Portland, OR, Jan. 20, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global Non-alcoholic Spirits Market garnered $281.1 million in 2021, and is estimated to generate $642.4 million by 2031, manifesting a CAGR of 8.7% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2021–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $281.1 million |
| Market Size in 2031 | $642.4 million |
| CAGR | 8.7% |
| No. of Pages in Report | 259 |
| Segments covered | Product Type, Category, Distribution Channel, and Region. |
| Drivers | The growth in middle-class population The growing consumer preference for healthy food and beverage products The health benefits associated with the consumption of non-alcoholic spirits |
| Opportunities | The availability of low-sugar and sugar-free products from various manufacturers |
| Restraints | The product's high cost |
Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic had a positive impact on the growth of the global non-alcoholic spirits market. The interest for product having low and no-alcohol content increased abruptly, because of the health-related concerns across the globe.
- During the pandemic manufacturers were focused on creating innovative products to meet the increasing consumer shift towards non-alcoholic spirits. Strong global concerns about the pandemic positively influenced the global non-alcoholic spirits industry as pandemic shifted consumers focus on healthy food & beverage alternatives.
The research provides detailed segmentation of the global non-alcoholic spirits market based on Product Type, Category, Distribution Channel, and Region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
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Based on product type, the whiskey segment held the highest share in 2021, accounting for around one-third of the global non-alcoholic spirits market, and is expected to continue its leadership status during the forecast period. However, the tequila segment is expected to register the highest CAGR of 9.4% from 2022 to 2031.
Based on category, the conventional segment accounted for the highest share in 2021, contributing to more than 90% of the global non-alcoholic spirits market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the organic segment is expected to manifest the highest CAGR of 9.2% from 2022 to 2031.
Based on distribution channel, the food retail segment accounted for the highest share in 2021, holding nearly three-fifths of the global non-alcoholic spirits market, and is expected to continue its leadership status during the forecast period. This segment is estimated to grow at the highest CAGR of 8.9% during the forecast period.
Based on region, Europe held the largest share in 2021, contributing to nearly half of the global non-alcoholic spirits market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the Asia-Pacific region is expected to manifest the fastest CAGR of 9.8% during the forecast period. The research also analyzes regions including North America and LAMEA.
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Leading market players of the global non-alcoholic spirits market analyzed in the research include la martiniquaise, Rheinland Distillers GmbH, Escape Mocktails, Everleaf Drinks, Lyre's Spirit Co, Diageo plc., Spirits of Virtue, Caleño, Aplós, Spiritless Inc., Drink Monday, Salcombe Distilling Co, Ritual Zero Proof, Ecology & Co., Elegantly Spirited LTD., Pernod Ricard, Bacardi Limited, ArKay Beverages LTD., ALTD SPIRITS, FLUÈRE.
The report provides a detailed analysis of these key players of the global non-alcoholic spirits market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
