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.
Also, excessive tax imposition on liqueurs in many countries across the world is impeding the growth of global liqueur market. Nevertheless, rapid growth in the hospitality industry led by the increasing spending recreational activities is forecasted to fuel the growth of liqueur market. The emphasis on traditions and innovation in Liqueur are the key to make category relevant.
Additionally, changing lifestyle and increased acceptance for alcoholic beverages in developing countries are anticipated to boost the market growth. Such factors would commutatively support the growth of the global liqueur market, encouraging sales across various segments.
Global Liqueur Market – Segments
The report is segmented into three market dynamics to widen the scope of understanding,
By Type : Fruit, Coffee, Chocolate, Herbs & Spices, and Creme & Cream, among others.
By Distribution Channel : Food Service and Retail (Supermarkets & Hypermarkets and Specialty Stores, others), among others.
By Regions : Europe, North America, Asia Pacific, and the Rest-of-the-World (RoW).
Global Liqueur Market – Regional Analysis
North America dominates the global liqueur market by application 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.
The liqueur market in the Asia Pacific region has emerged as a profitable market globally. The increasing disposable incomes resulting in rising spending for recreational purposes; which in turn, is foster the growth of the liqueur market in this region. Besides, increasing hospitality industry supports the growth of the regional market, witnessing increasing consumption of liquors. The region is projected to register the highest CAGR throughout the forecast period.
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.
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.
Industry/ Innovation/ Related News:
August 28, 2019 ----- Pernod Ricard (France), a leading global producer of wines & spirits announced the acquisition of Castle Brands (the US), a leading global developer and marketer of premium & super premium alcoholic beverages. Through this acquisition, a great brand portfolio, in particular, Jefferson’s bourbon whiskey, is adding to the Pernod Ricard family. Bourbon is a major category in the US which is the most important market for Pernod.
This deal aligns well with Pernod’s consumer-centric strategy to offer its consumers the broadest line-up of high-quality premium brands. As with Pernod’s American whiskeys, it would provide a reliable route to market, while remaining true to its authentic and innovative character.
NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
Market Research Future (part of Wantstats Research and Media Private Limited),
99 Hudson Street,5Th Floor, New York, New York 10013, United States of America