Global demand for citrus alcohol market is set to hover at nearly 5% growth rate, as growing preference for craft beer, and rising alcohol consumption create fertile ground. The study by Future Market Insights analyzes citrus alcohol growth in over 20 countries, building a holistic and comprehensive analysis of the market.
Increasing inclination among consumers towards craft spirits, owing to their unique and subjective taste is another key factor driving sales. The FMI study also opines that proliferating number of breweries across the world will drive demand in the long run.
The COVID-19 impact on the market will create short-term challenges through 2021-end, with steady recovery expected from 2022.
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- Spirit will remain the largest selling category, capturing over 50% market share
- Glass bottles will hold nearly half of market value, owing to safety and minimal risk of leakage
- Based on sales channel, specialty stores accounted for over one-fourth of market value in 2020 and will remain the most lucrative channel.
- Asia Pacific will remain the largest regional market for citrus alcohol, backed by the presence of a large young population base with high spending on alcoholic beverages.
- Europe and North America will collectively account for nearly 50% market share, being the largest producers and consumers of alcohol.
“Market players are focusing on expanding their product portfolios and geographical presence to strengthen their foothold in the competitive landscape,” remarks FMI analyst.
The outbreak of COVID-19 has impacted operations in the food and beverage sector, thus creating a downfall in the volume produced in the first and second quarters of 2020. Moreover, supply-side difficulties such as hindered distribution network and closure of sales channels.
Furthermore, altered consumer priorities during the lockdown and high demand for essential products, while distribution and sales of non-essentials, including alcoholic beverages, have been deprioritized. On the back of these facets, the growth trajectory of the citrus alcohol market will experience fluctuations during the pandemic.
Who is Winning?
Citrus alcohol market players are focusing on widening their geographical footprint and acquisitions have been identified as a crucial step to achieve the same. On these lines,
- In March 2017, Asahi Group Holdings Ltd. acquired the business of SABMiller Limited in five European countries and deemed Asahi Breweries Europe Ltd (“ABEL”) as the European subsidiary of Asahi, helping the company to expand in Europe.
FMI’s report includes profiles of some of the most prominent names in the market including Carlsberg A/S, Diageo PLC, Asahi Group Holdings Ltd., Suntory Holdings Ltd., Halewood International Holdings PLC, Brown-Forman Corporation, Bacardi Ltd., Anheuser-Busch InBev SA/NV, and The Coca-Cola Company, among others.
Know More About Citrus Alcohol Market Study
A new market research report published by Future Market Insights (FMI) on the global citrus alcohol market offers an executive-level blueprint of the market. It offers insights into demand trends and provides analysis of opportunities over the forecast period, 2020-2028. The report examines the market through four different segments – product type, packaging type, sales channel, and region. The report also provides extensive assessment of pricing by different key market dynamics, life cycle analysis, and technologies that are being deployed in the supply and product adoption across several end-use industries.