As per the recent market research conducted by FMI, the citrus alcohol market is expected to surge at a CAGR of 7.9%. In 2023, the market size is projected to be US$ 1,272 million. By 2033, the figures are expected to cross US$ 2,276.9 million.
Rapid urbanization has contributed to an increase in disposable income. This has also had an impact on consumption patterns. Citrus alcohol is becoming increasingly popular due to its distinct flavor.
One of the key market drives is that these are good for one’s health. In fact, experts recommend that citrus alcohol be consumed in moderation since it helps to keep the heart healthy. Citrus alcohol also dramatically lowers the risk of cancer. All of these factors are expected to increase sales of citrus alcohol during the forecast period.
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Thus, the FMI researchers are of the view that ‘changing consumption patterns, increase in the disposable income, health benefits offered, and lots of other factors are expected to surge the citrus alcohol market share during the forecast period.’
Key Takeaways:
- The market is expected to advance at a CAGR of 7.9% from 2023 to 2033.
- In 2023, the valuation is expected to be at US$ 1,272 million.
- By 2033, the market size is expected to breach the mark of US$ 2,276.9 million.
- On the basis of regional analysis, North America is expected to be the largest market.
- The United States market is expected to post a CAGR of 4.4%.
- The United Kingdom market is projected to record a CAGR of 6.4%.
- Spain market is anticipated to register a CAGR of 5.4%.
- Germany market is expected to surge at a CAGR of 7%.
- China market is projected to advance at a CAGR of 4.7%.
- On the basis of product type, the spirit segment is expected to hold the leading market share, and is projected to record a CAGR of 6%.
- On the basis of end user, the specialty stores segment is expected to hold the dominant position, and is anticipated to record a CAGR of 7.1%.
Competitive Landscape
The key players operating in the market are investing millions of dollars in mergers and acquisitions. The focus is to increase the market share and serve maximum regions. The manufacturers are also investing on sustainable development programs. Thus, there are a lot of initiatives pertaining to water conservation in particular. The manufacturers are also adopting eco-friendly packaging, which would ensure that no pollution is caused due to land filling. There is also a lot of activity around implementing the latest technology. This would increase the efficiency of the machines, as a result of which the output might increase by more than five times.
Significant developments in the citrus alcohol market:
- In December 2022, Carlsberg announced that it would acquire Waterloo brewing and strengthen its position in Canada market.
- In December 2022, Encirc and Diageo announced hydrogen powered furnace to change the face of the United Kingdom glass manufacturing industry.
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Citrus Alcohol Market Segmentation
By Product Type:
- Beer
- Spirits
- Wine
By Packaging Type:
- Glass Bottles
- Tins
- Plastic Bottles
By End-User:
- Modern Trade
- Specialty Stores
- Convenience Stores
- Commercial
- Hotels/Restaurants/Bars
- Online Retailers
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East and Africa