Changing consumer preferences, particularly among younger generations, and the rising demand for convenient ready-to-drink options are anticipated to drive the growth of the global flavored alcohol market during the forecast period. The Europe region held the majority of the market share in 2022.
PORTLAND, Ore., Nov. 22, 2023 /PRNewswire/ -- Allied Market Research has recently published a report, titled, "Flavored Alcohol Market by Type (Vodka, Rum, Whiskey, Wine, Beer, Others), by Flavor (Pineapple, Passion Fruit, Black Currant, Lime, Apple, Cherry, Others), by Distribution channel (Supermarket/Hypermarket, Specialty Retailers, Convenience Stores, E-Commerce, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global flavored alcohol market generated $1.2 trillion in 2022, and is anticipated to generate $1.8 trillion by 2032, witnessing a CAGR of 4.6% from 2023 to 2032.
Request Sample Report:https://www.alliedmarketresearch.com/request-sample/271770
Prime Determinants of Growth
The flavored alcohol market is thriving due to shifting consumer preferences, notably among millennials and Generation Z, who seek unique beverage experiences with flavors providing novelty and excitement. This demand for diverse options, including fruity, spicy, herbal, and unconventional blends, fuels market expansion as producers continuously introduce new flavor profiles. However, restrictions on specific additives due to health concerns and the need to comply with stringent labeling standards and age verification processes impact product availability and marketing efforts, which may hamper the flavored alcohol market growth in the coming future. On the contrary, the convenience of RTD cocktails and pre-mixed beverages appeals to modern consumers valuing convenience. This trend presents a substantial opportunity for growth and market expansion.
Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $1.2 trillion |
Market Size in 2032 | $1.8 trillion |
CAGR | 4.6 % |
No. of Pages in Report | 280 |
Segments covered | Type, Flavor, Distribution Channel, and Region |
Drivers | Changing consumer preferences, particularly among millennials and Generation Z
Growing demand for RTD beverages |
Opportunities | Expanding market for ready-to-drink (RTD) beverages
Increasing interest in diverse flavor profiles, offering an opportunity for producers to introduce novel and unique alcoholic beverage options. |
Restraints | Stringent regulations on specific additives, labeling standards, and age verification |
COVID-19 Scenario
- The outbreak of the COVID-19 pandemic had a significant impact on the growth of the global flavored alcohol market. The pandemic significantly altered consumer behavior, with lockdowns and social distancing measures leading to a surge in at-home alcohol consumption.
- Flavored alcohol, especially in the form of Ready-to-Drink (RTD) beverages like canned cocktails and hard seltzers, gained popularity as a convenient, pre-mixed option for home consumption. Moreover, the pandemic accelerated the growth of e-commerce in the alcohol sector, with consumers shifting to online platforms, resulting in increased retail sales.
- This shift is also driving active players in the food and beverage industry to develop new products, providing customers with diverse options in the alcoholic beverage market.
Buy This Report (280 Pages PDF with Insights, Charts, Tables, and Figures) @ https://bit.ly/47qzHcI
Type: Whiskey Sub-Segment to Grab Highest Share in the Forecast Period
The whiskey sub-segment of the global flavored alcohol market accounted for the largest share of 26.4% in 2022 and is projected to continue its dominance by 2032. This dominance is attributed to several key drivers, including ongoing innovations in whiskey products, featuring diverse flavors and enhanced product quality. Global manufacturers have increased investments in whiskey product research and development, promoting whiskey as a protein source with improved digestibility. Additionally, the affordability of whiskey for the global middle-class population also contributes to the growth of the sub-segment.
Flavor: Pineapple Sub-segment to Grow Significantly in the Forecast Period
The pineapple sub-segment of the global flavored alcohol market accounted for the largest share of 24.9% in 2022 and is projected to witness substantial growth by 2032. The prominent growth of the sub-segment is mainly due to the pineapple's tropical and fruity profile which holds wide consumer appeal, with its sweet and tangy taste making it a favored choice for flavored alcoholic beverages.
Distribution Channel: Specialty Retailers Sub-Segment to Grow with the Highest CAGR in the Forecast Period
The specialty retailers sub-segment of the global flavored alcohol market accounted for the largest share of 35.2% in 2022 and is projected to witness substantial growth with a CAGR of 5.4% during the forecast period. The prominent growth of the sub-segment is due to the rising popularity of specialty retailers as they offer a diverse array of alcoholic beverages, providing customers with a convenient one-stop shopping experience.
Region: Europe Market Grabs Highest Share in 2022
The flavored alcohol market in the Europe region accounted for the highest share of 33.6% in 2022 and is expected to grow significantly during the forecast period. The dominance of the region in the flavored alcohol market can be attributed to the increasing interest of millennials in craft beers, characterized by a desire for fresh and innovative tastes, coupled with the inviting ambiance of microbreweries and brewpubs.
Enquire Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/271770
Leading Players in the Flavored alcohol Market:
- Austria Juice
- TOSHEV
- Symrise AG
- Givaudan
- ADM
- Kerry Group
- Cargill Inc.
- Dakini Health Foods
- MANE
- Castel Group
The report provides a detailed analysis of the key players of the global flavored alcohol market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Trending Report in the Food and Beverages Industry:
Alcohol Ingredients Market: Global Opportunity Analysis and Industry Forecast 2021-2030
Alcohol E-Commerce Market: Global Opportunity Analysis and Industry Forecast 2021-2030
Alcohol Enzymes Market: Global Opportunity Analysis and Industry Forecast 2020-2031
Alcohol Gummies Market: Global Opportunity Analysis and Industry Forecast 2020-2030
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free): +1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com/reports-store/food-and-beverages
Follow Us on Blog: https://www.dailyreportsworld.com/
Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/flavored-alcohol-market-to-reach-1-8-trillion-globally-by-2032-at-4-6-cagr-allied-market-research-301995902.html
