According to a new report published by Allied Market Research, titled, “Liqueurs Market by Type, Packaging, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2022–2031,” the global liqueurs market size was valued at $118,040.5 million in 2021, and is projected to reach $166,966.8 million by 2031, registering a CAGR of 3.4% from 2022 to 2031.Most of the countries in the world have witnessed rapid urbanization and improvement in their financial conditions. This has led to an overall rise in the disposable income of the people. In addition, this has made way for shift in consumer preferences, especially among young, aspirational drinkers in the developed economies, such as Europe and North America, toward different and modern liqueurs from the traditional liqueurs. Moreover, liqueur is a widely consumed, produced, and traded alcohol across the globe owing to which youth population is attracted toward it. In addition, the population has gradually inclined toward sophisticated, moderated, and premium beverages, owing to continuous innovation in taste, flavors, packaging, and others. Furthermore, increased tread to consume liqueurs in parties has further boosted the growth of the global liqueurs market.
Emerging nations are expected to provide major opportunities for the liqueurs market during the forecast period. The rise in acceptance of liqueurs consumption and surge in popularity of liqueurs for special occasions are expected to stimulate the market growth in several nations such as China, Canada, and Germany. Moreover, rise in social media has become the latest liqueurs market trend in developed countries as it is the lifestyle of millennials due to which Gen Z spends more on premium products, which is likely to open new avenues for the market participants to enter emerging markets.
Moreover, due to the outbreak of the COVID-19 pandemic, manufacturers have increased social media advertisement of liqueurs products to reach a large consumer base. However, implementation of lockdown and curfew practices globally has affected the domestic as well as international production of liqueurs products, which in turn, hampers the growth of the overall market. Thus, the outbreak of COVID-19 negatively impacted the liqueurs market in 2020, as sales of companies reduced and operations were halted.
Key Findings Of The Study
- By type, the neutrals/bitters segment dominated the global market in 2021, and is expected to retain its dominance throughout the liqueurs market forecast period.
- By packaging, the liqueursindustry is divided into glass, PET bottle, metal can, and others.Glass segment lead in terms of market share and is expected to continue to grow with robust CAGR during the forecast period. Consumer’s primary choice for reliable, healthy, sustainable, and premium liqueurs beverage is expected to continue to keep glass bottle packing in strong demand.
- On the basis of distribution channel, the liqueurs market is categorized into convenience stores, on premises, retailers, and supermarkets. The retailers segment held the major share in the market, and is projected to remain dominant during the forecast period.
- By region, Asia-Pacific accounted for highest market share in 2021, and is expected to grow at a significant CAGR during the forecast period. A considerable increase in the consumption of liqueurs has been observed in India due to its growth in youth population with preference for beer. Change in lifestyles and consumer preferences have considerably boosted the adoption of liqueurs in Asia-Pacific.
Major companies have adopted agreement, product launch, expansion, and merger strategies to sustain the intense market competition. Key players profiled in the report include Bacardi Limited, Beam Suntory Inc., Brown-Forman Corporation, Diageo Plc, Davide Campari-Milano S.p.A., GirolamoLuxardoS.p.A, Lucas Bols B.V., Mast-Jägermeister SE, PernodRicard SA, and Remy Cointreau.
Other market players (not profiled in report) in the value chain include DeKuyper Royal Distillers, E. & J. Gallo Winery, Peel Liqueur, Sazerac Company, Stock Spirits Group, The Drambuie Liqueur, Terra Ltd., and CL World Brands Limited