Citrus Alcohol Market Study Based on Shares, Current Opportunities with Future Growth Scenario by 2032
According to a recent report by Future Market Insights, sales of citrus alcohol are estimated to reach a valuation of USD 2.6 Bn by 2032, surging at a 7.9% CAGR throughout the decade. Rising health and taste awareness, as well as the popularity of craft spirits, have all contributed to the expansion of the citrus alcohol market. There is a great opportunity for growth in the citrus alcohol market due to rising disposable income and the usage of inexpensive ingredients. Nonetheless, restrictions on publicizing the consumption of citrus liquors could slow the industry.
Over the forecast period, the citrus alcohol market is expected to expand rapidly in Asia. The rising share of the population under 30 and the rising share of discretionary income spent on alcoholic beverages are likely to blame for this trend.
Europe and North America dominate the global demand for citrus alcohol. The two areas are significant players in the alcoholic beverage industry: manufacturers and consumers.
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Some of the broad patterns brought about by the unusual Corona circumstances which changed the citrus alcohol market outlook include:
Greater investment in immune-supporting functional and healthy foods
- Sales of vegan and clean label foods, including snacks, spreads, dips, creamers, sauces, and cheese, are on the rise.
- In order to efficiently manage the acquisition, processing, and distribution of citrus liquors goods, businesses are rapidly adopting blockchain and other Internet of Things (IoT) technology.
- Considering rising health, ingredient, and environmental concerns, as well as the ongoing public health emergency, products that are organic, vegan, bio-based, canned/ready-to-eat (RTE), clean label, and sustainable have been found to be the most popular.
- Successful organisations in the citrus liquors market is expected to continue to use mergers and acquisitions as a primary strategy throughout the forecast period.
Key growth drivers for the citrus alcohol market include technological developments that allow for more efficient production, a broader range of products, more refined design and packaging, more reliable operation and close tracking of sales.
However, citrus alcohol market limitations over the projection period include complying with tight laws and various standards around the world, rising competition, inflation anticipated to remain above the top band during the short term in key nations, and fluctuating raw material prices.
Key Takeaways from Market Study
- The United States is one of the world’s largest citrus alcohol producers. Similarly, due to the cool climatic conditions, the country is one of the largest consumers of beer and other alcoholic beverages.
- China is set to remain the largest citrus alcohol market, accounting for more than one-third of the global market value.
- By product type, spirits are expected to continue to be the most sought-after product, accounting for more than half of total citrus alcohol market value.
- Glass bottles are expected to continue to be the most popular citrus liquors packaging type.
- According to the sales channel, speciality stores are expected to account for the majority of citrus alcohol market revenue.
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The global citrus-based alcohol market is fragmented, with several regional and global manufacturers present. To maintain their market leadership, prominent market participants are investing in mergers, acquisitions, expansion, and new product launches. Major citrus alcohol market players are also investing in advanced manufacturing processes in order to increase their market share.
- Carlsberg A/S signed a contract with Bitburger Braugruppe in October 2020 to acquire the Wernesgrüner Brewery, with the brand (Wernesgrüner), in the Vogtland Saxony region of Germany.
Some of the key players in the citrus alcohol market include 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, The Coca-Cola Company among others.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of citrus alcohol presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.
The study divulges compelling insights on the citrus alcohol based on Product Type (Beer, Spirits, Wine), Packaging Type (Glass Bottles, Tins, Plastic Bottles), End-use Industry (Modern Trade, Specialty Stores, Convenience Stores, Commercial, Hotels/Restaurants/Bars, Online Retailers), and across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
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