The global alcohol ingredients market is expected to post a CAGR of close to 10% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has announced its latest market research report titled global alcohol ingredients market 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the global alcohol ingredients market size is the growing popularity of flavored alcohol products. Consumer preferences are changing, and they are increasingly demanding uniquely flavored beer and spirits. Thus, vendors are responding to this demand by introducing new flavors in alcohol products. Therefore, the growing popularity of flavored alcohol products is expected to propel the demand for alcohol ingredients, which will fuel market growth during the forecast period.
As per Technavio, the growing popularity of alcohol made of plant-based ingredients will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global alcohol ingredients market 2019-2023research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Alcohol Ingredients Market: Growing Popularity of Alcohol Made from Plant-Based Ingredients
Consumers are increasingly becoming health-conscious and are avoiding food and beverages that contain artificial ingredients. Thus, the preference for food and beverages that contain natural ingredients is increasing significantly. This is also likely to be a key trend in the alcohol beverage market. The demand for alcohol products with natural ingredients such as fruit and herbal essential oils is expected to increase significantly during the forecast period.
“Apart from the growing popularity of alcohol made of plant-based ingredients, other factors such as the increasing popularity of craft alcohol, and the increasing competition from non-alcoholic beverages will have a significant impact on the growth of the alcohol ingredients market value during the forecast period,” says a senior analyst at Technavio.
Global Alcohol Ingredients Market: Segmentation Analysis
This market research report segments the global alcohol ingredients market worth by beverage (beer, spirits, and wine), ingredient (flavors and salts, colorants, and others), and geographic regions (North America, Europe, APAC, South America, and MEA).
The European region led the alcohol ingredients market in 2018, followed by North America, APAC, South America, and MEA respectively. The growth of the alcohol ingredients market share in Europe can be attributed to factors such as the increasing demand for alcoholic products and the growing popularity of flavored spirits.
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Five Forces Analysis
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