Market Highlights
Global Flavored Spirits Market is projected to be valued at USD 32,768.7 Million by 2026, expanding at a CAGR of 4.28% during the forecast period. Flavored spirits are distilled alcoholic beverages to which a specific flavor profile has been infused or added. Spirits infused with artificial or natural flavors are referred to as flavored spirits. The growth of the global flavored spirits market is driven by product innovation, the growth of the foodservice industry, and the growth of the organized retail sector. Players operating in the global flavored spirits market are expected to witness lucrative opportunities owing to the adoption of various growth strategies. However, surging demand for non-alcoholic beverages is restricting market growth.
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Europe constituted a dominant share of the flavored spirits market in 2019, owing to the highest consumption of alcoholic beverages across the globe. According to the World Health Organization, the European region continues to have the highest level of alcohol consumption per capita globally. The presence of some of the key global manufacturers of flavored spirits and the presence of organized retail infrastructure are some of the key factors behind the growth of the market. The market in Asia-Pacific is anticipated to register the highest CAGR during the review period. The growth of the flavored spirits market in the Asia-Pacific region is anticipated to be driven by rising per capita disposable income, increasing westernization, and growing aspirational consumption among the consumers. The presence of a strong millennial population consuming alcoholic beverages in China and India will also add to its exponential growth during the review period.
Segmental Analysis
The global flavored spirits market has been segmented on the basis of type, distribution channel, and region.
By type, the market has been divided into whiskey, rum, vodka, gin, and others. The vodka segment accounted for the maximum market share in 2019, whereas the whiskey segment is expected to register the highest CAGR of 4.40% during the forecast period. Whiskey is a type of distilled alcoholic beverage made from fermented grain mash. Many grains, including barley, corn, rye, and wheat, are used in the production of whiskey. Whiskey is typically aged in wooden casks and is generally made of charred white oak. Different whiskey types are available in the market. Blended whiskey, single malt whiskey, Irish whiskey, scotch whiskey, and bourbon whiskey are some of the common types.
Based on distribution channel, the global flavored spirits market has been classified as foodservice and food retail. The food retail segment is further divided into supermarkets & hypermarkets, specialty stores, and others. The foodservice segment accounted for a dominant share of the market in 2019 in terms of value. Flavored spirits have highest consumption across hotels, restaurants & cafes (HoReCa) segments as well as pubs and bars. Increasing product innovations by flavored spirit manufacturers have resulted in rising consumption across all these sub-segments. Moreover, the rising number of restaurants and cafés chains, pubs & bars, especially in developing countries, is expected to boost the sales of flavored spirits in the foodservice segment.
Regional Analysis
Geographically, the global flavored spirits market has been categorized as North America, Europe, Asia-Pacific, and the Rest of the World. As per MRFR analysis, Europe dominated the market, with the largest share in 2019. The Asia-Pacific flavored spirits market is projected to register a CAGR of 4.57% during the forecast period.
Key Players
Market Research Future recognizes Bacardi Limited (Bermuda), The Brown-Forman Corporation (France), Pernod Ricard (France), Diageo PLC (UK), Suntory Beverage & Food Limited (Japan), Constellation Brands, Inc. (US), Distell Group Limited (South Africa), William Grant & Sons (Scotland), Asahi Group Holdings, Ltd (Japan), and San Miguel Corporation (Philippines) as the Key Players in the Global Flavored Spirits Market.
Key Findings of the Study
- Global Flavored Spirits Market is projected to register a growth rate of 4.28% from 2020 to 2026. The expansion of the foodservice industry in both developed and developing countries and product innovation, are projected to propel the growth of the global flavored spirits market.
- The vodka segment is estimated to retain its prominent share by 2026, whereas the whiskey segment is anticipated to register a growth rate of 4.40% during the forecast period.
- The foodservice segment is estimated to retain its prominent share by 2026, whereas the food retail segment is anticipated to register a growth rate of 4.31% during the forecast period.
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Sugarcane and sugar beets molasses has a thicker texture.
Molasses is produced on a large scale in Thailand, India, Brazil, Taiwan, the United States and Philippines, as the sugarcane cultivation rate is high in these countries.
Molasses is used for healing burns, treating constipation, alleviating blood pressure, and reducing fat accumulation in the human body.
Thus, considering these factors, molasses industry is expected witness high growth in forecast period.Based on type, the global molasses industry has been segmented into light, dark, blackstrap, and others.
The blackstrap segment is anticipated to gain the largest revenue share in the global molasses industry and shall maintain lead throughout the forecast period.
This is a crucial determinant that is catalyzing the growth of blackstrap segment in the global molasses industry.
Market HighlightsGin is a spirit that is produced from juniper berries which gives it a distinct flavor.
The global gin market is projected to exhibit a significant growth rate of 4.33% from 2019 to 2024 to reach a market value of USD 11.2 Billion by the end of 2024.
The several benefits of gin including improved blood circulation to help stop water retention are boosting demand.
However, changing consumer preferences for non-alcoholic beverages and stringent government regulations for the production and sale of alcohol may hinder the global gin market growth during the forecast period.The global gin market has been segmented based on type, distribution channel, and region.Based on type, the global gin market has been segmented into London Dry, Plymouth, Old Tom, and others.
London Dry gins contain natural botanical ingredients for flavoring and are the driest style of gin, widely preferred for gin cocktails such as martinis.
London Dry gins are considered the purest form of gin since they do not include colors and other ingredients.On the basis of distribution channel, the global gin market has been classified into hypermarkets and supermarkets, specialty stores, and others.
Market Overview:RTD spirit is the dilution of hard liquor with fruit flavors and other drinks and packed for direct consumption.
Cocktail has gained much popularity among the consumers which has influenced the manufacturers to come up with innovative RTD spirits in the market.
Various flavorings are added to make the liquor flavored.
RTD spirits majorly have a base of vodka, tequila, whiskey, rum and others.Market Forecast:Alcoholic spirits are popularly consumed by the youth generations which is a significant driver of the RTD spirits market.
Competitive analysis:The major players in the RTD spirits marketDiageo Plc.
(U.K.)Asahi Breweries, Ltd. (Japan)Suntory Holdings Limited (Japan)Bacardi Limited (Bermuda)Pernod Ricard SA (France)Halewood International Limited (U.K)The Brown-Forman Corporation (U.S.)Downstream analysis:By type, RTD spirits market is segmented into whiskey, rum, vodka, tequila, gin, and others.
This market intelligence study curates an exhaustive database of industrial essentials for formulating favorable strategies.
A thorough investigation of the value chain and the distribution channel is provided in this study by business professionals.
The Fresh Cherries Market study offers detailed information pertaining to the extent and application of the market, which helps better understand the global sector.
This report on the Fresh Cherries Market discusses several growth prospects, including the industry sectors, current trends, up-to-date outlines, driving factors, and hurdles, overall offering market projections for the coming years.Get Access to Report Sample: https://www.reportsanddata.com/sample-enquiry-form/609Major Key Players of the Fresh Cherries Market are:Leelanau Fruit Co., Rainier Fruit Co., Dell's Marachino Cherries, Vitin Fruits, Alacam Tarim, Hood River Cherry Co., BEL'EXPORT NV, The Global Green Co. Ltd., Smelterz Orchard Co.This report has segmented the global Fresh Cherries market by product type with production, revenue, price, market share and growth rate of each type.SweetSourThis report has segmented the market by end application/users with consumption (sales), market share and growth rate of global Fresh Cherriess for each application.Direct ConsumptionCakes & BakeryCandy & SnacksJams & JuiceAlcoholic BeveragesOthers The Fresh Cherries market is heavily consolidated owing to a large number of global, regional, and local key contenders having already established a significant footing.
The key participants dominate the operations in the industry with their extensive geographical coverage and huge production facilities.
Players operating in this market are in intense competition in terms of technological innovations, product development, and product pricing.
