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According to a new report by Data Bridge Market Research, the flavored spirits industry, which reached a value of US$16.03 billion in 2021, is expected to reach US$50.77 billion by 2029, growing at a compound annual growth rate of 15.50% for the period 2022-2029. 

Flavored spirits are distilled beverages that have been flavored with natural or artificial flavors, added before or after distillation, and are used in cocktails, mixed drinks and shooters. 

The flavors used in flavored spirits often come from fruits, spices, herbs and nuts, providing flavor complexity to the spirits.

Over the past decade, flavored spirits have been a major export product for both developed and developing countries.

The report also mentions that consumers are increasingly willing to spend on premium products. In addition, whiskey has remained a popular alcoholic beverage, helping to drive growth in the flavored spirits category.

Source: The Drinks Business