According to a new report published by Allied Market Research titled, Liqueurs Market by Type and Distribution channel: Global Opportunity Analysis and Industry Forecast, 2017-2023, the liqueurs market was valued at $111 billion in 2016, and is projected to reach $131 billion by 2023, growing at a CAGR of 2.5% from 2017 to 2023. Asia-Pacific leads the liqueurs market in both volume and value terms, and is expected to continue to remain dominant through 2023.
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Liqueur is an alcoholic beverage, commonly flavored or sweetened to provide a new texture for the drink. These beverages are divided into three general classesneutrals/bitters, creams, and fruit flavored. Liqueurs are generally made with neutral grain spirits, referring to the flavor being neutral, as the spirits are not finished. The demand for these beverages has changed in the last few years, considering the on/off premises consumption trends.
Increase in global young adult demographic coupled with high disposable income fuel the global liqueurs market. However, lack of penetration in the emerging countries, and escalation of sport drink market, owing to health concerns is expected to restrict the market growth in the future. Introduction of healthier varieties of beer and spirits is expected to offer lucrative opportunities for market players.
Bitters is expected to maintain its dominance in the market during the forecast period. This segment held close to two-fifths of the market share in 2016, in value terms, owing to established demand and blend readiness. However, creams are expected to grow with a faster rate due high demand from mixologists and younger demographic during the forecast period.
In 2016, retail distribution channels dominated the global market, with nearly one-third share, in terms of volume. Increase in demand for off premises consumption owing to promotion campaigns is anticipated to drive the market growth.
Key Findings of the Liqueurs Market:
- In terms of value, creams segment is expected to grow at a CAGR of 2.8% during the forecast period.
- In Asia-Pacific, India is estimated to be the fastest growing country, in terms of value, growing at a CAGR of 2.7% during 20172023.
- Supermarket as a distribution channel occupied around one-thirds of the global market share in 2016, in value terms.
- The U.S. accounted for two-thirds of the North America liqueurs market in 2016, and is expected to grow at a relatively significant CAGR of 2.3%, in terms of value.
In 2015, Asia-Pacific and Europe collectively accounted for over three-fifths of the global market, though Europe is expected to grow faster during the forecast period. High growth rates in Germany, Spain, and the UK is estimated to drive this development.
The major companies profiled in the report include Bacardi Limited, Beam Suntory Inc., Brown-Forman Corporation, Diageo Plc, Davide Campari-Milano S.p.A., Girolamo Luxardo S.p.A, Lucas Bols B.V., Mast-Jgermeister SE, Pernod Ricard SA, and Remy Cointreau.