Pisco Market Size to Hit $1,057.8 Million by 2027; Booming Popularity of the Acholado Variety among Youngsters Worldwide to Positively Impact Market Growth

The global pisco market size is projected to reach USD 1,057.8 million by 2027 on account of the rising consumption of Peruvian pisco and other alcoholic beverages in developed economies, finds Fortune Business Insights™ in its report, titled “Pisco Market Size, Share & COVID-19 Impact Analysis, By Origin (Peruvian and Chilean), Type (Puro, Acholado, and Others), and Regional Forecast, 2020 – 2027”. As per the report, the value of the market was at USD 670.5 million in 2019 and the market is expected to register a CAGR of 6.2% from 2020 to 2027.

The outbreak of the COVID-19 pandemic is anticipated to obstruct the pisco market growth due to the closure of bars and restaurants around the globe resulting from the implementation of lockdowns and social distancing measures. However, with bars gradually reopening in most countries, the market is expected to make a slow comeback in the next few months.

Japan Pisco Association Launched in Time for Pisco Sour Day

In February 2019, a group of Peruvian food and drink enthusiasts launched the Japan Pisco Association (JPA) just in time for Pisco Sour Day, which is celebrated on the first Saturday of February every year in Japan. The main intention behind the formation of this association is to establish the presence of the exotic drink across Japan and then accelerate its penetration in the Japanese cocktail industry. Additionally, the JPA also aims at coordinating with Peruvian restaurants and bars in Japan to create a pisco network of sorts. The pisco drink is generally unknown in Japan, with cocktail aficionados finding it nearly impossible to access the drink in Japanese bars.

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Increasing Efforts to Promote Pisco in Different Countries to Aid Growth

The novel and exotic taste offered by Peruvian and Chilean pisco has enabled the drink garner attention from alcohol connoisseurs around the globe. In order to further deepen the drink’s presence in different cultural settings, government agencies, especially from Peru, are aggressively promoting pisco. For example, in February 2020, the Peruvian Embassy in Thailand sponsored a slew of promotional Pisco Sour events across bars in the capital city of Bangkok to celebrate Pisco Sour Day in the country.

In Ireland, Pisco Sour Day was celebrated in Dublin through the organization of a presentation by the Peruvian Embassy in Ireland at Dublin’s historic pub, The Lombard. The attendants were, which included not only guests from the embassy but also locals, tourists, and people linked to the Convention Center Dublin, the International Financial Services Center, and Trinity College (Dublin). Such officially sponsored cultural events are playing an instrumental in augmenting the pisco market growth worldwide.

Key Players to Concentrate on Establishing Presence in Developed Economies

The market report presents the profiles of multiple key players that are energetically introducing their products and establishing their presence in the developed economies of North America and Europe. The rising popularity of traditional and exotic drinks in these regions is encouraging companies to diversify their portfolios and broaden their business horizons. Apart from this, major market players in the competitive landscape are taking steps to strengthen their distribution channels and making heavy investments in research and development activities.

Industry Development:

• August 2018: Catan Pisco announced their official entry into the US alcohol market with the release of the much-renowned drink in Chicago. The company aims to capture the interest of spirit enthusiasts in the Windy City and expand its operations across the US.

List of Key Players Covered in the Pisco Market Report:

• Compañia Cervecerias Unidas (Las Condes, Chile)
• Pisquera Tulahuen SpA (Monte Patria, Chile)
• La Diablada Pisco (Peru)
• Bauzá (Chile)
• Macchu Pisco (Peru)
• Pisco Portón (Ica, Peru)
• Catan Pisco (Chicago, United States)
• Pisco MalPaso (Coquimbo, Chile)
• Barton Solvent Inc. (Peru)
• Cooperativa Agricola Pisquera Elqui Ltda (Santiago, Chile)

Further Report Findings:

• South America is slated to dominate the pisco market share during the forecast period owing to the aggressive export promotion of the exotic drink by manufacturers in Chile and Peru. The region’s 2019 market size was USD 374.4 million.
• The Peruvian pisco segment is expected to grow at a steady pace on account of its spreading popularity in developed economies. In 2019, the segment’s share in Chile was 13.88%.

Table of Segmentation