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Luxury Wines and Spirits Market to Register $414.8 Billion by 2031: Allied Market Research

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Allied Market Research published a report, titled, “Luxury Wines and Spirits Market by Type (Wines and Spirits), and Distribution Channel (Wholesale, Retail, E-commerce, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2031″. According to the report, the global luxury wines and spirits industry generated $229.4 billion in 2021 and is anticipated to generate $414.8 billion by 2031, witnessing a CAGR of 6.2% from 2022 to 2031.

Request Sample Report: https://www.alliedmarketresearch.com/request-sample/1813

Prime determinants of growth

The growth in interest in premium and unique products, the rise in demand for organic and sustainable products, and the popularity of experiential marketing drive the growth of the global luxury wines and spirits market. However, high prices of products and availability of counterfeiting products restrict the market growth. On the other hand, innovation and new product development is providing lucrative opportunities for the market growth.

Report coverage & details:

Report Coverage

Details

Forecast Period

2022–2031

Base Year

2021

Market Size in 2021

$229.4 billion

Market Size in 2031

$414.8 billion

CAGR

6.2 %

No. of Pages in Report

362

Segments Covered

Type, Distribution Channel, and Region.

Drivers

The growth in interest in premium and unique products

Rise in demand for organic and sustainable product

The popularity of experiential marketing

Rise in disposable income and rapid urbanization

Opportunities

Growth in the popularity of cocktail drinks

Expansion of distribution networks

Innovation and new product development

Restraints

High prices of products

Availability of counterfeiting products

Covid-19 Scenario

  • The luxury wines and spirits industry had been negatively impacted by the COVID-19 pandemic, with sales declining and challenges in production and distribution.
  • The pandemic caused disruptions to the global supply chain, resulting in delays in shipments and difficulties in sourcing raw materials. This impacted the production and distribution of luxury wines and spirits.

The wine/champagne segment to maintain its leadership status throughout the forecast period

Based on type, the wine/champagne segment held the highest market share in 2021, accounting for nearly three-fifths of the global luxury wines and spirits market revenue, and is estimated to maintain its leadership status throughout the forecast period. Consumers who have an inclination toward fine quality products rather than price drive the market growth. However, the spirits segment is projected to manifest the highest CAGR of 6.7% from 2022 to 2031, as the luxury spirits market currently offers alcoholic drinks such as vodka, gin, rum, and brandy that have more alcohol by volume (ABV) than other alcoholic beverages.

Buy This Report (250 Pages PDF with Insights, Charts, Tables, and Figures) @ https://bit.ly/3H1w9m4

The retail segment to maintain its leadership status throughout the forecast period

Based on distribution channel, the retail segment held the highest market share in 2021, accounting for more than two-fifths of the global luxury wines and spirits market revenue, and is estimated to maintain its leadership status throughout the forecast period, though the number of wholesalers is on a rapid increase, there is a large consumer base that still prefers to buy wines and spirits from retail shops, as they believe that it saves money and time. Affluent customers are the ones who often buy luxury wines and spirits through retail shops. However, the others segment is projected to manifest the highest CAGR of 7.7% from 2022 to 2031. Discounted shops are one of the most preferred platforms by consumers for buying luxury wines & spirits. Consumers prefer these stores as they get the latest products at discounted prices.

Europe to maintain its dominance by 2031

Based on region, Europe held the highest market share in terms of revenue in 2021, accounting for around two-fifths of the global luxury wines and spirits market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to changing lifestyle and a considerable rise in disposable income in Europe. However, the LAMEA region is expected to witness the fastest CAGR of 8.5% from 2022 to 2031. Factors such as rapid urbanization and a rise in disposable income in is expected to increase the demand for the luxury wines and spirits market in this region.

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Leading Market Players: –

  • DIAGEO PLC.
  • PERNOD RICARD
  • BACARDI LIMITED
  • BROWN-FORMAN CORPORATION
  • THAI BEVERAGE PUBILC COMPANY LIMITED
  • DAVIDE CAMPARI-MILANO N.V.
  • HITEJINRO CO., LTD.
  • SUNTORY HOLDINGS LIMITED
  • LVMH
  • BAYADERA GROUP

The report provides a detailed analysis of these key players of the global luxury wines and spirits market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Artificial Intelligence

JupiterOne and watchTowr announce partnership to protect business critical assets with broad exposure management capabilities

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SINGAPORE, May 2, 2024 /PRNewswire/ — watchTowr, a leader in external attack surface management (EASM) technology and fuelled by watchTowr Labs, a renowned vulnerability R&D capability, has formed a strategic partnership with JupiterOne. JupiterOne is a leader in cyber asset attack surface management (CAASM) technology. This collaboration enables customers to rapidly prioritize emerging threats within their constantly changing environments, focusing on fixing the most critical risks impacting their business, which enables an end-to-end continuous threat exposure management process (CTEM).

Over 28,000 CVE records were published in 2023; a figure that is expected to increase as attackers shorten the time from known vulnerability to exploit, reducing it from weeks to days. JupiterOne and watchTowr’s integrated solution empowers enterprises to discover their most critical and exploitable vulnerabilities, prioritize them with asset context based on business impact and receive an actionable remediation plan to improve security posture.
This partnership enables a complete continuous threat exposure management program, addressing the full spectrum of cyber risk management. The fully integrated solution provides continuous monitoring and assessment of both internal and external digital assets, allowing for prioritization and effective threat mitigation for a business’s most critical assets. “Our partnership with watchTowr is a game-changer” said Forte. “Combining our data aggregation with real-time asset discovery and automated security testing allows us to offer a unique, all-encompassing approach to exposure management.”
Benjamin Harris, CEO, watchTowr, said, “While the number of reported vulnerabilities continues to rise, the vulnerabilities that matter – in mission-critical, key systems – have exploded at an alarming rate. This reality, combined with the significant shift in speed by attackers to weaponize vulnerabilities – the ability to validate exploitability and prioritise actions based on real business risk has never been more vital. We’re excited to join forces with JupiterOne to give security teams around the globe this much-needed end-to-end capability.”
About JupiterOne:
JupiterOne is a cybersecurity startup delivering powerful software solutions to companies across all industries, providing deep insights to cyber assets and the relationships between, empowering security professionals to have true knowledge and ownership of their attack surfaces.
About watchTowr: 
watchTowr is a global cybersecurity technology company, built by former adversaries.
watchTowr’s world-class External Attack Surface Management and Continuous Automated Red Teaming technology is informed by years of experience compromising some of the world’s most targeted organisations and utilised by Fortune 500, financial services and critical infrastructure providers every day.
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Artificial Intelligence

Clarivate Declares Dividend on Mandatory Convertible Preferred Shares

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LONDON, May 1, 2024 /PRNewswire/ — Clarivate Plc (NYSE: CLVT; CLVT PR A) (“Clarivate”), a leading global provider of transformative intelligence, today announced that its board of directors declared a quarterly dividend of $1.3125 per share on its 5.25% Series A Mandatory Convertible Preferred Shares (the “Preferred Shares”), payable in cash on June 3, 2024 to shareholders of record at the close of business on May 15, 2024.

On the mandatory conversion date, which is scheduled to occur on June 3, 2024, each Preferred Share will automatically and mandatorily convert into a number of ordinary shares of Clarivate (and cash in lieu of any fractional ordinary shares) based on the average volume weighted average price (“VWAP”) of Clarivate’s ordinary shares over a 30-trading day period that begins on, and includes, April 18, 2024 and is scheduled to end on, and include, May 30, 2024 (the “valuation period”). If such VWAP is (i) greater than $31.20, then the mandatory conversion rate will be 3.2052 ordinary shares of Clarivate per Preferred Share, (ii) less than or equal to $31.20 but equal to or greater than $26.00, then the mandatory conversion rate will be a number of ordinary shares of Clarivate per Preferred Share equal to $100.00 divided by such VWAP and (iii) less than $26.00, then the mandatory conversion rate will be 3.8462 ordinary shares of Clarivate per Preferred Share. The mandatory conversion rate will be announced following the end of the valuation period. The above description of the terms of the Preferred Shares is not complete and is subject to, and qualified in its entirety by reference to, the “Statement of Rights” for the Preferred Shares, which is filed as Exhibit 3.2 to Clarivate’s annual report on Form 10-K for the fiscal year ended December 31, 2023.
Cautionary Note Regarding Forward-Looking Statements
This communication contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management’s current views concerning future business, events, trends, contingencies, financial performance, or financial condition, appear at various places in this communication and may use words like “aim,” “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “goal,” “intend,” “likely,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “see,” “seek,” “should,” “strategy,” “strive,” “target,” “will,” and “would” and similar expressions, and variations or negatives of these words. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on management’s current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. These forward-looking statements involve a number of risks and uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include those factors discussed under the caption “Risk Factors” in our annual report on Form 10-K, along with our other filings with the U.S. Securities and Exchange Commission (“SEC”). However, those factors should not be considered to be a complete statement of all potential risks and uncertainties. Additional risks and uncertainties not known to us or that we currently deem immaterial may also adversely affect our business operations. Forward-looking statements are based only on information currently available to our management and speak only as of the date of this communication. We do not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, except as otherwise required by securities and other applicable laws. Please consult our public filings with the SEC or on our website at www.clarivate.com.
About Clarivate
Clarivate™ is a leading global provider of transformative intelligence. We offer enriched data, insights & analytics, workflow solutions and expert services in the areas of Academia & Government, Intellectual Property and Life Sciences & Healthcare. For more information, please visit www.clarivate.com.
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Artificial Intelligence

CGTN: 3rd CMG Forum in Beijing discusses AI development

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BEIJING, May 1, 2024 /PRNewswire/ — Focusing on the development of AI, the third CMG Forum was held on Monday in Beijing.

Li Shulei, a member of the Political Bureau of the Communist Party of China (CPC) Central Committee and the head of the Publicity Department of the CPC Central Committee, attended the opening of the event and delivered a speech.
Guests at the forum stressed the role of media in promoting the innovative application of AI as well as its governance.
Efforts should also be made to boost the development of AI in creating positive, healthy, diverse and high-quality content, so that AI can become a force for good and benefit mankind, they agreed.
They also called on media to accelerate intelligent transformation and help bridge international exchanges and cooperation on the governance of AI to facilitate its healthy, orderly and safe development.
Hosted by China Media Group (CMG), the forum attracted more than 200 participants from international organizations, media, think tanks and multinational companies.
“Innovation and breakthroughs in science and technology not only guide the development and progress of human civilization, but also bring uncertainty to the changing world,” said Shen Haixiong, vice minister of the Publicity Department of the CPC Central Committee and president of CMG. He called for efforts to jointly create valuable and responsible artificial intelligence.
AI technology is affecting every aspect of our lives. Thomas Bach, president of the International Olympic Committee (IOC), stated in a video speech that CMG has always been a partner of the IOC, bringing the charm of the Olympic Games to hundreds of millions of Chinese viewers. He said the IOC invites CMG to work together for the creation of a future with the application of AI in Olympic sports.
“From ancient inventions such as silk, printing and the compass to modern technological advances such as robotics, telecommunications and green technology, China has always been committed to innovation and creation,” said Daren Tang, director general of the World Intellectual Property Organization (WIPO). He said WIPO pays close attention to ensuring a balance between the opportunities and risks of artificial intelligence and is committed to strengthening cooperation to ensure that artificial intelligence is properly used.
https://news.cgtn.com/news/2024-04-30/3rd-CMG-Forum-in-Beijing-discusses-AI-development-1tdDcXvCexG/p.html

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