The global pisco market size is projected to reach USD 1,057.8 million by 2027, exhibiting a CAGR of 6.2% during the forecast period. Increasing awareness about the potential health benefits of pisco will play a central role in augmenting the development of this market, observes 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”. Pisco is a certain type of brandy that is derived from fermented grape juice. The drink is native to Chile and Peru, where pisco is considered the national beverage. Not only does pisco have an exotic taste but it also offers some distinct health benefits to drinkers. For example, drinking pisco after meals stimulates secretion of gastric juices, thus aiding digestion.

Moreover, in case of hypothermia, adding pisco in hot tea along with lemon and honey can bring instant warmth to the body and prevent the body temperature from rising suddenly. In addition to this, flu-induced sore throat and fever can also be relieved by taking pisco-based tinctures. Thus, this Peruvian-Chilean drink promises a host of advantages related to health, which will increase it consumption around the world.

The report states that the global market value stood at USD 670.5 million in 2019 and provides the following:

• Comprehensive insights into the different segments of the market;
• Tangible analysis of the market drivers, restraints, trends, and opportunities;
• Detailed profiling and evaluation of the key market players and their strategies; and
• Thorough examination of the regional prospects of the market.

 Restraining Factors

Staggered Operations of Hotels & Bars amid COVID-19 to Restrict Market Growth

The pisco market growth is facing massive impediments amid the COVID-19 as the pandemic led to the initial closure and subsequent staggered opening of bars and restaurants in major economies. In the US, for example, the states of Florida and Texas announced that bars will have to shut down to stop the spread of the coronavirus, when cases spiked in June 2020.

In March, when the pandemic erupted, several casinos in Las Vegas closed their operations, while states such as Ohio and California directed bars and restaurants to announce temporary closures. Even now, with countries slowly restoring economic activities, bars are being forced to follow strict time and social distancing regulations. For example, in the UK, bars have been instructed to close down by 10pm, while in India the Maharashtra state government has allowed bars and restaurants to function with limited capacity. The imposition of the coronavirus-induced lockdown and social distancing measures on bars is, therefore, likely to stymie the demand and consumption of exotic alcoholic beverages such as pisco.

Regional Insights

South America to Occupy Driver’s Seat; Europe to Present Exciting Prospects

At USD 374.4 million, South America dominated the pisco market share in 2019 as the region is home to the two largest producers of the drink in the world, Peru and Chile. Companies in this region are constantly innovating and developing unique alcoholic blends to cater to the growing popularity of exotic drinks in North America and Europe. Moreover, the companies are also producing premium pisco variants for the domestic as well as the international market.
Europe is slated to emerge as the second-largest region for this market due to the surging demand for traditional foreign alcohols across the continent. In Asia Pacific, the market outlook appears wide and bright on account of the deepening cultural and trade relations among Asian and South American countries.

Competitive Landscape

Cooperative Agreements and Measured Expansions to Spur Competition
With pisco gaining widespread popularity, grape producers and alcohol companies in Chile and Peru are seeking agreements that can help farmers as well as the key market players. These mutually beneficial deals are crucial as they provide incentives to key players to innovate and expand their operations, while farmers are encouraged to produce more and adopt modern farmin technologies.

Industry Developments:

• June 2020: The Cooperativa Agrícola Pisquera Elqui Ltda. (Capel) and the Instituto de Desarrollo Agropecuario (Indap) renewed their Agreement of the Productive Alliance. Under this renewal, 76 small pisco grape farmers in the Limarí and Choapa provinces of Chile will have assured access to technical expertise for modern irrigation and environmental practices.
• May 2019: Catan Pisco announced its expansion in Los Angeles, following the company’s establishment in Chicago in 2018. The company will mark its presence with a celebratory event at the Museum of Latin American Art in Long Beach.

Browse Detailed Summary of Research Report:

https://www.fortunebusinessinsights.com/industry-reports/pisco-market-100203