Market Research Report
Alcohol Ingredients Market - Growth, Trends And Forecasts (2020 - 2025)
|Published by||Mordor Intelligence LLP||Product code||572723|
|Published||Content info||110 Pages
Delivery time: 2-3 business days
|Alcohol Ingredients Market - Growth, Trends And Forecasts (2020 - 2025)|
|Published: April 1, 2020||Content info: 110 Pages||
Global alcohol ingredients market is projected to grow at a CAGR of 9.6% during the forecast period (2019 - 2024).
Increasing Demand For Craft Beer
Craft beer has gained popularity among a large section of the consumers. The millennial population has been a key factor for the rapid sales of craft beers across the globe. Factors affecting the shift toward craft beer consumption are demand for variety, taste for flavor, and beer quality, among others. Craft brewers are beacons of innovation, revitalization, and collaboration. For instance, The Boston Beer Company expanded its Samuel Adams beer brand with the launch of Sam '76, a union of lager and ale. A base lager and a base ale - each with its own respective yeast strains.
Asia-Pacific Remains the Fastest Growing Region
Asia-Pacific, in particular, holds immense potential for the craft beer market, with robust demand for Westernized craft beer that is blended with local taste and preferences. Shift in consumer preferences from traditional alcohol toward imported alcohol has been one of the driving factors for the growth of the alcoholic beverage market in the region. In countries like China, consumers are inclined toward wines manufactured by famous vineyard regions, such as Bordeaux, owing to renowned heritage and prestige. Whiskies, cognacs, and imported wines are becoming popular across the region as consumers are more inclined toward premium products.
The global alcohol ingredient market is highly fragmented due to the dominance of several local and global players present in the market. Nonetheless, the market exhibits a strong presence of global key players, such as DSM, ADM, Cargill and Dohler Group, alongside other domestic producers. Expansion remained the most adopted strategy among malt ingredient manufacturers, holding a major chunk of total strategies, followed by product innovation, partnership, and merger and acquisition. The major players are expanding their production capacities and strategically planning to supplement their export facilities, in order to stand out among other manufacturers in the market.