growing trade tensions.
Thomas Evans contributed to this report for TROIB News
