Wilmington, Delaware, April 15, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Cream Liqueur Market by Source (Milk, Coconut, Almond, Oat, and Others), Flavor (Chocolate, Caramel, Vanilla, Strawberry, and Others), and Distribution Channel (On Trade and Off Trade): Global Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, the global cream liqueur market was valued at $2.3 billion in 2019, and is projected to reach $4.6 billion by 2029, registering a CAGR of 10.5% from 2023 to 2029.
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Prime determinants of growth
Rise in participation in outdoor activities is driving the growth of the cream liqueur market. However, growth of the cream liqueur market is restricted by seasonal demand fluctuations. On the other hand, expanding markets in emerging economies present remunerative opportunities for the expansion of cream liqueur during the forecast period.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2029 |
| Base Year | 2022 |
| Market Size in 2022 | $2.3 Billion |
| Market Size in 2029 | $4.6 Billion |
| CAGR | 10.5% |
| No. of Pages in Report | 250 |
| Segments Covered | Source, Flavor, Distribution Channel, And Region |
| Drivers | Increased Change in Consumer Preferences And Lifestyle |
| Innovative Product Development and Marketing Strategies | |
| Rise In Globalization and International Expansion | |
| Opportunities | Innovative Product Diversification and Premiumization |
| Restraints | Rise In Regulatory and Compliance Challenges |
| Growth In Health and Dietary Trends |
The milk segment to maintain its leadership status during the forecast period
By source, the milk segment held the highest market share in 2019, accounting for nearly two-fifths of the cream liqueur market share and is estimated to maintain its leadership status during the forecast period. The cream liqueur made up of milk has experienced significant growth in recent years. The flavor innovation and premiumization efforts are evident, with manufacturers introducing exotic flavor combinations and upscale offerings to cater to evolving consumer tastes. However, the oat segment is expected to attain the fastest CAGR of 11.4% during the forecast period. The oat cream liqueur market presents opportunities for flavor innovation and the introduction of exotic varieties. Manufacturers are able to experiment with unique flavor combinations, such as oats with spices, botanicals, or other complementary flavors, to differentiate their products and appeal to adventurous consumers seeking novel taste experiences.
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The chocolate segment to maintain its leadership status during the forecast period
By flavor, the chocolate segment held the highest market share in 2019, accounting for two-fifths of the cream liqueur market revenue and is estimated to maintain its leadership status during the forecast period. The growing desire for rich and luxury items, with customers seeking rich and delicious flavors, is driving up demand for chocolate-flavored cream liqueur. However, the caramel segment is expected to attain the fastest CAGR of 11.1% during the forecast period. Caramel is extensively used in the production of cream liqueur as it helps to provide a creamy texture and sweet flavor to the liqueur. It is mostly paired with darker alcoholic spirits such as whisky and brandy, however, it is also paired with neutral-grain spirits.
The offline segment to maintain its leadership status during the forecast period
By distribution channel, the off trade segment held the highest market share in 2019, accounting for more than two-thirds of the cream liqueur market revenue and is estimated to maintain its leadership status during the forecast period. Alcohol-serving retail outlets such as convenience stores, supermarkets, specialty stores, hypermarkets, and others are included in the off-trade sales channel. Sales of premium cream liqueurs through off-trade channels are being driven by consumer demand for premiumization and indulgent experiences. However, the on trade segment is expected to attain the fastest CAGR of 11.2% during the forecast period. The on trade channel includes alcohol-serving establishments such as bars, pubs, brewers, restaurants, clubs, and others. Additionally, strategic alliances between bars and restaurants and cream liqueur companies are increasing accessibility and awareness.
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Europe to maintain its dominance by 2029
Region-wise, Europe held the highest market share in terms of revenue in 2019 and is likely to dominate the market during the forecast period. The market for cream liqueurs in Europe is steadily expanding due to factors such as rise in customer demand for sophisticated, indulgent alcoholic beverages. Cream liqueurs are becoming more and more well-liked among customers looking for unusual drinking experiences because of their rich flavors and silky texture. However, the LAMEA region is expected to witness the fastest CAGR of 13.6% from 2023-2032. The regional growth has been attributed to various factors, including rising disposable income, shifting consumer tastes, and a greater appreciation for high-end alcoholic beverages. Furthermore, cream liqueurs' adaptability as stand-alone beverages, mixers for cocktails, or toppings for desserts has increased their appeal to a wider range of consumers.
Leading Market Players: -
- Diageo
- E. And J. Gallo Winery
- Heaven Hill
- McCormick
- Grupo Zamora
- DeKuyper Royal Distillers
- BEHN
- Buzzballz
- Sazerac
- Lucas Bols
- Pernod Ricard
- Terra
- DISTELL
The report provides a detailed analysis of these key players in the cream liqueur market. 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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