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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Key Takeaways
- 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.
COVID-19 Impact
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.
Key Segments
Product Type:
- Beer
- Spirits
- Wine
- Other Types
Packaging Type:
- Glass Bottles
- Tins
- Plastic Bottles
- Others
End-use Industry:
- Modern Trade
- Specialty Stores
- Convenience Stores
- Commercial
- Hotels/Restaurants/Bars
- Online Retailers
- Other Retailing Formats
Region:
- North America
- Latin America
- Europe
- MEA
- APEJ
- Japan
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Key Questions Answered in the Report
What is the citrus alcohol market size?
The global citrus alcohol market is expected to reach a valuation of US$ 2.28 Bn by 2028.
Which is the largest regional market for citrus alcohol?
Asia Pacific is the largest market for citrus alcohol globally. Growing alcohol consumption in India and China is creating fertile ground for citrus alcohol demand.
Which are the citrus alcohol companies?
Key players operating in the market include 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, The Coca-Cola Company among others
Which is the most popular type of citrus alcohol?
Spirit and beer are the most popular type of citrus alcohol across the world.
What is the future of the citrus alcohol market?
The citrus alcohol market is expected to grow at a healthy pace through 2028 owing to soaring demand for innovative alcohol flavors.
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About FMI:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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