Published: July 17, 2024 2:26 pm
Author: RT
China has topped the World Spirits Alliance’s rating with sales worth $215 billion
China led the way in global alcohol sales in 2022, a new study by the World Spirits Alliance (WSA) has found. Overall, the spirits industry contributed $730 billion to global GDP and supported 36 million jobs worldwide, the WSA said.
In its ‘Spirits: Global Economic Impact Study 2024’ report, the WSA said the spirits sector plays a key role in “driving economic growth, generating significant tax revenues and creating millions of jobs around the world.”
China topped the rating with a market worth $215 billion, according to the report, which ranks countries by alcohol sales volumes. The US was next on the list with more than $60 billion. India and Russia shared third place in terms of spirits sales volumes with around $20 billion each, the Geneva-based WSA said.
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The industry generated $390 billion in tax revenue in 2022, the equivalent of a top 20 global economy. Manufacturers in the sector spent some $120 billion with their suppliers, more than half of which went directly to supporting agriculture.
“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,” Philippe Schaus, CEO of Moёt Hennessy and president of the WSA noted.
Helen Medina, CEO of the WSA, stressed the significant economic impact the spirits sector has worldwide, adding that the report provides an “important reminder of what a success story the global spirits sector is” at a time of rising trade tensions.
