The global spirits market in 2025, a value of USD 61,784.2 million, with steady growth will increase to USD 87,152.7 million in the year 2035, that is CAGR (compound annual growth rate) of 3.5%

Metric	Value
Market Size (2025E)	USD 61,784.2 million
Market Value (2035F)	USD 87,152.7 million
CAGR (2025 to 2035)	3.5%

Country-wise Insights

Country	CAGR (2025 to 2035)
United States	3.6%

Country	CAGR (2025 to 2035)
United Kingdom	3.4%

Region	CAGR (2025 to 2035)
Europe	3.5%

Country	CAGR (2025 to 2035)
Japan	3.3%

Country	CAGR (2025 to 2035)
South Korea	3.2%

Segmentation Outlook - Spirits Market

By Product Type	Market Share (2025)
Whiskey	34.7%

By Category	Market Share (2025)
Premium	61.4%

Competitive Outlook

Company Name	Estimated Market Share (%)
Diageo plc	18 - 20%
Pernod Ricard SA	14 - 16%
Brown-Forman Corporation	12 - 14%
Bacardi Limited	10 - 12%
Constellation Brands, Inc.	8 - 10%
Other Companies (combined)	28 - 38%

The Spirits Market Report is Segmented by Product Type (Brandy and Cognac, Rum, Tequilla and Mezcel, White Spirits, Whiskies, and More), by End User (Male and Female), by Distribution Channel (On-Trade and Off-Trade) and by Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The Market Forecasts are Provided in Terms of Value (USD).

In 2024, beer accounted for an estimated ** percent of the U.S. alcohol industry market. Wine's share of the market declined to its lowest level in decades in that year. Alcoholic beverage sales in the U.S. In 2022, total alcoholic beverage sales numbers in the United States reached nearly *** billion U.S. dollars. U.S. sales numbers had been increasing for years prior to the COVID-19 pandemic. Supplier gross revenue was highest in the spirits segment at ***** billion U.S. dollars. Leading beer brands With sales of nearly ***** billion U.S. dollars, Bud was the leading brand of beer in the United States. Introduced in 1982, Bud Light is one of the world’s top-selling light beer lagers. Top competitor Michelob ranked second with roughly *** billion dollars in sales that year.

The United States Spirits Market Report Segments the Industry Into Product Type (Brandy and Cognac, Liqueur, Whiskies, Rum, White Spirits, Tequilla and Mezcel, and Other Spirit Types; by End User (Men and Women); by End User (Men and Women); Distribution Channel (On-Trade, and Off-Trade), and Region (Northeast, Midwest, South, West). The Market Forecasts are Provided in Terms of Value (USD).

The global alcoholic beverages market size was valued at USD 1,616.59 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 1,996.7 Billion by 2033, exhibiting a CAGR of 2.30% from 2025-2033. Europe currently dominates the market, holding a market share of over 45.0% in 2024. The market is fueled by robust cultural norms of alcohol use, established production facilities, high per capita consumption, and stable demand for high-end wines, beers, and spirits through both on-trade and off-trade.

Report Attribute	Key Statistics
Base Year	2024
Forecast Years	2025-2033
Historical Years	2019-2024
Market Size in 2024	USD 1,616.59 Billion
Market Forecast in 2033	USD 1,996.7 Billion
Market Growth Rate 2025-2033	2.30%

IMARC Group provides an analysis of the key trends in each segment of the global alcoholic beverages market, along with forecast at the global, regional, and country levels from 2025-2033. The market has been categorized based on category, alcoholic content, flavor, packaging type, and distribution channel.

The Alcoholic Beverages Market Report is Segmented by Product Type (Beer, Wine, Spirits, Others), End User (Male, Female), Packaging Type (Bottles, Cans, Others), Distribution Channel (On-Trade, Off-Trade), and Geography (North America, Europe, Asia-Pacific, South America, Middle East and Africa). The Market Forecasts are Provided in Terms of Value (USD).

This statistic shows data on the market share of liqueurs in the spirits market in Germany from 2015 to 2023. Liqueurs are the most important product segment in the German spirits market. In 2023, they had a market share of **** percent.

The global specialty spirits market size was valued at USD 32.57 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 47.84 Billion by 2033, exhibiting a CAGR of 4.15% during 2025-2033. North America currently dominates the market, holding a significant market share of 46.5% in 2024. The rising preference for healthy alcoholic drinks across the globe, increasing expenditure capacities of consumers, and introduction of low alcohol by volume (ABV) specialty spirits represent some of the key factors driving the market. Moreover, the growing consumer interest in premium, craft, and small-batch products, along with a desire for unique flavor experiences further supports the specialty spirits market share and its evolving consumer preferences.

Report Attribute	Key Statistics
Base Year	2024
Forecast Years	2025-2033
Historical Years	2019-2024
Market Size in 2024	USD 32.57 Billion
Market Forecast in 2033	USD 47.84 Billion
Market Growth Rate 2025-2033	4.15%

IMARC Group provides an analysis of the key trends in each segment of the global specialty spirits market, along with forecasts at the global, regional, and country levels from 2025-2033. The market has been categorized based on product type, and distribution channel.

Snapshot img

Premium Spirit Market Size 2024-2028

The premium spirit market size is forecast to increase by USD 54.8 billion at a CAGR of 6.55% between 2023 and 2028.

What will be the Size of the Premium Spirit Market During the Forecast Period?

To learn more about the market report, Request Free Sample

The premium spirits market has witnessed significant growth in recent years, with consumers increasingly seeking authentic beverages that offer superior taste and quality. This trend is not limited to any specific demographic but has gained traction among various age groups, particularly those with a discerning palate. The alcohol industry has seen a shift towards premiumization, with consumers willing to pay a premium for spirits that offer unique flavors and distinct aromas. This trend is driven by several factors, including lifestyle changes, social media influence, and the desire for authentic experiences. Technology is playing an essential role in every aspect of the value chain, from production to marketing. Despite challenges, the market is expected to continue its growth trajectory, driven by consumer preferences and innovative product offerings.

One of the key factors fueling the growth of the premium spirits market is the millennial generation. This demographic is known for its preference for experiences over material possessions and is willing to spend on high-quality drinks, especially when it comes to cocktails. Margaritas, martinis, manhattans, and other classic cocktails continue to be popular choices, with consumers seeking out authentic recipes and bartending skills. Another factor driving the growth of the premium spirits market is the increasing popularity of DIY cocktails and spirit-based RTD mixes. With the rise of mixology, consumers are experimenting with herbs and spices to create unique and personalized drinks at home.

This trend has led to an increase in demand for high-quality liquor and alcoholic spirits, as consumers seek to create authentic and delicious cocktails. Restaurants and bars have also played a significant role in the growth of the premium spirits market. These establishments have recognized the demand for premium products and have responded by offering a wider range of spirits and cocktails along with RTD alcoholic beverages. Tourists, in particular, are drawn to these establishments, seeking out new and authentic experiences. The premium spirits market is not just about taste and quality, but also about the medical benefits associated with moderate alcohol consumption.

Distillers have responded to this trend by producing spirits that offer health benefits, such as those made with natural ingredients and low sugar content. In conclusion, the premium spirits market is experiencing steady growth, driven by factors such as lifestyle changes, social media influence, and the desire for authentic experiences. Consumers are willing to pay a premium for high-quality spirits, particularly when it comes to cocktails, and the alcohol industry is responding by offering a wider range of premium products. including craft spirits. The future of the premium spirits market looks bright, with continued innovation and a focus on authenticity and quality.

Premium Spirit Market Segmentation

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Distribution Channel

  Off-trade
  On-trade


Product

  Vodka
  Whisky
  Rum
  Brandy
  Others


Geography

  Europe

    Germany
    UK
    France


  APAC

    China


  North America

    US


  South America



  Middle East and Africa

By Distribution Channel Insights

The off-trade segment is estimated to witness significant growth during the forecast period. In the off-trade market for premium spirits in North America, key players include distillers and retailers such as supermarkets and hypermarkets. These retailers maintain large inventories of various alcoholic spirits brands, providing consumers with a diverse selection. Supermarkets and hypermarkets are witnessing growth due to the expansion of their retail footprint, with companies like Aldi planning to open 120 new stores in the US by 2023. Other major retailers also contribute significantly to the market. The convenience of being able to purchase a wide range of premium spirits under one roof is a significant factor driving sales in this channel.

The quality of spirits is a crucial factor influencing consumer preferences. Distillers use herbs and spices to enhance the taste and aroma of their products. Social media influence plays a role in shaping consumer trends and preferences. However, high taxes on alcoholic beverages can impact sales.

Get a glance at the market share of various segments. Request Free Sample

The o

Diageo Plc was the leading spirits company in the United Kingdom in 2022. In that year, the company's products accounted for 30.4 percent of the spirits market in the country.

Snapshot img

Spirits Market Size 2025-2029

The spirits market size is forecast to increase by USD 158.1 billion at a CAGR of 4.3% between 2024 and 2029.

The market is experiencing significant growth, driven by the increasing demand for high-quality, premium spirits. Consumers are willing to pay a premium for authentic and superior tasting spirits, leading to a shift in market dynamics towards niche and super-premium offerings. Additionally, the rise in popularity of low-alcohol or alcohol-free spirits, caters to health-conscious consumers, expanding the market's reach. However, this burgeoning market faces challenges, including the increase in the availability of counterfeit spirit products. These counterfeits not only affect the brand reputation of market companies but also pose a threat to consumer safety. Companies seeking to capitalize on market opportunities must focus on product innovation, quality assurance, and brand protection strategies.
Effective supply chain management and collaboration with regulatory bodies can help mitigate the risks associated with counterfeit products and maintain consumer trust. In summary, the market presents both challenges and opportunities, with increasing demand for premium and low-alcohol spirits driving growth, while the proliferation of counterfeit products necessitates a focus on brand protection and quality assurance. Companies that navigate these challenges effectively will be well-positioned to capitalize on the market's potential.

What will be the Size of the Spirits Market during the forecast period?

Request Free Sample

The market encompasses the production and sale of distilled beverages, including hard liquor and flavored spirits, within the broader alcoholic drinks industry. This market exhibits growth, driven by consumer preferences for premiumization and innovation. Alcoholic fermentation and distillation processes are used to create a wide range of alcoholic beverages, with varying alcohol contents and flavors. The Distilled Spirits Council reports that spirits account for a significant portion of global alcohol consumption. Key trends include the rise of premium spirits and the introduction of new, unique flavors to cater to evolving consumer tastes.
Beverage firms continue to invest in research and development to meet these demands and expand their offerings. The market's size and direction reflect the industry's ongoing evolution and adaptability to consumer preferences.

How is this Spirits Industry segmented?

The spirits industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Type

  Whisky
  Brandy
  Rum
  Gin
  Others


Distribution Channel

  Off-trade
  On-trade


Product Type

  Mass
  Premium
  Super premium
  Luxury


Geography

  Europe

    France
    Germany
    Spain
    UK


  APAC

    China
    India
    Japan


  North America

    US
    Canada


  South America

    Brazil


  Middle East and Africa

By Type Insights

The whisky segment is estimated to witness significant growth during the forecast period. Whisky, a category of distilled beverages, showcases a diverse range of types, each with unique flavors and characteristics. Notably, Scotch whisky, originating from Scotland, is celebrated for its tradition and craftsmanship. This spirit can be classified as single malt, produced from malted barley in a single distillery, or blended, combining malt and grain whiskies from various distilleries. Flavors vary from smoky and peaty in Islay malts to the more delicate and fruity notes in Highland and Speyside whiskies. Glenfiddich, a subsidiary of William Grant and Sons Ltd, is a prominent player in the global spirits industry. They offer a wide range of expressions, highlighting the rich heritage and craftsmanship of the Scottish tradition.

The alcoholic beverages sector encompasses various categories, including spirits, beer, and probiotic drinks. Premium spirits, such as whisky, are gaining popularity due to the premiumization trend in the beverage industry. Alcoholic drinks are produced through alcoholic fermentation, with an alcohol content ranging from 14% to 60%. Hard liquors, like whisky, are distinct from beer and probiotic drinks, which undergo different production processes. Alcohol retailers play a crucial role in the distribution of these beverages, while alcohol advertising influences consumer preferences.

Craft Whiskey, Craft Vodka, Premium Spirits, and Specialty Spirits are popular segments in the market. Craft Distilleries, Artisanal Blends, and Handcrafted Spirits are also gaining traction, offering consumers unique and authentic experiences. Flavored Spirits, such as flavored whiskies, add to the diversity of the market. The market is a dynamic and divers

The Craft Spirits Industry is Segmented by Product Type (Whiskey, Gin, Vodka, Brandy, and Other Types), by Ingredient (Grain-Based, Fruit-Based, Agave-Based, and Others), by Distribution Channel (On-Trade and Off-Trade), and by Geography (North America, Europe, Asia-Pacific, South America, and Middle East and Africa). The Market Forecasts are Provided in Terms of Value (USD).

The Global Alcohol market size was US$ 1467.74 billion in the year 2021 and is projected to reach 1885.44 billion by 2029, at a CAGR of 3.18%. In Terms of Revenue, Liquor Stores was the Leading segment with 54.89% Share of Total Alcohol market. In Terms of Revenue, Beer was the Leading segment with 43.98% Share of Total Alcohol market. North America was the dominated region with 43.98% of total revenue market share. Market Dynamics of Alcohol Market

Key Drivers for Alcohol Market

Premiumization and the growing popularity of craft beverages

Consumers are increasingly seeking out new experiences and are willing to play more for high-quality, craft or premium beverages, with diverse styles, innovative brewing techniques and unique flavors. Social media platforms are playing a significant role in promoting craft and premium alcohol brands, increasing consumer awareness and interest. The rise in microbreweries offering unique artisanal flavors and the rise of tourism and experiential consumption are attracting enthusiasts globally.

For instance, India is an emerging market in the craft beer segment with approximately 300 microbreweries active at present. There is a significant rise in craft beer demand, particularly in metropolitan cities like Bengaluru, Pune, Mumbai and Delhi. The number is expected to triple by 2030.

(Source:https://www.business-standard.com/companies/start-ups/optimistic-capital-launches-india-s-first-microbrewery-focused-fund-124092400004_1.html )

Growing Social Drinking Culture Among Young People: Millennials and Generation Z are shaping consumption trends through social events, nightlife, and travel experiences. Alcoholic beverages, particularly ready-to-drink (RTD) and flavored options, are increasingly marketed as lifestyle accessories.

Key Restraints for Alcohol Market

Strict government regulations in the beer industry pose a challenge

The global alcohol market faces several restraints. Government regulations and restrictions is one such restraint that adversely affects the growth of the market by limiting advertising, restricting sales and impacting consumer behavior. Governments across many regions restrict the advertising of alcohol, given the concerns about public health and addiction. Such restrictions limit the effectiveness of marketing campaigns, making it harder for alcohol brands to reach consumers.

For instance, the alcohol industry in India operates within one of the most complex regulatory frameworks in the world. Regulations vary from state to state, making the sector a challenging arena for alcohol brands This makes it difficult to move production between states and navigate different tax structures and duties.

Some regions, like the Middle East have strict laws which limits alcohol consumption and drives demand for non-alcoholic alternatives instead.

(Source:https://www.financialexpress.com/business/brandwagon-adapting-to-complexity-indias-alcohol-industry-faces-regulatory-hurdles-and-consumer-demands-3598761/ )

Health Awareness and Lifestyle Shifts: An increasing awareness of the health risks associated with alcohol—such as liver disease, mental health issues, and addiction—is resulting in decreased consumption among certain demographics. The sober-curious trend and the rise of non-alcoholic alternatives are also exerting pressure on alcohol sales.

Supply Chain Disruptions and Raw Material Volatility: The alcohol sector is susceptible to variations in the availability of essential ingredients such as barley, grapes, hops, and sugarcane. Factors like climate change, geopolitical tensions, and transportation delays impact production schedules and cost frameworks.

Key Trends for Alcohol Market

Increase in No- and Low-Alcohol Options: Consumers pursuing moderation are propelling the expansion of alcohol-free beers, wines, and spirits. These offerings provide comparable flavors and branding while minimizing health risks, establishing a significant segment in both retail and on-premise markets.

Digital Sales Platforms and Direct-to-Consumer Approaches: E-commerce sites and alcohol delivery applications are revolutionizing the way beverages are delivered to consumers. Direct-to-consumer strategies facilitate tailored marketing, subscription services, and wider accessibility, particularly during spikes in off-premise consumption.

Cultural and Regional Fusion Be...

The Alcoholic Spirits Market, valued at USD 1.6 trillion in 2024, is projected to reach USD 2 trillion by 2033, growing at a CAGR of 2.5%. Market growth is fueled by premiumization trends, rising cocktail culture, expanding global consumption, and innovations in craft distillation and sustainable production practices

The global dark spirits market value reached around USD 105.10 Billion in 2024 due to increasing popularity of premium craft spirits, particularly among millennials. Brands like Bulleit Bourbon and Havana Club Rum have gained traction for their artisanal production methods and distinctive flavours. As a result, the industry is expected to grow at a CAGR of 6.50% during the forecast period of 2025-2034 to attain a value of USD 197.29 Billion by 2034. The growing interest in spirit tourism, exemplified by distilleries like Jack Daniel's Distillery in Tennessee offering tours and tastings, contributes to market growth.

Market Summary of Distilled Spirits:

• The Global Distilled Spirits market size in 2023 was XX Million. Distilled Spirits Industry's compound annual growth rate (CAGR) was XX% from 2024 to 2031. • Due to the increase in the youth population and the buying power of consumers, the demand for Alcoholic beverages drives the market of Distilled Spirits. • The dominating segment is the Whiskey segment because premium and craft spirits are becoming more and more popular, and there is a growing respect among consumers for whisky. • The COVID-19 epidemic had a mixed effect on the distilled spirit market. The demand for distilled spirits significantly decreased as a result of the introduction of lockdowns, but customers started making more purchases to be consumed at home, which increased off-trade sales through retail and Internet channels. • The world market for distilled spirits is dominated by North America as spirits are highly valued and consumed throughout North America, which boasts a sizable and varied consumer base.

Market Dynamics:

Key Drivers of Distilled Spirits

An increase in the demand for Alcoholic beverages drives the market of Distilled Spirits. 

One important element driving the market's growth is the increased demand for alcoholic beverages among the world's continually expanding adult and youthful demographic. For Instance, according to Statista, It was projected that India's alcohol consumption would increase from approximately five billion liters in 2020 to approximately 6.21 billion liters by 2024. There are several reasons for the rise in the consumption of these drinks, including growing levels of disposable income and an increasing number of people living in cities.(Source: https://www.statista.com/statistics/727026/consumption-of-alcoholic-beverages-india/#:~:text=Alcohol%20consumption%20in%20India%20amounted,growing%20urban%20population%20among%20others.)A wide variety of spirits outside of the mainstream offerings are being explored by customers due to their increasing appreciation for workmanship and distinctiveness. Furthermore, the expansion of distribution channels, such as stores in airports, internet sales, and separate counters for women fuels the demand for alcoholic beverages, which in turn propels the growth of the market for distilled spirits. Since customer tastes and preferences are a major factor in the demand for these products, research and development (R&D) is crucial to the distillery spirits industry. People consume alcohol due to various reasons because alcohol has certain effects, some people drink alcohol because they want to have fun. Alcohol can induce feelings of calm because it slows down the central nervous system (CNS). For this reason, individuals use alcohol as a coping method when they're feeling stressed, anxious, or experiencing other negative emotions. Some people use alcohol as a means of escaping the different stresses in their lives.Hence, while all alcoholic drinks are considered to be spirits or hard liquor, not all spirits are alcoholic drinks. These are manufactured by distillation and typically contain more alcohol than other alcoholic beverages. So, it can be said that people consume any alcoholic drink and it is related to the distiller spirits. due to an increase in the number of people consuming alcoholic beverages, the market for distilled spirits is thus growing.

Due to the increase in the youth population and the buying power of consumers, the distilled spirits market is increasing. 

Young people consume alcohol or distilled spirits in large quantities for a variety of reasons, such as curiosity, experimenting, and trying to blend in. Teenagers often go through phases of experimentation, but excessive drinking can also result in binge drinking, drunk driving, and risky sexual behavior. While it might be challenging to stop youngsters from experimenting with alcohol, parents and carers can promote more responsible drinking practices. Compared to other age groups, young adults consume more alcohol and engage in binge drinking more frequently. Additionally, they drink more heavily and suffer more from the bad effects of drinking. Those between the ages of 18 and 29 have significantly greater rates of alcohol addiction and dependency than people in ot...

European Spirits Market Size Value Share by Country (Euros), 2023 Discover more data with ReportLinker!

Discover the latest insights on the global spirits market, projected to reach $288.39 billion by 2025 with a 2.0% CAGR. Explore key trends, regional growth, leading brands (Diageo, Pernod Ricard, etc.), and future opportunities in this dynamic industry. Analyze market segmentation by spirit type and application.

Spirits Market Outlook

According to our latest research, the global spirits market size reached USD 483.2 billion in 2024, driven by robust demand across both mature and emerging economies. The market is projected to expand at a steady CAGR of 4.5% from 2025 to 2033, reaching an estimated USD 711.9 billion by 2033. This growth is primarily fueled by evolving consumer preferences, premiumization trends, and the continuous innovation in product offerings. As per our comprehensive analysis, the spirits industry is witnessing significant transformation, propelled by rising disposable incomes, expanding urban populations, and a growing appreciation for craft and premium spirits worldwide.

One of the most prominent growth factors in the spirits market is the ongoing shift toward premium and super-premium product segments. Consumers globally are increasingly seeking high-quality, artisanal, and authentic spirits, often associating these options with superior taste, craftsmanship, and exclusivity. This premiumization trend is particularly evident among millennials and Gen Z consumers, who are willing to pay a premium for unique flavors, limited editions, and brands with compelling narratives. As a result, established players and emerging craft distilleries alike are investing heavily in product innovation, packaging, and marketing to capture this lucrative segment, further propelling overall market growth.

Another key driver is the rapid expansion of distribution channels, especially the proliferation of online retail platforms. The digital transformation of the alcoholic beverages sector has made it easier for consumers to access a diverse array of spirits from the comfort of their homes. Online retail not only offers convenience but also enables brands to engage directly with consumers, provide personalized recommendations, and launch targeted marketing campaigns. Moreover, the COVID-19 pandemic accelerated the adoption of e-commerce in the spirits industry, a trend that has continued post-pandemic, contributing to sustained sales growth and market penetration across various regions.

The spirits market is also benefitting from the globalization of taste preferences and the increasing popularity of cocktail culture. International travel, exposure to global cuisines, and the influence of social media have broadened consumer palates, leading to a surge in demand for diverse spirits such as tequila, gin, and premium liqueurs. Bars, restaurants, and hospitality venues are continually innovating with new cocktails and curated experiences, further stimulating demand for a wide range of spirits. This cultural shift, combined with aggressive marketing by major brands and the rise of home mixology, is expected to sustain the upward trajectory of the global spirits market in the coming years.

Regionally, the market outlook remains highly dynamic, with Asia Pacific emerging as the fastest-growing region due to its expanding middle class, urbanization, and changing lifestyle trends. Meanwhile, North America and Europe continue to dominate in terms of market share, supported by strong consumption patterns and a mature on-trade sector. Latin America and the Middle East & Africa are also exhibiting promising growth, driven by increasing disposable incomes and evolving consumer behaviors. Each region presents unique opportunities and challenges, influencing the strategic approaches of leading market players.

Product Type Analysis

The product type segment in the spirits market encompasses a wide range of categories, including whiskey, vodka, rum, gin, tequila, brandy, liqueurs, and others. Whiskey remains a dominant force, accounting for a significant share of global spirits consumption due to its rich heritage, diverse flavor profiles, and strong brand loyalty. The popularity of whiskey is particularly pronounced in North America, Europe, and parts of Asia, where both established brands and craft distilleries are continually innovating to meet evolving consumer preferences. The emergence of premium and single malt whiskeys has further elevated the segment, attracting discerning consumers and driving value growth.

Vodka continues to be one of the most versatile and widely consumed spirits globally. Its neutral flavor profile makes it a staple ingredient in a variety of cocktails, appealing to a broad demographic. The vodka segment has seen a surge in flavored a

The global spirits market size was valued USD 450.21 Billion in 2022 and is expected to expand to USD 590.22 Billion by 2030 at a CAGR of 3.44%.