Liqueur Market Scenario
The Global Liqueur Market witnesses a thriving growth all over the world. Clearly, there is huge consumer demand, and for a good reason. Liquor stores have shelves lined with a seemingly endless range of flavored vodka, rum, bourbon, and tequila. The main processes of production of Liqueurs are infusions, maceration, and or distillation of herbs, spices, fruits, etc. or just flavored alcohol with highly concentrated extracts.
According to Market Research Future (MRFR), the global Liqueur Market is expected to reach USD 114.29 BN by the end of 2024. In its recently published analysis, MRFR also asserts that the market would register a CAGR of 3.19% over the forecast period (from 2019 to 2024). Changing consumption patterns and augmenting demand for new flavors and ingredients drive the growth of the market.
Market players strategies to launch a new product is also encouraging the growth of the Liqueur market. Innovations in distillation techniques and increasing consumer preferences help in market expansion. Besides, substantial initiatives in R&D to develop a new technology or distinctive tastes and flavors drive the growth of the global liqueur market. Rapidly growing youth population and the increasing disposable income impacts the market growth, positively.
Despite the growth opportunities, Liqueur as a category faces a lot of challenges. The primary issue is the shifting alcohol consumption patterns; for instance; younger generations are switching to alcoholic beverages of lighter taste, alcohol amount, calories, etc. Low abv beers, flavored ciders, mixed drinks, brown spirits popularity, gin resurrection are just a few of the examples of lighter alcoholic beverages.
Players leading the Liqueur Market include Beam Suntory, Inc. (US), Bacardi Limited (Bermuda), The Brown–Forman Corporation (US), Davide Campari-Milano S.p.A. (Italy), Diageo plc (UK), Girolamo Luxardo S.p.A (Italy), Amarula Cream (South Africa), Lucas Bols BV (Netherlands), Empee Distilleries (India), Pernod Ricard SA (France), Mast-Jägermeister SE (Germany), Remy Cointreau (France), United Breweries Holdings Limited (India), DeKuyper Royal Distillers (France), and Globus Spirits Ltd. (India), among others.
Global Liqueur Market – Regional Analysis
North America dominates the global Liqueur Market due to the high disposable income in the region. The rising demand for Liqueur from the hospitality industry and as well as households, is a key driving force. Furthermore, relaxation in liqueur production regulations is expected to support the regional market in creating larger revenue pocket.
The region would hold on to its dominance over the global Liqueur Market throughout the forecast period.
Europe is another lucrative market for liqueurs, globally. The presence of key market players and high consumption of the liqueurs in these regions is a significant tailwind thrusting the regional market forward. Besides, rising per capita income and liqueur enthusiasts, alongside, the influence of media industry impacts the regional market growth positively.
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Global Liqueur Market – Competitive Analysis
Fiercely competitive, the Liqueur Market appears to be fragmented due to the presence of several large and small-scale players. Growth in terms of product innovations and distillation techniques and technologies are also expected to create strong investment opportunities for these players. Focused on improving their market performance, these players acquire promising companies to expand in the fast-growing markets.
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