• John Watson

Global Alcohol Ingredients Market Size to grow by US$ 3.93 Bn in 2030

The alcohol ingredients market was valued at US$ 1.89 Bn in 2021 and is projected to reach US$ 3.93 Bn by 2030, at a CAGR of 7.4%.


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One of the main factors propelling the market for alcohol components is the huge rise in alcoholic beverage consumption around the world. Researchers from the Centre for Addiction and Mental Health in Canada claim that there has been a 70% increase in global alcohol consumption since 1990, going from 21 billion litres to 35.7 billion litres. The increased alcohol consumption has been mostly attributed to the emerging economies of Vietnam, China, and India.


The appeal of craft beer has grown among many consumers. The millennial generation has played a significant role in the swift global growth of craft beer sales. Demand for diversity, desire for flavour, and beer quality are a few factors influencing the move toward craft beer consumption. Craft brewers are models of collaboration, innovation, and renewal. For instance, Sam '76, a combination of lager and ale, was introduced by The Boston Beer Company as part of the expansion of its Samuel Adams beer brand. A foundation lager and a base ale, each with a unique strain of yeast.


The industry's expansion has also been aided by the growing appeal of beer tourism. The craft beer business has been supported by governments in nations like New Zealand, Australia, China, Mexico, the United Kingdom, and Belgium in an effort to boost their economies. For instance, Wellington, New Zealand, is a significant market for craft beer since these brews come in a variety of flavours because to the unique ingredients that are only found in this area.


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The expanding market for flavoured beverages, such as beer, wine, and whisky, is driving up demand for flavours and salts. Over the past few years, the usage of fruits as flavouring has increased, expanding the range of flavoured drinks and luring new customers. This market is expanding significantly in the European nations, particularly France and the United Kingdom. Major countries that export flavoured spirits are Germany, Spain, the United States, the Netherlands, and Jamaica. Vanilla, coffee, honey, chocolate, green apple, citrus, watermelon, and raspberry are all common flavours.


The yeast segment accounted largest market share in 2020 due to the existence of primary component that drives the entire fermentation process for the manufacture of alcohol. The beer segment accounted largest market share in 2020 due to the growing health benefits since it contains substances like barley and hops, which are abundant in numerous healthy nutrients. Asia Pacific is expected to dominate the market share of global alcohol ingredients market owing to the shift in customer preferences from traditional alcohol toward imported alcohol. Due to its known tradition and reputation, customers in nations like China are drawn to wines produced in renowned vineyard regions like Bordeaux. The region is seeing an increase in demand for whiskies, cognacs, and imported wines as people gravitate more toward high-end goods.


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KEY INDUSTRY DEVELOPMENTS:


July 2022- Diageo announced to invest €200 million in Ireland’s first purpose-built carbon neutral brewery on a greenfield site in Littleconnell, Newbridge which will brew lagers and ales.


June 2022- Diageo acquired Vivanda to provide customised brand experiences across all channels and to expand FlavorPrint technology to other categories.


May 2022- Ashland has launched Polyclar brewbrite granules to strengthen its current product portfolio.


Read More Details On This Report: https://www.extrapolate.com/Chemicals-and-Advanced-Materials/alcohol-ingredients-market/26025

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