New York, US, Jan. 26, 2023 (GLOBE NEWSWIRE) -- Liqueur Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), Liqueur Market Research Report: by Type, Distribution Channel, and Region—Forecast till 2030, Liqueur Market is projected to register a CAGR of 3.19% and reach a value of USD 166.2 billion by 2030.
Market Scope:
Cocktails known as "mixers" combine high-quality spirits with various ingredients to create a unique taste. The growth of the market is anticipated to be fuelled by a rapidly expanding youth population and rising disposable income. Mixers are becoming increasingly popular as consumers seek to customize their liqueurs to their individual tastes. It is expected that the burgeoning liqueur sector will be fuelled by the other industry's rapid expansion, which can be traced back to the rising demand for sporting activities.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 166.2 billion |
| CAGR | 3.19% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | by Type, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | demand for natural-based mixers among health-conscious females |
| Developing interest for top caliber and premium lager |
Competitive Dynamics:
The major players covered in the liqueur beverages market report are:
- E & J Gallo,
- William Grant & Sons,
- Boston Beer, Miller Coors,
- Diageo,
- Treasury Wine Estates,
- Jose Cuervo,
- Constellation Brands,
- Beam-Suntory,
- Mast-Jaegermeister,
- Bacardi,
- Pernod Ricard,
- Edrington Group,
- Brown-Forman,
- Pabst Brewing,
- Anheuser-Busch,
- Carlsberg,
- China Resource Enterprise,
- Accolade Wines,
- Vina Concha y Toro,
- Torres, Heineken,
- The Wine Group,
- Craft Brew Alliance Inc.,
- Molson Coors Brewing Co.,
- Hazelwood International Holdings Plc and
- Bundaberg Brewed Drinks Pty Ltd.
Market USP:
Market Drivers
The desire for natural-based mixers among health-conscious women is largely responsible for the meteoric rise in popularity of healthy liqueur beverages. There is a clear trend toward increasing demand for alcohols derived from natural sources, and mixers are available in a wide range of flavors and preparation styles to accommodate this trend. Manufacturers are responding to this rising interest by releasing natural claim to fame spirits.
Market expansion is anticipated to be aided by lifestyle shifts and rising popularity of cocktails in developing economies. However, the high price of liqueurs in many countries would likely slow the growth of the liqueur business.
Demand for innovative products in the multibillion dollar global alcohol and prestige spirit industry. Manufacturers of alcohols and specialty spirits are working tirelessly to differentiate their products and increase their brand value in an extremely competitive industry. To diversify their offerings, a number of companies now offer cocktails made with a blend of premium rum and tequila.
The growth of the global alcohol market can be attributed in large part to rising disposable income and rising urbanization, both of which are fueling an increase in urban consumers' propensity to indulge in alcoholic beverages. Growth in the global alcohol market is anticipated to be driven by factors such as the increasing prevalence of social events, the increasing demand for alcoholic beverages in countries with relatively cool climates, and the consistent innovations in finished products, such as the many types of liqueurs drinks introduced by manufacturers.
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Market Restraints
However, future expansion is anticipated to be constrained by the market's lack of penetration in developing nations and the expanding sport drink sector caused by rising health concerns.
COVID-19 Analysis:
The liqueurs industry has suffered during the exceptional CoVD-19 outbreak. Because of the widespread closure of businesses during the epidemic, the liqueurs industry has taken a hit. Furthermore, the shipping and delivery of liqueurs products worldwide have been disrupted by delays and disturbances at country borders.
Exporters in both developing and affluent countries have faced difficulties as a result of the global coronavirus pandemic. Because of the varied approaches used by countries throughout the world to combat COVID-19, the difficulties faced by the exporters of liqueurs goods are likely to continue for some time to come.
Producers have responded to the COVID-19 pandemic by increasing their online sales of liqueurs in order to reach more people. Curfews and other forms of social isolation have a negative impact on both local and overseas production, which slows the expansion of the market as a whole. Key difficulties exporters face during this pandemic include import and export restrictions and quarantine and lockdown measures enforced by governments.
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Market Segmentation:
By Type
Coffee liqueur has gained traction in the past couple of years and is expected to record a substantial CAGR over the review period.
By distribution channel
Food Service segment is likely to expand at a notable CAGR over the review period. The retail segment held the major share in the market and is projected to remain dominant during the forecast period.
Regional Analysis:
North America's strong per capita income makes the region a likely leader in the worldwide liqueur business. The hospitality sector's growing thirst is also expected to fuel growth in the liqueur market. With a younger population and rising disposable income, Asia-Pacific is expected to lead the world in growth. According to the Liqueur Market research, more disposable income means more money can be spent on leisure activities, which is projected to boost the liqueur market in this area. Several countries in South America, such as Argentina and Brazil, are forecast to grow gradually due to rising disposable income and a burgeoning hospitality industry. Key suppliers being located there, more breweries opening up shop, an increase in interest in craft spirits, and higher household incomes are all major contributors to the area's economic expansion. Also, the craft spirit business in the Americas has been growing thanks to the increased demand for liqueurs beverages that has resulted from the pandemic and related lockdowns, mainly in the United States, Canada, and Mexico.
Growth in the region's young adult population, combined with rising demand for premium liqueurs, bodes well for the market for these spirits across Asia and the Pacific. During the projection period in Asia-Pacific, demand for liqueurs is anticipated to rise the most in emerging economies like China and India. Large increases in personal income in the area are mostly responsible for this trend.
In contrast, Europe is forecasted to have the highest growth, followed by LAMEA, as a result of an expanding liqueur-drinking population and creative marketing initiatives by major industry participants.
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