In the Know Trevor Stirling: Campari & Aperol, The Not-So-Bitter Siblings
Feb 3, 2026
Trevor Stirling, a European beverages analyst, breaks down alcohol consumption shifts and the rise of spritz culture. He compares developed and emerging market trends. He analyzes Campari and Aperol’s brand play, distribution hurdles, M&A risks, leadership changes, and why Aperol’s color and format give it a long growth runway.
AI Snips
Chapters
Transcript
Episode notes
Colour And Process Create Moats
- Aperol's distinct orange colour and complex production process are key brand moats.
- Both colour and flavour are hard to replicate, supporting durable differentiation.
Huge Growth Runway Remains
- Aperol grew roughly 20–25% annually for decades, showing persistent consumer appeal.
- Significant upside remains in markets like the UK, Germany and the US where penetration is low.
Geography Shapes Growth Potential
- Aperol's US penetration is tiny versus Italy, so moderate adoption yields outsized growth.
- Lack of cheap sparkling-wine culture in emerging markets limits near-term expansion there.