Major Spirits Companies by Net Sales (in millions USD)
Introduction
The purpose of this article is to give an overview of the world's largest spirits brands and companies. Constellation Brands has a broad portfolio of premium wines but their spirts are more of a compliment so they are basically excluded. Brewers are excluded as well.
Sources
Diageo Annual Reports
Pernod Ricard Annual Reports
Bacardi Limited Corporate Responsibility Reports
Brown-Forman Annual Reports
Jim Beam Annual Reports
Gruppo Campari Annual Reports
Rémy Cointreau Annual Reports
Original Sales Numbers
Diageo Sales: 14,594 in GBP million for 2012 per annual report
Pernod Ricard Net Sales: 8,215 (in EUR millions) as of 30.06.2012 per 2012 annual report
Bacardi Limited Net Sales: 4,576 in USD millions for fiscal 2012 per 2012 corporate responsibility report
Brown-Forman Net Sales: 3,614 in USD millions for 2012 (year ended April 30) per 2012 annual report
Jim Beam: 2,466 in USD millions for 2012 ending Dec. 31 GAAP
Gruppo Campari: 1,341 in EUR millions as of Dec 31 per 2012 annual report
Rémy Cointreau Net sales: 1,026 in EUR millions as of March 31 per 2012 annual report
Sales Numbers Converted to USD (in millions)
Diageo: 22,209
Pernod Ricard: 10,569
Bacardi Limited: 4,576
Brown-Forman: 3,614
Beam: 2,466
Gruppo Campari: 1,725
Rémy Cointreau: 1,324
*Exchange rates from May 20, 2013 (1 EUR = 1.2865 USD and 1 GBP = 1.5218 USD)
Market Cap (in millions USD as of May 23, 2013)
The market cap numbers from bloomberg are below.
Diageo bloomberg.com/quote/DEO:US market cap: 72,192m USD
Pernod Ricard bloomberg.com/quote/RI:FP market cap: 33,385m USD (24,950m EUR based on May 20 exchange rate where 1 EUR = 1.2865 USD)
*Bacardi Limited is a private company so there is no market cap.
Brown-Forman bloomberg.com/quote/BF%2FB:US market cap: 15,359m USD
Note that bloomberg uses BF/B instead of BF.B.
Beam bloomberg.com/quote/BEAM:US market cap: 10,792m USD
Rémy bloomberg.com/quote/RCO:FP market cap: 5,873m USD (4,565m EUR based on May 20 exchange rate where 1 EUR = 1.2865 USD)
Campari bloomberg.com/quote/CPR:IM market cap: 4,252m USD (3,305m EUR based on May 20 exchange rate where 1 EUR = 1.2865 USD)
Diageo
Diageo is the world leader for premium drinks. We're looking at their spirit sales, not the 21% of their net sales from beer nor the 4% of their net sales from wine. Diageo is traded on the London stock exchange.
Major Diageo Brands by Volume
Here is how Diageo explains volume in the annual report:
26m units sold. The #1 premium vodka in the world.
Johnnie Walker Scotch whisky
19m units sold. The #1 Scotch whisky in the world.
Captain Morgan rum
10m units sold. The #2 rum brand in the world.
Baileys liqueur
7m units sold. The #1 liqueur in the world.
Crown Royal Canadian whisky
5m units sold. The #1 Canadian whisky in the world.
J&B Scotch whisky
5m units sold. The #5 Scotch whisky in the world.
Jose Cuervo tequila
4m units sold. The #1 premium tequila in the world.
*Diageo has a supply agreement with Casa Cuervo SA de CV for the supply of bulk tequila used to make the Jose Cuervo line in the US through June 2013.
Buchanan's Scotch whisky
2m units sold. The #2 premium Scotch whisky in Latin America.
Ketel One vodka
2m units sold. The #2 super premium vodka in the US.
Cîroc vodka
2m units sold. The #2 ultra premium vodka in the world.
Tanqueray gin
2m units sold. The #1 imported gin in the US.
Windsor Scotch whisky
1m units sold. The #1 super premium whisky in Asia Pacific.
Bushmills Irish whiskey
1m units sold.
Volume numbers from the annual report:
Net sales by category:
1 – Scotch 29%
2 – Beer 21%
3 – Vodka 12%
4 – Ready to drink 7%
5 – Whiskey 6%
6 – Rum 6%
7 – Liqueur 5%
8 – Wine 4%
9 – Gin 3%
10 – Tequila 3%
11 – Other 4%
Net sales by region:
1 – North America 33%
2 – Europe 28%
3 – Africa 13%
4 – Latin America and Caribbean 12%
5 – Asia Pacific 14%
We see that Diageo has 27% of the market share for premium spirits in the annual report. They are clearly the top company in this space:
Pernod Ricard
Pernod Ricard became a powerhouse when they acquired ABSOLUT vodka in 2008. They are the second biggest spirits company in the world behind Diageo.
Major Pernod Ricard Brands by Volume
ABSOLUT vodka
11.4m cases sold. Iconic brand.
Ballantine’s Scotch whisky
6.2m cases sold.
Ricard pastis liqueur
5.2m cases sold.
Chivas Regal Scotch whisky
4.9m cases sold. Iconic brand.
Jameson Irish whiskey
3.9m cases sold.
Havana Club rum
3.8m cases sold.
Malibu liqueur
3.8m cases sold.
Beefeater gin
2.5m cases sold (1.1m in Spain).
Martell cognac
1.9m cases sold.
Kahlúa liqueur
1.7m cases sold.
The Glenlivet Scotch whisky
823k cases sold.
Royal Salute Scotch whisky
211k cases sold.
Seagram's gin and Canadian whisky
Seagram's is popular in the US and Canada.
Sprits category breakdown:
1. Scotch whiskies 21%
2. Vodka 21%
3. Non-scotch whiskies 13%
4. Rum 11%
5. Liqueurs 9%
6. Bitters 6%
7. Tequila 5%
8. Gin 4%
9. Aniseed Spirits 3%
10. Non-cognac brandies 3%
11. Cognac 3%
12. Other spirits 1%
Spirits by region:
1. North America 39%
2. Western Europe 30%
3. Asia 8%
4. CE SAM 7%
5. Eastern Europe 7%
6. travel retail 4%
7. Africa/Middle East 3%
8. Oceania 2%
Bacardi
Bacardi is the largest private spirits company in the world. Seeing as they're private, we don't have as much information about them as we do about the public companies. Still, they disclose total net sales in their Corporate Responsibility Report. Bacardi 151 rum can be dangerous if it isn't treated with respect.
Bacardi rum
World's No. 1 selling rum
Bombay Saphire gin
World's No. 1 selling gin by value
Dewar's blended Scotch whisky
World's most awarded Scotch whisky
Eristoff vodka
One of the fastest growing vodka brands in the world
Grey Goose vodka
World leader in super premium vodka
Martini vermouth
World's No. 1 vermouth.
Brown-Forman
Brown-Forman is the largest US spirits company and it is traded on the NYSE under the BF.A and BF.B ticker symbols. Their Jack Daniel's and Southern Comfort brands are well known around the world.
Jack Daniel's
Earned Best Liquor Brand and Best Premium Spirit Brand in the annual Australian Liquor Industry Awards
Southern Comfort
Born in New Orleans in 1874
Finlandia
The No. 2 premium vodka brand in Europe
Jim Beam
The company could be called Boehm had the family not changed the spelling of their name to Beam. Headquartered in the suburbs of Chicago, the company trades on the NYSE under the BEAM ticker. The company's bourbon is made in Kentucky.
Jim Beam bourbon
Jacob Beam sold his first barrel of bourbon in 1795
Maker's Mark bourbon
Bottles are still hand-dipped with a red wax
Sauza tequila
A full line of premium tequila
Courvoisier cognac
One of the leading cognac houses in the world
Canadian Club whisky
Founded by Hiram Walker in 1858
Teacher's whisky
The No. 3 Scotch whisky in the UK
Pinnacle vodka
The ideal French vodka
EFFEN vodka
Means "smooth, even and balanced" in Dutch
Knob Creek whiskey
Bourbon whiskey popular in the U.S.
Gruppo Campari
Being an Italian company, it isn't surprising that over 29% of Gruppo Campari's sales are in Italy. The company's beginnings date back to 1860.
SKYY vodka
The fewest impurities among leading vodkas with zero carbs
Wild Turkey
Kentucky straight bourbon whiskey
Campari bitter liqueur
Aperol bitter liqueur
Appleton rum
*From March 1, 2013, through wholly owned subsidiary Campari America, the Group acquired
from Kobrand Corporation the distribution and marketing rights of the Appleton rum portfolio in the U.S.
2012 sales by region:
Americas: 34.7%
Italy: 29.2%
Rest of Europe: 25.8%
Rest of world: 10.5%
2012 sales by segment:
Spirits: 76.7%
Wines: 14.6%
Soft drinks: 7.4%
Other: 1.2%
Rémy Cointreau
Rémy Martin is known for its cognac which makes up 60% of its sales.
2012 sales by region:
Asia-Pacific: 37.8%
Americas 31.3%
Europe/Middle-East and Africa: 30.9%
Other Brands and Companies
Edrington Group
Macallan whisky and Cutty Sark whisky are famous in the US. The Famous Grouse is also
a leading brand of scotch.
Mast-Jagermeisters
Jagermeister by Mast-Jagermeisters is a big specialty drink.
William Grant
Grant's scotch and Glenfiddich scotch by William Grant are two of the biggest scotch brands in the world. Glenfiddich has gotten a lot of single malt awards.
LVMH
Hennessy by LVMH is the world's largest cognac brand. It is mentioned in many different rap songs.
Constellation
Black Velvet is a big name as far as Canadian whiskies. Svedka vodka is a big name as well.
Patrón Spirits
Patrón is a top shelf tequila that is well known around the world.
Other
There are some high selling vodkas not covered by the companies above including Stolichnaya by Spi, Sobieski by Belvedere and Russian Standard by Roust.
Top liqueurs include De Kuyper, Lebelska by Stock Spirits and Amarula by Distell.
Disaronno is a popular liqueur.
Cristal Champagne by Louis Roederer is referenced regularly in rap music.
Closing Thoughts
This article is a form of cliff notes for those who want to be familiar with the largest spirits brands in the world without having to read through the annual reports of all the companies. The 2011 Cheers article by Clemens Scholl is a nice place to start in this space but it doesn't look at Bacardi, the largest private spirits company in the world. The Spirits Business does a nice job breaking things down even further and ad brands does a good job showing the top premium spirits companies.
Diageo has a large part of the market but there is still room for other companies to thrive. Whiskies have the biggest chunk of sales and vodkas are a large piece of the pie as well. It is ironic that none of the top 3 companies are based in the U.S. given the enormous size of the U.S. spirits market.
Disclosure: Any material in this article should not be relied on as a formal investment recommendation.
Introduction
The purpose of this article is to give an overview of the world's largest spirits brands and companies. Constellation Brands has a broad portfolio of premium wines but their spirts are more of a compliment so they are basically excluded. Brewers are excluded as well.
Sources
Diageo Annual Reports
Pernod Ricard Annual Reports
Bacardi Limited Corporate Responsibility Reports
Brown-Forman Annual Reports
Jim Beam Annual Reports
Gruppo Campari Annual Reports
Rémy Cointreau Annual Reports
Original Sales Numbers
Diageo Sales: 14,594 in GBP million for 2012 per annual report
Pernod Ricard Net Sales: 8,215 (in EUR millions) as of 30.06.2012 per 2012 annual report
Bacardi Limited Net Sales: 4,576 in USD millions for fiscal 2012 per 2012 corporate responsibility report
Brown-Forman Net Sales: 3,614 in USD millions for 2012 (year ended April 30) per 2012 annual report
Jim Beam: 2,466 in USD millions for 2012 ending Dec. 31 GAAP
Gruppo Campari: 1,341 in EUR millions as of Dec 31 per 2012 annual report
Rémy Cointreau Net sales: 1,026 in EUR millions as of March 31 per 2012 annual report
Sales Numbers Converted to USD (in millions)
Diageo: 22,209
Pernod Ricard: 10,569
Bacardi Limited: 4,576
Brown-Forman: 3,614
Beam: 2,466
Gruppo Campari: 1,725
Rémy Cointreau: 1,324
*Exchange rates from May 20, 2013 (1 EUR = 1.2865 USD and 1 GBP = 1.5218 USD)
Market Cap (in millions USD as of May 23, 2013)
The market cap numbers from bloomberg are below.
Diageo bloomberg.com/quote/DEO:US market cap: 72,192m USD
Pernod Ricard bloomberg.com/quote/RI:FP market cap: 33,385m USD (24,950m EUR based on May 20 exchange rate where 1 EUR = 1.2865 USD)
*Bacardi Limited is a private company so there is no market cap.
Brown-Forman bloomberg.com/quote/BF%2FB:US market cap: 15,359m USD
Note that bloomberg uses BF/B instead of BF.B.
Beam bloomberg.com/quote/BEAM:US market cap: 10,792m USD
Rémy bloomberg.com/quote/RCO:FP market cap: 5,873m USD (4,565m EUR based on May 20 exchange rate where 1 EUR = 1.2865 USD)
Campari bloomberg.com/quote/CPR:IM market cap: 4,252m USD (3,305m EUR based on May 20 exchange rate where 1 EUR = 1.2865 USD)
Diageo
Diageo is the world leader for premium drinks. We're looking at their spirit sales, not the 21% of their net sales from beer nor the 4% of their net sales from wine. Diageo is traded on the London stock exchange.
Major Diageo Brands by Volume
Here is how Diageo explains volume in the annual report:
Volume is a non-GAAP measure that has been measured on an equivalent units basis to nine-litre cases of spirits. An equivalent unit represents one nine-litre case of spirits, which is approximately 272 servings. A serving comprises 33ml of spirits, 165ml of wine, or 330ml of ready to drink or beer. Therefore, to convert volume of products, other than spirits, to equivalent units, the following guide has been used: beer in hectolitres divide by 0.9, wine in nine-litre cases divide by five, ready to drink in nine-litre cases divide by 10 and certain pre-mixed products that are classified as ready to drink in nine-litre cases divide by five.Smirnoff vodka
26m units sold. The #1 premium vodka in the world.
Johnnie Walker Scotch whisky
19m units sold. The #1 Scotch whisky in the world.
Captain Morgan rum
10m units sold. The #2 rum brand in the world.
Baileys liqueur
7m units sold. The #1 liqueur in the world.
Crown Royal Canadian whisky
5m units sold. The #1 Canadian whisky in the world.
J&B Scotch whisky
5m units sold. The #5 Scotch whisky in the world.
Jose Cuervo tequila
4m units sold. The #1 premium tequila in the world.
*Diageo has a supply agreement with Casa Cuervo SA de CV for the supply of bulk tequila used to make the Jose Cuervo line in the US through June 2013.
Buchanan's Scotch whisky
2m units sold. The #2 premium Scotch whisky in Latin America.
Ketel One vodka
2m units sold. The #2 super premium vodka in the US.
Cîroc vodka
2m units sold. The #2 ultra premium vodka in the world.
Tanqueray gin
2m units sold. The #1 imported gin in the US.
Windsor Scotch whisky
1m units sold. The #1 super premium whisky in Asia Pacific.
Bushmills Irish whiskey
1m units sold.
Volume numbers from the annual report:
Net sales by category:
1 – Scotch 29%
2 – Beer 21%
3 – Vodka 12%
4 – Ready to drink 7%
5 – Whiskey 6%
6 – Rum 6%
7 – Liqueur 5%
8 – Wine 4%
9 – Gin 3%
10 – Tequila 3%
11 – Other 4%
Net sales by region:
1 – North America 33%
2 – Europe 28%
3 – Africa 13%
4 – Latin America and Caribbean 12%
5 – Asia Pacific 14%
We see that Diageo has 27% of the market share for premium spirits in the annual report. They are clearly the top company in this space:
Pernod Ricard
Pernod Ricard became a powerhouse when they acquired ABSOLUT vodka in 2008. They are the second biggest spirits company in the world behind Diageo.
Major Pernod Ricard Brands by Volume
ABSOLUT vodka
11.4m cases sold. Iconic brand.
Ballantine’s Scotch whisky
6.2m cases sold.
Ricard pastis liqueur
5.2m cases sold.
Chivas Regal Scotch whisky
4.9m cases sold. Iconic brand.
Jameson Irish whiskey
3.9m cases sold.
Havana Club rum
3.8m cases sold.
Malibu liqueur
3.8m cases sold.
Beefeater gin
2.5m cases sold (1.1m in Spain).
Martell cognac
1.9m cases sold.
Kahlúa liqueur
1.7m cases sold.
The Glenlivet Scotch whisky
823k cases sold.
Royal Salute Scotch whisky
211k cases sold.
Seagram's gin and Canadian whisky
Seagram's is popular in the US and Canada.
Sprits category breakdown:
1. Scotch whiskies 21%
2. Vodka 21%
3. Non-scotch whiskies 13%
4. Rum 11%
5. Liqueurs 9%
6. Bitters 6%
7. Tequila 5%
8. Gin 4%
9. Aniseed Spirits 3%
10. Non-cognac brandies 3%
11. Cognac 3%
12. Other spirits 1%
Spirits by region:
1. North America 39%
2. Western Europe 30%
3. Asia 8%
4. CE SAM 7%
5. Eastern Europe 7%
6. travel retail 4%
7. Africa/Middle East 3%
8. Oceania 2%
Bacardi
Bacardi is the largest private spirits company in the world. Seeing as they're private, we don't have as much information about them as we do about the public companies. Still, they disclose total net sales in their Corporate Responsibility Report. Bacardi 151 rum can be dangerous if it isn't treated with respect.
Bacardi rum
World's No. 1 selling rum
Bombay Saphire gin
World's No. 1 selling gin by value
Dewar's blended Scotch whisky
World's most awarded Scotch whisky
Eristoff vodka
One of the fastest growing vodka brands in the world
Grey Goose vodka
World leader in super premium vodka
Martini vermouth
World's No. 1 vermouth.
Brown-Forman
Brown-Forman is the largest US spirits company and it is traded on the NYSE under the BF.A and BF.B ticker symbols. Their Jack Daniel's and Southern Comfort brands are well known around the world.
Jack Daniel's
Earned Best Liquor Brand and Best Premium Spirit Brand in the annual Australian Liquor Industry Awards
Southern Comfort
Born in New Orleans in 1874
Finlandia
The No. 2 premium vodka brand in Europe
Jim Beam
The company could be called Boehm had the family not changed the spelling of their name to Beam. Headquartered in the suburbs of Chicago, the company trades on the NYSE under the BEAM ticker. The company's bourbon is made in Kentucky.
Jim Beam bourbon
Jacob Beam sold his first barrel of bourbon in 1795
Maker's Mark bourbon
Bottles are still hand-dipped with a red wax
Sauza tequila
A full line of premium tequila
Courvoisier cognac
One of the leading cognac houses in the world
Canadian Club whisky
Founded by Hiram Walker in 1858
Teacher's whisky
The No. 3 Scotch whisky in the UK
Pinnacle vodka
The ideal French vodka
EFFEN vodka
Means "smooth, even and balanced" in Dutch
Knob Creek whiskey
Bourbon whiskey popular in the U.S.
Gruppo Campari
Being an Italian company, it isn't surprising that over 29% of Gruppo Campari's sales are in Italy. The company's beginnings date back to 1860.
SKYY vodka
The fewest impurities among leading vodkas with zero carbs
Wild Turkey
Kentucky straight bourbon whiskey
Campari bitter liqueur
Aperol bitter liqueur
Appleton rum
*From March 1, 2013, through wholly owned subsidiary Campari America, the Group acquired
from Kobrand Corporation the distribution and marketing rights of the Appleton rum portfolio in the U.S.
2012 sales by region:
Americas: 34.7%
Italy: 29.2%
Rest of Europe: 25.8%
Rest of world: 10.5%
2012 sales by segment:
Spirits: 76.7%
Wines: 14.6%
Soft drinks: 7.4%
Other: 1.2%
Rémy Cointreau
Rémy Martin is known for its cognac which makes up 60% of its sales.
2012 sales by region:
Asia-Pacific: 37.8%
Americas 31.3%
Europe/Middle-East and Africa: 30.9%
Other Brands and Companies
Edrington Group
Macallan whisky and Cutty Sark whisky are famous in the US. The Famous Grouse is also
a leading brand of scotch.
Mast-Jagermeisters
Jagermeister by Mast-Jagermeisters is a big specialty drink.
William Grant
Grant's scotch and Glenfiddich scotch by William Grant are two of the biggest scotch brands in the world. Glenfiddich has gotten a lot of single malt awards.
LVMH
Hennessy by LVMH is the world's largest cognac brand. It is mentioned in many different rap songs.
Constellation
Black Velvet is a big name as far as Canadian whiskies. Svedka vodka is a big name as well.
Patrón Spirits
Patrón is a top shelf tequila that is well known around the world.
Other
There are some high selling vodkas not covered by the companies above including Stolichnaya by Spi, Sobieski by Belvedere and Russian Standard by Roust.
Top liqueurs include De Kuyper, Lebelska by Stock Spirits and Amarula by Distell.
Disaronno is a popular liqueur.
Cristal Champagne by Louis Roederer is referenced regularly in rap music.
Closing Thoughts
This article is a form of cliff notes for those who want to be familiar with the largest spirits brands in the world without having to read through the annual reports of all the companies. The 2011 Cheers article by Clemens Scholl is a nice place to start in this space but it doesn't look at Bacardi, the largest private spirits company in the world. The Spirits Business does a nice job breaking things down even further and ad brands does a good job showing the top premium spirits companies.
Diageo has a large part of the market but there is still room for other companies to thrive. Whiskies have the biggest chunk of sales and vodkas are a large piece of the pie as well. It is ironic that none of the top 3 companies are based in the U.S. given the enormous size of the U.S. spirits market.
Disclosure: Any material in this article should not be relied on as a formal investment recommendation.
