Global demand for the citrus alcohol market is set to hover at approximately a 5 percent growth rate, as increasing preference for craft beer and rising alcohol consumption create fertile ground, according to a recent study. The study looked at citrus alcohol growth in more than 20 countries.
“Citrus, owing to its flavor and strong acidity, has become an integral part of alcoholic drinks and is used to provide balance in cocktails,” states the study from Future Market Insights. “Likewise, citrus alcohol is used both as a base and flavor-additive in alcohol production and live sales counters.”
Increasing inclination among consumers toward craft spirits, owing to their unique and subjective taste, is a key factor driving sales, the study reported. A proliferating number of breweries across the world will drive demand in the long run.
Following are a few messages from the citrus alcohol study:
- Spirits will remain the largest selling category, capturing over 50 percent of market share.
- Glass bottles will hold nearly half of market value, owing to safety and minimal risk of leakage.
- Specialty stores accounted for over one-fourth of market value in 2020 and will remain the most lucrative channel.
- Asia Pacific will remain the largest regional market for citrus alcohol, backed by the presence of a large young population base with high spending on alcoholic beverages.
- Europe and North America will collectively account for nearly 50 percent of market share, being the largest producers and consumers of alcohol.
The COVID-19 impact on the market will create short-term challenges through 2021, with steady recovery expected after 2022. The outbreak of COVID-19 has impacted operations in the food and beverage sector, thus creating a downfall in the volume produced in the first and second quarters of 2020, the study reported.
Distribution and sales of non-essentials, including alcoholic beverages, have been deprioritized during the COVID-19 pandemic, according to the study. It stated that the growth trajectory of the citrus alcohol market will experience fluctuations during the pandemic.
The report includes profiles of some of the most prominent names in the market including Carlsberg A/S, Diageo PLC, Asahi Group Holdings Ltd., Suntory Holdings Ltd., Halewood International Holdings PLC, Brown-Forman Corporation, Bacardi Ltd., Anheuser-Busch InBev SA/NV, and The Coca-Cola Company, among others.
Read more from the report here.
Source: Future Market Insights
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