The IWSR Report on theGlobal Retail Value of Spirits

An analysis of the global

spirits market by value

Published by the IWSR

Quality SegmentsThese are based on The IWSR’s categorisation, which is based on the positioning of certain key brands in different markets. This, therefore, takes into account the very different levels in taxation across the world, by allocating each brand to the same category, except in the few cases where the same brand sells at very different price levels.Approximate Equivalent Price Bracket for Each Quality Segment

EURO US$ in the USAPrestige Over 150.00 200.00Ultra-premium 50-149-99 75-199.99Super-premium 30-40.99 35-74.99Premium 20-29.99 20-35.99Standard 10-19.99 10-19.99Value 3-9.99 4-9.99Low-price Under 2.99 Under 3.99

Definitions“On-premise” means all sales in bars, clubs, restaurants, hotels and institutions. It is roughly the same as horeca.

“Off-premise” means all sales in hypermarkets, supermarkets, discounters and stores, and direct sales to the public – i.e. roughly the same as retail.

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Disclaimer:

While at all times the IWSR tries to ensure that the information presented in the database and reports is as accurate as possible, the IWSR assumes no responsibility for any inaccurate information or decisions based on such information.

Copyright:

Please note that all information is copyrighted and while it may be used freely within the terms of any subscription, it may not be disseminated to any third party at any time in any form, except with prior written agreement from the IWSR. When using the information, ‘The IWSR’ should always be quoted as the source, unless an alternative source is attributed by the IWSR.

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Regional Definitions

Region

Asia-PacificCIS (Commonwealth of

Independent States)Burma Armenia

Cambodia Azerbaijan

China Belarus

Hong Kong Georgia

India Kazakhstan

Indonesia Kyrgyzstan

Japan Moldova

Laos Russia

Malaysia Tajikistan

Philippines Turkmenistan

Singapore Ukraine

South Korea Uzbekistan

Sri Lanka

Taiwan

Thailand

Vietnam

Australia

New Zealand

Region

Europe Europe (Continued)Albania Kosovo

Austria Latvia

Belgium and Luxembourg Lithuania

Bosnia and Herzegovina Macedonia

Bulgaria Malta

Canary Islands Montenegro

Croatia Netherlands

Cyprus Norway

Czech Republic Poland

Denmark Portugal

Estonia Romania

Finland Serbia

France Slovakia

Germany Slovenia

Greece Spain

Hungary Sweden

Iceland Switzerland

Ireland Turkey

Italy United Kingdom

Region

North America & Caribbean South & Central AmericaCanada Argentina

United States Belize

Bolivia

Antigua and Barbuda Brazil

Aruba Chile

Bahamas Colombia

Barbados Costa Rica

Bermuda Ecuador

British Virgin Islands El Salvador

Cayman Islands French Guiana

Cuba Guatemala

Curacao Guyana

Dominican Republic Honduras

Grenada Mexico

Guadeloupe Nicaragua

Haiti Panama

Jamaica Paraguay

Martinique Peru

Puerto Rico Suriname

St. Kitts Uruguay

St. Lucia Venezuela

St. Martin and St. Maarten

St. Vincent

Trinidad and Tobago

US Virgin Islands

Puerto Rico

Regional Definitions

ContentsDisclaimer: ............................................................................................................................................... iiCopyright: ................................................................................................................................................ iiQuality Segments ...................................................................................................................................... ii

Regional Definitions ...............................................................................................iii

Introduction ........................................................................................................... 1Benefits From This Report ..........................................................................................................................1

Global Overview ..................................................................................................... 2Management Summary ..............................................................................................................................2World – Summary .....................................................................................................................................3Overall Volume and Value Trends - 2001 to 2009 .........................................................................................4Value Report Global Summary Regional Structure By Quality Segment ..........................................................4

Global Overview - Category Analysis ..................................................................... 5Top 15 Categories by Volume - Million 9 Litre Cases .....................................................................................5Top 15 Categories by Value - Million Euros ..................................................................................................5Share by Category - Volume Trend - 2001 to 2009 .......................................................................................6Share by Category - Value Trend - 2001 to 2009 ..........................................................................................6Comparative Share of volume and value .....................................................................................................7All Categories - Average Euros per Case ......................................................................................................7All Categories by Volume - Million 9 Litre Cases ...........................................................................................8All Categories by Value - Million Euros .........................................................................................................8Fastest Growth Categories - 2008 to 2009 ...................................................................................................9Fastest Declining Categories - 2008 to 2009 ................................................................................................9

Global Overview - Quality Analysis ...................................................................... 10Sales by Quality - Volume - Million 9 Litre Cases ........................................................................................ 10Sales by Quality - Value - Million Euros...................................................................................................... 10Sales by Quality - Average Price Per Case .................................................................................................. 10Share by Quality - Volume Trend - 2001 to 2009 ........................................................................................ 11Share by Quality - Value Trend - 2001 to 2009 .......................................................................................... 11

Global Overview - Company Analysis ................................................................... 12Top 40 Companies by Average Euros per Case .......................................................................................... 12Top 20 Companies by Volume - Million 9 Litre Cases .................................................................................. 13Top 20 Companies by Value - Million Euros ................................................................................................ 13Top 20 Companies by Average Euros per Case .......................................................................................... 13Comparative Share of volume and value ................................................................................................... 14Comparative Share of volume and value (Excludes the ‘Low-Price’ segment) ............................................... 14

Global Overview - Company Analysis ................................................................... 15Share by Company - Volume Trend - 2001 to 2009 .................................................................................... 15Share by Company - Value Trend - 2001 to 2009 ....................................................................................... 15

Global Overview - Company Analysis ................................................................... 16Share by Company - Volume Trend - 2001 to 2009 (Excludes Low-Price) ..................................................... 16Share by Company - Value Trend - 2001 to 2009 (Excludes Low-Price) ........................................................ 16Fastest Growth Companies - 2008 to 2009 ................................................................................................ 17Fastest Declining Companies - 2008 to 2009 ............................................................................................. 17

Global Overview - Brand Analysis ........................................................................ 18Top 20 Brands by Volume - Million 9 Litre Cases ........................................................................................ 18Top 20 Brands by Value - Million Euros ...................................................................................................... 18Top 20 Brands by Average Euros per Case................................................................................................. 18Comparative Share of volume and value ................................................................................................... 19Comparative Share of volume and value (Excludes Low-Price) .................................................................... 19Share by Brand - Volume Trend - 2001 to 2009 ......................................................................................... 20Share by Brand - Value Trend - 2001 to 2009 ............................................................................................ 20Share by Brand - Volume Trend - 2001 to 2009 (Excludes Low-Price) .......................................................... 21Share by Brand - Value Trend - 2001 to 2009 (Excludes Low-Price) ............................................................. 21Fastest Growth Brands - 2008 to 2009 ...................................................................................................... 22Fastest Declining Brands - 2008 to 2009 ................................................................................................... 22

Global Overview - Country Analysis ..................................................................... 23Top 20 Countries by Volume - Million 9 Litre Cases .................................................................................... 23Top 20 Countries by Value - Million Euros .................................................................................................. 23Comparative Share of volume and value ................................................................................................... 24Share by Country - Volume Trend - 2001 to 2009 ...................................................................................... 25Share by Country - Value Trend - 2001 to 2009 ......................................................................................... 25Fastest Growth Countries - 2008 to 2009 .................................................................................................. 26Fastest Declining Countries - 2008 to 2009 ................................................................................................ 26

Global Overview - Consumer Expenditure ........................................................... 27Calculation of Actual Consumer Expenditure – a Hypothesis ....................................................................... 27Value First Calculations of Actual Consumer Expenditure Million Euro (Rounded) 2009.................................. 28Value Report Global Summary Regional Variations .................................................................................... 29

Asia-Pacific Overview ........................................................................................... 30Overall Volume and Value Trends - 2001 to 2009 ....................................................................................... 30

Asia-Pacific Overview - Category Analysis ........................................................... 31Top 15 Categories by Volume - Million 9 Litre Cases ................................................................................... 31Top 15 Categories by Value - Million Euros ................................................................................................ 31Share by Category - Volume Trend - 2001 to 2009 ..................................................................................... 32Share by Category - Value Trend - 2001 to 2009 ........................................................................................ 32Comparative Share of volume and value ................................................................................................... 33All Categories by Value - Average Euros per Case ...................................................................................... 33All Categories by Volume - Million 9 Litre Cases ......................................................................................... 34All Categories by Value - Million Euros ....................................................................................................... 34Fastest Growth Categories - 2008 to 2009 ................................................................................................. 35Fastest Declining Categories - 2008 to 2009 .............................................................................................. 35

Asia-Pacific Overview - Quality Analysis .............................................................. 36Sales by Quality - Volume - Million 9 Litre Cases ........................................................................................ 36Sales by Quality - Value - Million Euros...................................................................................................... 36Sales by Quality - Average Euros per Case ................................................................................................ 36Share by Quality - Volume Trend - 2001 to 2009 ........................................................................................ 37Share by Quality - Value Trend - 2001 to 2009 .......................................................................................... 37

Asia-Pacific Overview - Company Analysis .......................................................... 38Comparative Share of volume and value ................................................................................................... 38Comparative Share of volume and value (Excludes ‘Low-Price’ Segment) ..................................................... 38Top 20 Companies by Volume - Million 9 Litre Cases .................................................................................. 39Top 20 Companies by Value - Million Euros ................................................................................................ 39Top 20 Companies by Value - Avearge Euros per Case ............................................................................... 39Top 40 Companies by Volume - Average Euros per Case ............................................................................. 40Share by Company - Volume Trend - 2001 to 2009 .................................................................................... 41Share by Company - Value Trend - 2001 to 2009 ....................................................................................... 41Share by Company - Volume Trend - 2001 to 2009 (Excludes ‘Low-Price’ Segment) ...................................... 42Share by Company - Value Trend - 2001 to 2009 (Excludes ‘Low-Price’ Segment) ........................................ 42Fastest Growth Companies - 2008 to 2009 ................................................................................................ 43Fastest Declining Companies - 2008 to 2009 ............................................................................................. 43

Asia-Pacific Overview - Brand Analysis ................................................................ 44Top 20 Brands by Volume - Million 9 Litre Cases ........................................................................................ 44Top 20 Brands by Value - Million Euros ...................................................................................................... 44Top 20 Brands by Value - Average Euros per Case ..................................................................................... 44Comparative Share of volume and value ................................................................................................... 45Comparative Share of volume and value (Excludes ‘Low-Price’ Segment) ..................................................... 45Share by Brand - Volume Trend - 2001 to 2009 ......................................................................................... 46Share by Brand - Value Trend - 2001 to 2009 ............................................................................................ 46Share by Brand - Volume Trend - 2001 to 2009 (Excludes ‘Low-Price’ Segment) ........................................... 47Share by Brand - Value Trend - 2001 to 2009 (Excludes ‘Low-Price’ Segment) .............................................. 47Fastest Growth Brands - 2008 to 2009 ...................................................................................................... 48Fastest Declining Brands - 2008 to 2009 ................................................................................................... 48

Asia-Pacific Overview - Country Analysis ............................................................. 49Top 20 Countries by Volume - Million 9 Litre Cases .................................................................................... 49Top 20 Countries by Value - Million Euros .................................................................................................. 49Comparative Share of volume and value ................................................................................................... 50Top 10 Countries ..................................................................................................................................... 50Share by Country - Volume Trend - 2001 to 2009 ...................................................................................... 51Share by Country - Value Trend - 2001 to 2009 ......................................................................................... 51Fastest Growth Countries - 2008 to 2009 .................................................................................................. 52Fastest Declining Countries - 2008 to 2009 ................................................................................................ 52

Europe Overview .................................................................................................. 53Overall Volume and Value Trends - 2001 to 2009 ....................................................................................... 53

Europe Overview - Category Analysis .................................................................. 54Top 15 Categories by Volume - Million 9 Litre Cases ................................................................................... 54Top 15 Categories by Value - Million Euros ................................................................................................ 54Share by Category - Volume Trend - 2001 to 2009 ..................................................................................... 55Share by Category - Value Trend - 2001 to 2009 ........................................................................................ 55Comparative Share of volume and value ................................................................................................... 56All Categories by Value - Average Euros per Case ...................................................................................... 56All Categories by Volume - Million 9 Litre Cases ......................................................................................... 57All Categories by Value - Million Euros ....................................................................................................... 57Fastest Growth Categories - 2008 to 2009 ................................................................................................. 58Fastest Declining Categories - 2008 to 2009 .............................................................................................. 58

Europe Overview - Quality Analysis ..................................................................... 59Sales by Quality - Volume - Millions 9 Litre Cases ....................................................................................... 59Sales by Quality - Value - Millions Euros .................................................................................................... 59Sales by Quality - Average Euros per Case ................................................................................................ 59Share by Quality - Volume Trend - 2001 to 2009 ........................................................................................ 60Share by Quality - Value Trend - 2001 to 2009 .......................................................................................... 60

Europe Overview - Company Analysis .................................................................. 61Top 20 Companies - Average Euros per Case ............................................................................................. 61Top 20 Companies by Volume - Million 9 Litre Cases .................................................................................. 62Top 20 Companies by Value - Million Euros ................................................................................................ 62Top 20 Companies by Average Euros per Case ........................................................................................... 62Comparative Share of volume and value ................................................................................................... 63Comparative Share of volume and value (Excludes ‘Low-Price’ Segment) ..................................................... 63Share by Company - Volume Trend - 2001 to 2009 .................................................................................... 64Share by Company - Value Trend - 2001 to 2009 ....................................................................................... 64Share by Company - Volume Trend - 2001 to 2009 (Excludes ‘Low-Price’ Segment) ...................................... 65Share by Company - Value Trend - 2001 to 2009 (Excludes ‘Low-Price’ Segment) ........................................ 65Fastest Growth Companies - 2008 to 2009 ................................................................................................ 66Fastest Declining Companies - 2008 to 2009 ............................................................................................. 66

Europe Overview - Brand Analysis ....................................................................... 67Top 20 Brands by Volume - Million 9 Litre Cases ........................................................................................ 67Top 20 Brands by Value - Million Euros ...................................................................................................... 67Top 20 Brands Average Euros per Case ..................................................................................................... 67Comparative Share of volume and value ................................................................................................... 68Comparative Share of volume and value (Excludes ‘Low-Price’ Segment) ..................................................... 68Share by Brand - Volume Trend - 2001 to 2009 ......................................................................................... 69Share by Brand - Value Trend - 2001 to 2009 ............................................................................................ 69Share by Brand - Volume Trend - 2001 to 2009 (Excludes ‘Low-Price’ Segment) ........................................... 70Share by Brand - Value Trend - 2001 to 2009 (Excludes ‘Low-Price’ Segment) .............................................. 70Fastest Growth Brands - 2008 to 2009 ...................................................................................................... 71Fastest Declining Brands - 2008 to 2009 ................................................................................................... 71

Europe Overview - Country Analysis .................................................................... 72Top 20 Countries by Volume - Million 9 Litre Cases .................................................................................... 72Top 20 Countries by Value - Million Euros .................................................................................................. 72Comparative Share of volume and value ................................................................................................... 73Share by Country - Volume Trend - 2001 to 2009 ...................................................................................... 74Share by Country - Value Trend - 2001 to 2009 ......................................................................................... 74Fastest Growth Countries - 2008 to 2009 .................................................................................................. 75Fastest Declining Countries - 2008 to 2009 ................................................................................................ 75

CIS Overview ........................................................................................................ 76Overall Volume and Value Trends - 2001 to 2009 ....................................................................................... 76

CIS Overview - Category Analysis ........................................................................ 77Top 15 Categories by Volume - Million 9 Litre Cases ................................................................................... 77Top 15 Categories by Value - Million Euros ................................................................................................ 77Share by Category - Volume Trend - 2001 to 2009 ..................................................................................... 78Share by Category - Value Trend - 2001 to 2009 ........................................................................................ 78Comparative Share of volume and value ................................................................................................... 79All Categories by Value - Average Price per Euro ........................................................................................ 79All Categories by Volume - Million 9 Litre Cases ......................................................................................... 80All Categories by Value - Million Euros ....................................................................................................... 80Fastest Growth Categories - 2008 to 2009 ................................................................................................. 81Fastest Declining Categories - 2008 to 2009 .............................................................................................. 81

CIS Overview - Quality Analysis ........................................................................... 82Sales by Quality - Volume - Millions 9 Litre Cases ....................................................................................... 82Sales by Quality - Value - Millions Euros .................................................................................................... 82Sales by Quality - Average Euros per Case ................................................................................................ 82Share by Quality - Volume Trend - 2001 to 2009 ........................................................................................ 83Share by Quality - Value Trend - 2001 to 2009 .......................................................................................... 83

CIS Overview - Company Analysis ....................................................................... 84Top 40 Companies - Average Euros per Case ............................................................................................. 84Top 20 Companies by Volume - Million 9 Litre Cases .................................................................................. 85Top 20 Companies by Value - Million Euros ................................................................................................ 85Top 20 Companies by Value - Average Euros per Case ............................................................................... 85Comparative Share of volume and value ................................................................................................... 86Comparative Share of volume and value (Excludes ‘Low-Price’ Segment) ..................................................... 86Share by Company - Volume Trend - 2001 to 2009 .................................................................................... 87Share by Company - Value Trend - 2001 to 2009 ....................................................................................... 87Share by Company - Volume Trend - 2001 to 2009 (Excludes ‘Low-Price’ Segment) ...................................... 88Share by Company - Value Trend - 2001 to 2009 (Excludes ‘Low-Price’ Segment) ........................................ 88Fastest Growth Companies - 2008 to 2009 ................................................................................................ 89Fastest Declining Companies - 2008 to 2009 ............................................................................................. 89

CIS Overview - Brand Analysis ............................................................................. 90Top 20 Brands by Volume - Million 9 Litre Cases ........................................................................................ 90Top 20 Brands by Value - Million Euros ...................................................................................................... 90Top 20 Brands - Average Euros per case ................................................................................................... 90Comparative Share of volume and value ................................................................................................... 91Comparative Share of volume and value (Excludes ‘Low-Price’ Segment) ..................................................... 91Share by Brand - Volume Trend - 2001 to 2009 ......................................................................................... 92Share by Brand - Value Trend - 2001 to 2009 ............................................................................................ 92Share by Brand - Volume Trend - 2001 to 2009 (Excludes ‘Low-Price’ Segment) ........................................... 93Share by Brand - Value Trend - 2001 to 2009 (Excludes ‘Low-Price’ Segment) .............................................. 93Fastest Growth Brands - 2008 to 2009 ...................................................................................................... 94Fastest Declining Brands - 2008 to 2009 ................................................................................................... 94

CIS Overview - Country Analysis .......................................................................... 95Top 20 Countries by Volume - Million 9 Litre Cases .................................................................................... 95Top 20 Countries by Value - Million Euros .................................................................................................. 95Comparative Share of volume and value ................................................................................................... 96Share by Country - Volume Trend - 2001 to 2009 ...................................................................................... 97Share by Country - Value Trend - 2001 to 2009 ......................................................................................... 97Fastest Growth Countries - 2008 to 2009 .................................................................................................. 98Fastest Declining Countries - 2008 to 2009 ................................................................................................ 98

North America Overview ...................................................................................... 99Overall Volume and Value Trends - 2001 to 2009 ....................................................................................... 99North America Including The Caribbean .................................................................................................... 99

North America Overview - Category Analysis .................................................... 100Top 15 Categories by Volume - Million 9 Litre Cases ................................................................................. 100Top 15 Categories by Value - Million Euros .............................................................................................. 100Share by Category - Volume Trend - 2001 to 2009 ................................................................................... 101Share by Category - Value Trend - 2001 to 2009 ...................................................................................... 101Comparative Share of volume and value ................................................................................................. 102All Categories - Average Euros Per Case .................................................................................................. 102All Categories by Volume - Million 9 Litre Cases ....................................................................................... 103All Categories by Value - Million Euros ..................................................................................................... 103Fastest Growth Categories - 2008 to 2009 ............................................................................................... 104Fastest Declining Categories - 2008 to 2009 ............................................................................................ 104

North America Overview - Quality Analysis ....................................................... 105Sales by Quality - Volume - Millions 9 Litre Cases ..................................................................................... 105Sales by Quality - Value - Millions Euros .................................................................................................. 105Sales by Quality - Average Euros Per Case .............................................................................................. 105Share by Quality - Volume Trend - 2001 to 2009 ...................................................................................... 106Share by Quality - Value Trend - 2001 to 2009 ........................................................................................ 106

North America Overview - Company Analysis .................................................... 107Top 50 Companies by Average Euros Per Case ......................................................................................... 107Top 20 Companies by Volume - Million 9 Litre Cases ................................................................................ 108Top 20 Companies by Value - Million Euros .............................................................................................. 108Top 20 Companies by Average Euros per Case ......................................................................................... 108Comparative Share of volume and value ................................................................................................. 109Comparative Share of volume and value (Excludes ‘Low-Price’ Segment) ................................................... 109Share by Company - Volume Trend - 2001 to 2009 .................................................................................. 110Share by Company - Value Trend - 2001 to 2009 ..................................................................................... 110Share by Company - Volume Trend - 2001 to 2009 (Excludes ‘Low-Price’ Segment) .................................... 111Share by Company - Value Trend - 2001 to 2009 (Excludes ‘Low-Price’ Segment) ...................................... 111Fastest Growth Companies - 2008 to 2009 .............................................................................................. 112Fastest Declining Companies - 2008 to 2009 ........................................................................................... 112

North America Overview - Brand Analysis ......................................................... 113Top 20 Brands by Volume - Million 9 Litre Cases ...................................................................................... 113Top 20 Brands by Value - Million Euros .................................................................................................... 113Top 20 Brands Average Euros Per Case ................................................................................................... 113Comparative Share of volume and value ................................................................................................. 114Comparative Share of volume and value (Excludes ‘Low-Price’ Segment) ................................................... 114Share by Brand - Volume Trend - 2001 to 2009 ....................................................................................... 115Share by Brand - Value Trend - 2001 to 2009 .......................................................................................... 115Share by Brand - Volume Trend - 2001 to 2009 (Excludes ‘Low-Price’ Segment) ......................................... 116Share by Brand - Value Trend - 2001 to 2009 (Excludes ‘Low-Price’ Segment) ............................................ 116Fastest Growth Brands - 2008 to 2009 .................................................................................................... 117Fastest Declining Brands - 2008 to 2009 ................................................................................................. 117

North America Overview - Country Analysis ...................................................... 118Top 20 Countries by Volume - Million 9 Litre Cases .................................................................................. 118Top 20 Countries by Value - Million Euros ................................................................................................ 118Comparative Share of volume and value ................................................................................................. 119Share by Country - Volume Trend - 2001 to 2009 .................................................................................... 120Share by Country - Value Trend - 2001 to 2009 ....................................................................................... 120Fastest Growth Countries - 2008 to 2009 ................................................................................................ 121Fastest Declining Countries - 2008 to 2009 .............................................................................................. 121

Latin America Overview ..................................................................................... 122Overall Volume and Value Trends - 2001 to 2009 ..................................................................................... 122

Latin America Overview - Category Analysis ..................................................... 123Top 15 Categories by Volume - Million 9 Litre Cases ................................................................................. 123Top 15 Categories by Value - Million Euros .............................................................................................. 123Share by Category - Volume Trend - 2001 to 2009 ................................................................................... 124Share by Category - Value Trend - 2001 to 2009 ...................................................................................... 124Comparative Share of volume and value ................................................................................................. 125All Categories by Value - Average Euros per Case .................................................................................... 125All Categories by Volume - Million 9 Litre Cases ....................................................................................... 126All Categories by Value - Million Euros ..................................................................................................... 126Fastest Growth Categories - 2008 to 2009 ............................................................................................... 127Fastest Declining Categories - 2008 to 2009 ............................................................................................ 127

Latin America Overview - Quality Analysis ........................................................ 128Sales by Quality - Volume - Million 9 Litre Cases ...................................................................................... 128Sales by Quality - Value - Million Euros.................................................................................................... 128Sales by Quality - Average Euros per Case .............................................................................................. 128Share by Quality - Volume Trend - 2001 to 2009 ...................................................................................... 129Share by Quality - Value Trend - 2001 to 2009 ........................................................................................ 129

Latin America Overview - Company Analysis ..................................................... 130Top 40 Companies - Average Euros per Case ........................................................................................... 130Top 20 Companies by Volume - Million 9 Litre Cases ................................................................................ 131Top 20 Companies by Value - Million Euros .............................................................................................. 131Top 20 Companies by Value - Average Euros per Case ............................................................................. 131Comparative Share of volume and value ................................................................................................. 132Comparative Share of volume and value (Excludes Low-Price Segement) .................................................. 132Share by Company - Volume Trend - 2001 to 2009 .................................................................................. 133Share by Company - Value Trend - 2001 to 2009 ..................................................................................... 133Share by Company - Volume Trend - 2001 to 2009 (Excludes ‘Low-Price’ Segment) .................................... 134Share by Company - Value Trend - 2001 to 2009 (Excludes ‘Low-Price’ Segment) ...................................... 134Fastest Growth Companies - 2008 to 2009 .............................................................................................. 135Fastest Declining Companies - 2008 to 2009 ........................................................................................... 135

Latin America Overview - Brand Analysis .......................................................... 136Top 20 Brands by Volume - Million 9 Litre Cases ...................................................................................... 136Top 20 Brands by Value - Million Euros .................................................................................................... 136Top 20 Brands by Value - Average Euros per Case ................................................................................... 136Comparative Share of volume and value (Excludes ‘Low-Price’ Segment) ................................................... 137Comparative Share of volume and value (Excludes ‘Low-Price’ Segment) ................................................... 137Share by Brand - Volume Trend - 2001 to 2009 ....................................................................................... 138Share by Brand - Value Trend - 2001 to 2009 .......................................................................................... 138Share by Brand - Volume Trend - 2001 to 2009 (Excludes ‘Low-Price’ Segment) ......................................... 139Share by Brand - Value Trend - 2001 to 2009 (Excludes ‘Low-Price’ Segment) ............................................ 139Fastest Growth Brands - 2008 to 2009 .................................................................................................... 140Fastest Declining Brands - 2008 to 2009 ................................................................................................. 140

Latin America Overview - Country Analysis ....................................................... 141Top 20 Countries by Volume - Million 9 Litre Cases .................................................................................. 141Top 20 Countries by Value - Million Euros ................................................................................................ 141Comparative Share of volume and value ................................................................................................. 142Share by Country - Volume Trend - 2001 to 2009 .................................................................................... 143Share by Country - Value Trend - 2001 to 2009 ....................................................................................... 143Fastest Growth Countries - 2008 to 2009 ................................................................................................ 144Fastest Declining Countries - 2008 to 2009 .............................................................................................. 144

Page : 1Copyright 2010 - The IWSR

Since 1972, The IWSR has measured volume sales in nine-litre cases over an increasing number of countries, up from 18 countries in 1972 to 134 countries in 2008/09. Volume is an unambiguous measurement, when consistently converted to nine-litre cases or to actual litres.

Value measurement is much less clear, because of the varying levels of taxation between countries, and the very large differences in mark-up between retail outlets and the on-premise, and the huge differences in the various outlets on-premise mark-ups between popular bars and top-end clubs, bars and restaurants, which are very important in East Asia, the USA and Russia.

The most valid comparison would be Value at ex-factory price, which producers have been understandably reluctant to disclose, but which, in turn, varies by importance of the customer, size of order, and by where the profit is actually taken.

The Value given here is based on multiplying the nine-litre-case volumes in The IWSR reports, by the retail price found in the key self-service and specialist outlets checked by The IWSR on the annual visits to each country: (these cannot be too comprehensive in the limited time available in each country, after visiting the key importers, producers, and other operators). The IWSR then calculates a price for the rest of the price segment.

Basically the Value measured in this report is a smoothed-out measure of consumer expenditure, primarily at retail level, that does not take into account the much higher real expenditure by consumers in nightclubs, restaurants and top hotels, particularly in East Asia, Russia and the USA. It is not the Value of the sale to the producer, nor of the real total expenditure.

Actual expenditure of cash by consumers will be considerably higher in countries where the on-premise is luxurious, or where on-premise volumes are higher than retail (in southern Europe).

Because all the brands and companies recorded suffer much the same conditions in the same countries, it does allow comparisons between brands and companies and product categories in the same countries, and often in the same zone, and to some degree between zones. But the volume of a nightclub-only brand will be minimised, as no measurement of these checks is practicable. Stating the obvious, the near worldwide recession lowered the CAGR percentage growth rates in 2009.

Benefits From This ReportProbably the greatest benefits can be drawn from COMPARISONS between:

Countries

Zones & regions

Companies

Quality segments

Brands

CAUTION

The Value is based on the retail sales price and is converted to Euro using the exchange rate in 2009. The same exchange rate is used for all years (except where a country has changed currency) to remove any fluctuations due to exchange rate movement.

The vast Chinese market is a major element. Moreover, the highest-priced Chinese spirits outsell Western imports of Cognac and Scotch at the same price. Unfortunately information on the sales of Chinese spirits brands is not yet available on a continual basis. The segmentation used is based on very well informed, but partial, estimates from people operating within China. These estimates will be rechecked and expanded over the next few years, but must be treated with caution as preliminary. They are more likely to be too low than too high. Similarly, but much smaller, ultra- and super-premium markets exist for soju and Korean specialities in South Korea, and for shochu and sake in Japan, and traditional Chinese spirits in Taiwan, but no comprehensive, continual, information is available as yet. These figures are not included in this 2009 Value report.

Conversely, this report does not include the huge, unregistered, untaxed, largely illegal production of very cheap spirits in India, Russia, Sri Lanka, Brazil, probably also in China, the Philippines, Bolivia and many other Latin American countries.

Brand sales for some Japanese and Korean brands are still preliminary and could still change when confirmed.

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Introduction

Page : 2Value Report - Global Summary

Management SummaryOn first calculations that still require improved input on the on-trade [horeca] market, and mark-ups by type of outlet, the five main regions of the world spent €196.5 billion on spirits: 48.3% or €95 billion on-premise, and 51.7% or €101.5 billion in the off-premise [retail].

Asia-Pacific was No. 1 in Value with 37.7%, €74 billion and is particularly important on-premise. Europe was No. 2 with 23.5% and €46 billion. North America was No. 3 with 22.6% and €44.5 billion, but is No. 2 on-premise.

The greatest volume is in local national spirits, followed by vodka (as far as it is measurable) and local white spirits [soju/shochu principally].

Value shows less difference. Local national spirits have risen to €32.75 billion. Vodka is No. 2 with €27.65 billion and Scotch No. 3 with €17.40 billion, with rum and liqueurs at No. 4 and No. 5 with 10 and 9.3 respectively.

Cognac achieves by far the highest Euro per case (€410), twice the level of Scotch (€202.50), followed by the other Western whisky and tequila. The lowest rate per case is in cachaça (€22.80), with local national spirits and shochu, not surprisingly, at low rate (€36.55 plus). Vodka has a low world rate per case, due to the low prices in the main-selling CIS countries.

There are major variations between regions, with Asia-Pacific and the CIS usually the highest for international spirits, and North America the lowest.

Diageo remains the leading spirits company in volume [3.8%] and Value [11.3%], with Pernod Ricard still No. 2 with 3.7% volume and 8.9% Value in 2009. UB/USL India is No. 3 in volume [3.7%] and No. 4 in Value [2.4%]; it is also the fastest-growing company.

Beam Global and Brown-Forman are No. 4 and No. 5 in Value, with Hite and TCC No. 4 and No. 5 in volume, but respectively No. 16 and No. 8 in Value.

LVMH (of major companies) gets by far the highest Euro-per-case rate (€394), 2.25 times the Diageo average.

Super-premium-and-above qualities sold at least 19 million cases worldwide, worth €7.35 billion, and grew faster than premium [Note: data on various East Asian super-premium spirits needs to be expanded].

Premium [US$20-29.99, +15% CAGR over the last five years] sold 17.5 million cases worldwide with approximately €16.5 billion and grew expanse by 7.2% CAGR over the last five years.

The total Value sales in China (€31.25 billion) were higher than the USA (€23.75 billion) for the first time. In 2009, Russia slipped to No. 4 (€9 billion) due to the recession (on measurable sales only). Japan was No. 3 (€9.45 billion).

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Global Overview

Page : 3Copyright 2010 - The IWSR

Global OverviewWorld – SummaryOver the last five years, the “Value” of all spirits has risen by +6.1% CAGR v +3.2% CAGR in volume, but in 2009 volume (+5.1%) grew slightly more than Value (+5.0%) due to recession across the world.

The highest CAGR rises in Value in major markets have been in Chinese spirits [+10.9%], tequila [+8.3%] Cognac [+5.6%], Irish whiskey [+8.5%], other (largely Indian) whisky [+12.0% due to rising cost of molasses], vodka, [+3.1%] and rum/cane, [+7.1%], Scotch [+5.3%] US whiskey [+5.3%] have risen by slightly more than the average over the five years and bitters [+6.5%].

Gin, national white spirits, Canadian whisky, liqueurs, anis-based, fruit eaux-de-vie and non-Cognac brandy have risen by less than the average in Value.

Chinese baijiu rose less than the average before 2007, but very strongly in 2007, 2008 and 2009 so it ended with highest Value in 2009.

All product categories (except liqueurs, gin, non-Cognac brandy and Indian whisky) increased their Euro-per-case rate in 2009, even if marginally.

Top 10 – by Volume 2009Million 9 litre cases approx Volume

1. National local Spirits (mostly Chinese) 8962. Vodka 4853. Local White Spirits (Soju / Shochu) 2424. Other Whisky (largely Indian / Asian whisky) 1355. Rum 1346. Non Cognac Brandy 1337. Cane (largely Cachaca) 1158. Scotch 869. Liqueurs 81

10. Gin/Genever 46

Top 10 – by Value 2009Euro Billions Value

1. National Spirits 32.752. Vodka 27.653. Scotch 17.404. Rum 10.055. Liqueurs 9.356. Local White Spirits 8.907. Non Cognac Brandy 7.858. Other Whiskies 5.059. US Whiskey 4.55

10. Cognac 4.45

Top 10 – Euros per Case 2009Value per case Euro per Case

1. Cognac 410.452. Irish Whiskey 221.003. Scotch 202.404 US Whiskey 154.555. Tequila 152.706. Canadian Whisky 132.927. Bitters 120.808. Liqueurs 114.509. Rum 74.75

10. Gin 72.25

For Comparison11. Non Cognac Brandy 59.2012. Vodka 57.2513. Fruit Eau de Vie 50.6014. Other (largely Indian) whisky 45.2015. National White Spirits (Soju/Shochu) 36.8516. National Local Spirits (mostly Chinese) 36.5517. Cachaça 22.20

Cognac gets twice the Value per case of Scotch or any other spirits category, (but only 1.8 times the comparatively small Irish). Tequila gets twice the Value of gin and 2.6 times that of vodka. The lowest Value per case is obtained by cachaça, with local Asian (largely Chinese) spirits and soju/shochu slightly higher, but less than 50% of the price obtained by rum and 64% that of vodka.

Page : 4Value Report - Global Summary

Volume figures in Million 9 Litre Cases; Value figures in Million Euros

Overall Volume and Value Trends - 2001 to 2009

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Source : IWSR calculations based on volume

Global Overview

Value Report Global Summary Regional Structure By Quality SegmentWorld Asia-Pacific CIS Europe North America

Inc. Caribbean

South & Central

AmericaValue – Billion EurosPrestige 0.18 0.17 0.01 0.00 0.00 0.00Ultra Premium 1.21 0.87 0.06 0.09 0.13 0.05Super Premium 5.76 1.60 0.14 0.63 3.02 0.37Premium 16.39 2.51 0.31 3.77 8.02 1.79Standard 42.56 3.21 2.69 19.71 13.73 3.23Value 55.28 31.51 3.99 13.49 3.50 2.78Low-Price 25.50 17.62 5.53 0.41 0.05 1.89Total 146.87 57.48 12.73 38.09 28.45 10.11

Volume – Million CasesPrestige 0.02 0.02 0.00 0.00 0.00 0.00Ultra Premium 0.96 0.72 0.03 0.07 0.12 0.03Super Premium 15.48 3.67 0.20 1.36 9.63 0.63Premium 68.41 9.20 0.75 13.34 40.12 5.00Standard 311.35 22.13 25.86 125.31 110.24 27.81Value 770.84 429.47 87.66 154.62 53.34 45.75Low-Price 1,324.76 930.28 252.76 18.58 8.90 114.24Total 2,491.82 1,395.48 367.27 313.28 222.34 193.45

Euro Per CasePrestige € 8,132.68 € 8,315.03 € 7,163.65 € 4,101.38 € 4,228.49 € 2,520.60Ultra Premium € 1,251.15 € 1,217.26 € 2,047.60 € 1,284.78 € 1,120.38 € 1,676.13Super Premium € 371.81 € 436.33 € 701.41 € 460.81 € 313.24 € 598.09Premium € 239.65 € 272.22 € 419.93 € 282.47 € 199.92 € 357.30Standard € 136.70 € 145.01 € 103.93 € 157.29 € 124.51 € 116.13Value € 71.71 € 73.37 € 45.55 € 87.26 € 65.68 € 60.77Low-Price € 19.25 € 18.94 € 21.88 € 21.86 € 5.97 € 16.51Total € 58.94 € 41.19 € 34.66 € 121.60 € 127.97 € 52.25

Source: The IWSR/ IWSR calculations based on volumes

NOTE: Duty Free and Rest of World have not been analysed in this table.

Perhaps not surprisingly, whisk(e)y, liqueurs and brandy account for double the share of Value than they do of volume. White spirits and rum have the same share, and national local spirits only 21.1% of Value v 35.5% of volume. More surprisingly, whisky, rum and brandy have maintained, broadly, their share of Value since 2000, while flavoured spirits and national local spirits have lost. Soju/shochu take 6.4% of Value and 10% of volume.