Liqueurs Market Outlook: 2031
The global liqueursmarket size was valued at $118,040.5 million in 2021, and is projected to reach $166,966.8 million by 2031, registering a CAGR of 3.4% from 2022 to 2031. For thousands of years, most people across the globe have traditionally consumed alcohol in some form or the other. Before sugar reached Europe, elixirs (or liqueurs) made from complex blends of herbs and secret ingredients were produced to treat people, popularly in the universities and monasteries of Salerno &Bologna (Italy) and Leiden (the Netherlands). The price of these beverages is largely determined by the cost of production and the duties levied on those costs.
Surge in global young-adult demographic, coupled with high disposable income, and consumer demand for premium/super premium products drives the market. However, lack of penetration in emerging countries and growth of sport drink market, owing to health concerns, are expected to restrict the market growth in future. Mergers are expected to remain as the key strategy, as players seek to widen their brand portfolios and expand their market reach.
Consumption of liqueurs in Asia-Pacific is expected to increase due to the growth in young–adult population and rise in consumption of high-quality liqueurs. Emerging markets, such as China and India, are expected to witness the highest increase in demand for liqueurs during the forecast period in Asia-Pacific. This can be primarily attributed to the substantial growth in disposable income in this region. However, Europe is expected to be the fastest growing region, closely followed by LAMEA owing to increase in liqueur drinking demographic and innovative promotion campaigns from key players.
By Type
Neutrals/Bitters segment dominates the global market and is expected to retain its dominance throughout the forecast period.
The liqueurs industry has been segmented on the basis oftype, packaging, distribution channel, and region. Based on type, the market is dividedinto neutrals/bitters, creams, fruit flavored, and others. On the basis of packaging, the liqueurs market is divided into glass, PET bottle, metal can, and others.Based on distribution channel, the market is divided into convenience stores, on premises, retailers, and supermarkets.Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
Based on type, the liqueurs market is categorized intoneutrals/bitters, creams, fruit flavored, and others. Neutrals/bitterssegmentconstitute a major liqueurs market share; however, the creamssegment is projected to experience growth at the highest CAGR during theliqueurs marketforecast period.
By Packaging
Metal Can segment is expected to grow at a highest CAGR of 7.6% during the forecast period.
Based on packaging, the liqueurs market is divided into glass, PET bottle, metal can, and others.Glass segment leads in terms of market share and is expected to continue to grow with robust CAGR during the forecast period. Consumer’s primary choice for reliable, healthy, sustainable, and premium liqueurs beverage is expected to continue to keep glass bottle packing in strong demand. Glass is durable, non-porous, impermeable to oxygen, and heat tolerant, which preserves and presents flavor exactly as intended due to which consumer prefer liqueurs in glass bottle.
On the basis of distribution channel, the liqueurs market is categorized into convenience stores, on premises, retailers, and supermarkets. The retailerssegment held the major share in the market, and is projected to remain dominant during the forecast period.
By Distribution Channel
On Premises segment is expected to grow at a highest CAGR of 5.0% during the forecast period.
Major companies have adopted agreement, product launch, expansion, and merger strategies to sustain the intense market competition. Key players profiled in the report include Bacardi Limited, Beam Suntory Inc., Brown-Forman Corporation, Diageo Plc, Davide Campari-Milano S.p.A., GirolamoLuxardoS.p.A, Lucas Bols B.V., Mast-Jägermeister SE, PernodRicard SA, and Remy Cointreau.
Other market players (not profiled in report) in the value chain include DeKuyper Royal Distillers, E. & J. Gallo Winery, Peel Liqueur, Sazerac Company, Stock Spirits Group, The Drambuie Liqueur, Terra Ltd., and CL World Brands Limited.
By Region
Asia-Pacific dominates the market and is expected to grow with a CAGR of 4.6% during the forecast period
Covid-19 Impact Analysis
- COVID-19 is an infectious disease that originated in Hubei province of the Wuhan city in China in late December 2020.
- The global coronavirus pandemic has created a number of challenges for exporters in the developing and developed countries. The challenges witnessed by the exporters of liqueurs products are likely to remain for the foreseeable future, as different states and governments around the world attempt to tackle COVID-19 with various measures.
- With the outbreak of the COVID-19 pandemic, manufacturers have increased online sale of liqueurs to reach a large consumer base.
- Implementation of curfew and the practice of maintaining social distancing globally affect the domestic as well as international production, which in turn, hampers the growth of the overall market.
- Import and export restrictions on goods and quarantine &lockdown measures imposed by governments are key challenges exporters are facing during this pandemic.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the liqueurs market analysis from 2021 to 2031 to identify the prevailing market opportunities.
- The market research is offered along with information related to key drivers, restraints, andliqueurs market opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier–buyer network.
- In-depth analysis of the liqueurs market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market industry.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global liqueurs market trends, key players, market segments, application areas, and liqueurs market growth strategies.
Liqueurs Market Report Highlights
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Analyst Review
Increase in inclination of people toward alcoholic beverages has changed the market dynamics. Liqueurs that have a thick and sleek consistency were referred to as crèmes, oils, or analgesics. The market environment in alcohol industry is presently leaning toward consolidation and aggressive marketing.
A proliferation in the mergers and acquisitions (M&A) is the most visible indication of the consolidation in the alcohol industry. The present form of each of the major global brewers is substantially affected by M&A. Globalization drives the mergers and acquisitions of the world’s leading producers, as they have increasingly focused their efforts on selling their products to fast-growing developing countries. Collaborations and acquisitions are the key strategies followed by market players to sustain the intense competition in the industry, as in-house capacity building is believed to be difficult for novice players in the market.
The Asia-Pacific liqueurs market presents promising opportunities, owing to surge in growth of the beverage industry. This is due to the augmentation in disposable income demographic, coupled with aggressive promotion efforts by established players to exploit new markets. This is primarily owing to the reason that a large portion of the demographic in these countries is expected to reach the legal drinking age and thus, maintain the industry growth. In addition, rise in young working population and growth in disposable income has stimulated the market growth.
The global liqueurs market size was valued at $118,040.5 million in 2021, and is projected to reach $166,966.8 million by 2031, registering a CAGR of 3.4% from 2022 to 2031.
The CAGR of Liqueurs Market is 3.4% from 2022 to 2031.
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The forecast period in the report is from 2022 to 2031.
The top companies in the Liqueurs Market are Bacardi Limited, Beam Suntory Inc., Brown-Forman Corporation, Diageo Plc, Davide Campari-Milano S.p.A., GirolamoLuxardoS.p.A, Lucas Bols B.V., Mast-Jägermeister SE, PernodRicard SA, and Remy Cointreau.
The liqueurs industry has been segmented on the basis of type, packaging, distribution channel, and region. Based on type, the market is divided into neutrals/bitters, creams, fruit flavored, and others. On the basis of packaging, the liqueurs market is divided into glass, PET bottle, metal can, and others. Based on distribution channel, the market is divided into convenience stores, on premises, retailers, and supermarkets.
The market growth of emerging countries such as India is 3.7%.
By region, Neutrals/Bitters segment dominate the market by the end of 2030.
With an unprecedented COVID-19 pandemic, the liqueurs market has been adversely affected during the Covid-19 pandemic.
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