Pisco Market Trends Short-term Impact of COVID-19?
The increasing consumption of fermented drinks is expected to contribute towards the global Pisco market. Fortune Business Insights has recently announced a report, called” Pisco Market Size, Share and Global Trend by Origin Type (Peruvian Pisco, Chilean Pisco), Type (Puro, Aromaticas, Acholado, Mosto verde) and Geography Forecast till 2026.” The report classifies the global market in various segments.
Moreover, the U.S. and Chile are the two leading nations in Peruvian Pisco consumption. The consumption in these nations is likely to increase in response to the rising popularity of Peruvian Pisco. Chilean Pisco segment is anticipated to witness impressive growth. The drink is very popular in the origin land also the consumption of the drink in very high in the home land. Moreover, the spirit holds a strong potential for exports. Such factors are expected to contribute towards the market expansion.
Increasing Tourism Activities to Propel Growth in Global Market
The Pisco market in Asia Pacific is likely to expand at a promising CAGR. The increasing tourism trend in asian nations such as Thailand, India, and Others is likely to contribute towards the market growth. Additionally, the increasing consumption of Pisco in cocktail drinks, bars, and restaurant is expected to increase the demand for Pisco.
The U.S. and Europe are highly involved in exports of Pisco. The consumption of Pisco is also increasing in Peru, owing to increasing tourism in the nation. This is expected to drive the global Pisco market over the forecast period.
The boost in the hospitality sector and increasing growth in the tourism and travel sector are a few factors expected to drive the global Pisco market. Furthermore, the government of Peru is initiating a project to build a Pisco-based tourism spot in the country. The global Pisco market is anticipated to have major gains from the tourism spot and in response the demand for Pisco would increase.
Lack of availably of Pisco in certain areas is a factor that may restrain the global market. Besides this, low awareness about Pisco is a factor expected to hamper the growth over the forecast period.
Japan Association to Enable Growth in Market
In 2019 the Japan Pisco Association was established. The association is established to promote and raise awareness about the drink in the nation by adopting innovative strategies. This is expected to increase the growth in the global market.
The global Pisco market is expanding at a promising CAGR. Key players in the market are focusing on product development to gain higher share in the market. Some players are also involved in mergers and acquisitions. Some of the key companies operating in the global Pisco market are Pisco Portón, Macchu Pisco, Barton Solvents, Inc., and La Diablada Pisco.
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