The spirits industry is responsible for selling alcoholic drinks globally, including ethyl alcohol, potable liquors, and grain alcohol. These companies may also be manufacturing this alcohol through distilleries where alcohol is processed and packaged. These products include anything from vodka, rum, whiskey, gin, tequila, or other spirits.
When looking at the global spirits market, some geographic regions account for a larger share than others. The continent of Asia is the global leader, with control over an impressive 58% of the total market.
The second-largest region for spirits, by a wide margin, is the continent of North America, with a hold on 22% of the market. The region of the middle east is the least-prolific alcohol seller.
Trends within the spirits market have to do mostly with experimentation around flavor and production. As flavored alcoholic seltzers grow in popularity, so do other “hybrid” drinks, which blend alcoholic beverages of different kinds in different ways to create unique ready-to-drink experiences.
However, certain companies are most responsible for pushing the industry forward when it comes to current growth. In this article, we will go over the top ten largest spirits companies globally in 2023, based on their current market capitalization.
LVMH Moët Hennessy Louis Vuitton. Paris, France.
Market Cap: $493.97 billion
2022 Annual Revenue: $79.2 billion
LVMH is a French multinational corporation born out of a merger between luxury fashion goods brand Louis Vuitton, Champagne producer Moët Chandon, and cognac producer Hennessy. This conglomerate was formed in 1987 and manages notable luxury brands such as Givenchy, Marc Jacobs, Veuve Clicquot, Bulgari, Dom Pérignon, etc.
Unfortunately for LVMH, sales of wine and spirits decreased by 14% in 2020. However, its luxury fashion brands saw an increase of 18% in the same year, which may be surprising to some, given our global situation in 2020.
With this in mind, LVMH might be questionable at our number two largest spirits company spot. Still, the global influence of this corporation cannot be denied.
Kweichow Moutai. Maotai, China.
Market Cap: $311.67 billion
2022 Annual Revenue: $18.88 billion
At number one on our list of largest global liquor companies is the Chinese company Kweichow Moutai. This giant corporation, founded in 1999, is partially publicly traded and partially state-owned. Today, it stands as one of the largest Chinese companies and holds the title of most valuable non-technology company in China.
Kweichow Moutai specializes in a type of fermented sorghum spirit known as Maotai baijiu, which has a long, significant history within Chinese culture. The large majority of Kweichow Moutai’s revenue is made within mainland China, where bottles of Maotai baijiu are often seen as investments due to their value.
Though somewhat unknown to many Western drinkers, baijiu is the world’s most popular spirit. An average of 520 million cases of baijiu are purchased annually, compared to, for instance, 497 million cases of vodka.
Jiangsu Yanghe Brewery. Suqian, China
Market Cap: $225.99 billion
2022 Annual Revenue: $3.84 billion
Coming in at a close number nine is Jiangsu Yanghe Brewery, the third largest spirits producer in China. This company was founded in 2002 and manufactures food and tobacco products along with alcoholic beverages. They are most well known for producing baijiu at various price points and other liquor types.
Jiangsu Yanghe delivers products both across China and internationally. The company employs around 15,026 people and names Yu Zhong as its current CEO. Shares of Jiangsu Yanghe have increased by approximately 93.8% in the past year.
Anheuser-Busch. Leuven, Belgium.
Market Cap: $130.37 billion
2022 Annual Revenue: $57.78 billion
Anheuser-Busch InBev., also known as AB InBev, is the fourth largest global and largest Belgian spirits and alcohol company. This multinational corporation serves consumers across the globe and has offices located in New York City, Mexico City, São Paulo, London, Johannesburg, and more.
This company was formed in 2008 through the Belgian-based InBev’s acquisition of the American company Anheuser-Busch. AB InBev controls several notable beverage brands, including Budweiser, Corona, Hoegaarden, Modelo, Shock Top, and more. They also produce non-alcoholic beverages such as energy drinks.
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Diageo North America. London, Egland
Market Cap: $106.45 billion
2021 Annual Revenue: $17.137 billion
Finishing off our top five list is the largest British spirits company Diageo Plc. Diageo was founded in 1997 and currently employs around 27,775 people in 180 countries and 140 sites across the globe. Though it is the fifth-largest spirits company by revenue, it holds the title of being the world’s largest Scotch Whisky producer.
Diageo controls many well-known alcohol brands, including but not limited to Johnnie Walker, Captain Morgan, Cîroc VS, Don Julio, Tanqueray, Bailey’s, and Guinness. This company also owns a 34% stake in our number two spot, LVMH’s drinks division.
In the 2010s and prior, Diageo had a track record of being the single largest spirits company globally, but after being overtaken by Kweichow Moutai in 2017, the company was then surpassed by several others.
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Wuliangye Yibin Co. Ltd. Yibin, China.
Market Cap: $99.63 billion
2022 Annual Revenue: $11.01 billion
At number three on our list, and coming in at number two for China, is the state-owned enterprise Wuliangye Yibin Co. Ltd. This company was founded in 1998 and is currently run by chairman Tang Qiao. It serves consumers both in China and overseas, with the majority of sales coming from Chinese consumers.
Wuliangye Yibin is best known for manufacturing the spirit Wuliangye, a type of baijiu made from proso millet, corn, glutinous rice, long-grain rice, and wheat. The company also manufactures several other brands and types of baijiu and other liquors. This company’s stock has grown exponentially within the past year.
Altria. Richmond, Virginia.
Market Cap: $83.36 billion
2022 Annual Revenue: $25.1 billion
At number six on our list, Altria Group, Inc holds the title of largest American spirits company, albeit under a bit of a technicality.
Altria Group, formerly known as Philip Morris Companies, is most well-known for its production of cigarettes under the Marlboro and Philip Morris brands. It sells alcohol under the Chateau Ste. Michelle Wine Estates brand.
Altria Group was founded in 1985 and currently names Billy Gifford as its chairman and CEO. It employs 8,300 people at its facility, operated and headquartered in Henrico County, Virginia. Though Altria’s revenue was up in 2020, wine sales were down about 12.6% in the same year.
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Pernod Ricard USA. Paris, France.
Market Cap: $60.59 billion
2022 Annual Revenue: $11.17 billion
At number seven on our list is the French Pernod Ricard. Founded in 1975 by Paul Ricard, this company now names Alexandre Ricard as its chairman and CEO and employs approximately 18,914 people worldwide.
Pernod Ricard is responsible for producing and managing brands such as Absolut, Jameson Irish Whiskey, Kahlua, Beefeater gin, and Malibu.
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Constellation Brands. Victor, New York.
Market Cap: $41.49 billion
2022 Annual Revenue: $9.55 billion
Our eighth largest global and second-largest American spirits company is the New York-based Constellation Brands. This company was founded in 1945 by Marvin Sands and is still owned by members of the Sands family, Rob, and Richard Sands. The company employs around 9,000 people at 40 facilities across the world.
You may know Constellation Brands from some of their more famous brands, including Robert Mondavi, Modelo Especial, High West, and Svedka. The company has seen great fortune recently, with shares rising over 118% in the last twelve months.
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Brown-Forman. Louisville, Kentucky.
Market Cap: $30.80 billion
2022 Annual Revenue: $3.933 billion
Finishing off our list at number ten is Kentucky’s own Brown-Forman. Brown-Forman is one of the oldest companies on our list at an impressive 151 years. It was founded in 1870 by George Garvin Brown and is still partially managed by the Garvin Brown family.
Brown-Forman is known for Jack Daniel’s, Old Forester, Canadian Mist, and Finlandia. The company employs around 4,570 people globally.
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How are spirits classified?
Spirits are classified by the fermentable material that they are distilled from. Under this definition, common spirits include Whiskies, Vodka, Gin, Brandy and most types of Schnapps. Most of these are distilled from beer and grain, while Brandy is made from fermented grapes and other fruits.
Who is the largest exporter of spirits?
The United Kingdom is the largest exporter of spirits in the world. In 2021 alone, the UK exported $7.67 billion in spirits.
The second-largest exporter is France, which exported $6.08 billion worth of spirits in the same year. France is also home to the largest spirits company in the world: LVMH Moët Hennessy Louis Vuitton.
