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31 May 2023
2022 IWSR data and 15 observations for investors
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2022 IWSR data and 15 observations for investors
Pernod Ricard (RI:EPA), 0 | Pernod Ricard SA (RI:PAR), 0 | Remy Cointreau (RCO:EPA), 0 | Remy Cointreau SA (RCO:PAR), 0 | Diageo plc (DGE:LON), 2,836 | Davide Campari-Milano (CPR:BIT), 0 | Davide Campari-Milano N.V. (CPR:MIL), 0
- Published:
31 May 2023 -
Author:
Stent Jeff JS | Cross Gen GC | Ford Matthew MF -
Pages:
33
2022 IWSR data and 15 observations for investors
IWSR (International Wine and Spirits Research), which describes itself as the global benchmark for beverage alcohol data, released its 2022 estimates last week (25th May). Having combed through the data, we draw-out 15 observations that we believe are likely to be of most interest to investors.
Observation 1: Both Western Style Spirits and Beer gained share of throat in 2022
Combining the new IWSR data with preliminary Beer estimates per GlobalData, we update our servings basis Share of Throat (SoT) analysis. We find that both Western-Style Spirits (WSS) and Beer gained SoT in 2022.
Observation 2: Things can change quickly in US Spirits
We observe that 3 of the top 10 2022 spirits brands (by retail sales) in the US (Tito''s, Fireball and Casamigos) had a combined value share of 1% a decade earlier. Things can change quickly in US spirits.
Observation 3: Cumulative pandemic US Cognac pricing has been exceptionally strong
Splitting out cumulative volume growth, mix and pure pricing by spirits sub-category between 2019-22, we find that estimated US Cognac industry pricing at c.+21% has been greater than any other spirits sub-category.
Observation 4: Remy Cointreau US Cognac sell-out volumes declined -28% in 2022
IWSR estimates point to a -28% decline in Remy Cointreau''s US Cognac volumes in 2022, driven by -36% in VSOP. Despite this, Remy Cointreau''s CY22 US Cognac volumes were +3.9% ahead of pre-pandemic (2019) and retail sales +27.8% ahead.
Observation 4: UK Gin volumes declined -12% in 2022
Following a -7.3% volume decline in 2021, UK gin volumes (ex. duty free) declined a further -12.0% in 2022 with the drop in Premium+ price tiers (-16.4%) outpacing the lower end.