Covina, Oct. 03, 2023 (GLOBE NEWSWIRE) -- Liqueur an alcoholic beverage flavored with fruits, herbs, flowers, spices, creams and nuts that are combined with distilled spirits. It contains more amount of sugar and are used as flavoring agent in cocktail while, Amaretto, Bailey’s, Disaronno, Curacao are some examples of liqueur.
Growing urban population coupled with increased economic status and increased demand for premium products across globe have become major contribution in target market growth.Increasing social acceptance for consumption of alcohol in some culture and growing demand for beverages with low alcohol content among individuals are other factors expected to fuel growth of the global Liqueur market over the forecast period.
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Scope:
The liqueur market is a global market that includes a wide variety of alcoholic beverages that are typically flavored with fruits, herbs, spices, or other natural ingredients. Liqueurs are often used in cocktails and mixed drinks, but they can also be enjoyed on their own.
The liqueur market can be segmented by type, brand and geography.
Segmentation by Type
The liqueur market can be segmented by type as follows:
- Cream liqueurs: These liqueurs are made with a base of cream or milk and are typically flavored with vanilla, coffee, or chocolate.
- Fruit liqueurs: These liqueurs are made with a base of fruit juice or distillate and are typically flavored with citrus fruits, berries, or tropical fruits.
- Coffee liqueurs: These liqueurs are made with a base of coffee and are typically flavored with vanilla, chocolate, or caramel.
- Herbal and spice liqueurs: These liqueurs are made with a base of herbs and spices, such as mint, ginger, or cinnamon.
- Other liqueurs: This category includes a variety of liqueurs that do not fit neatly into the other categories, such as amaretto, triple sec, and schnapps.
Segmentation by Brand
Some of the leading brands in the liqueur market include:
- Bacardi
- Diageo
- Pernod Ricard
- Brown-Forman
- Beam Suntory
- Gruppo Campari
- William Grant & Sons
- Gruppo Montenegro
- Jägermeister
- Belvedere
- Luxco
- Sazerac
Segmentation by Geography
The liqueur market can be segmented by geography as follows:
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
Some of the key trends driving the growth of the liqueur market include:
- Increasing demand for premium and craft liqueurs
- Growing popularity of cocktails and mixed drinks
- Rising disposable incomes in developing countries
- Increasing awareness of the health benefits of certain liqueurs, such as those made with herbs and spices
Market Challenges
Some of the key challenges facing the liqueur market include:
- Competition from other alcoholic beverages, such as beer, wine, and spirits
- Strict government regulations on the production and sale of alcoholic beverages
- Health concerns associated with alcohol consumption
Key Highlights:
- In September 2022, Diageo acquired the Australian premium cold brew coffee liqueur, Mr. Black which has become the leading premium-priced coffee liqueur in U.S. This acquisition will strengthen the Diageo’s position in Liqueur market.
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Market Outlook
The liqueur market is expected to reach USD 150 billion by 2028, growing at a CAGR of 6% during the forecast period. The market is being driven by increasing demand for premium and craft liqueurs, the growing popularity of cocktails and mixed drinks, and rising disposable incomes in developing countries.
Analyst View:
Rising young-adult population worldwide and increased consumption of high quality liqueurs has become a leading factor in target market growth. Presence of major players and innovative packaging plays a vital role in attracting the consumers is expected to create lucrative opportunity in the Liqueur market.
Competitive Players:
The prominent player operating in the global liqueur market includes
- Bacardi Limited,
- Beam Suntory Inc.,
- Brown-Forman Corporation,
- Diageo Plc,
- Davide Campari-Milano S.p.A.,
- Girolamo Luxardo S.p.A,
- Lucas Bols B.V.,
- Mast-Jägermeister SE,
- Pernod Ricard SA,
- Remy Cointreau SA.
Conclusion
The liqueur market is a large and growing market with a wide variety of products to choose from. The market is being driven by a number of factors, including increasing demand for premium and craft liqueurs, the growing popularity of cocktails and mixed drinks, and rising disposable incomes in developing countries.
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