Global Alcohol Ingredients Market Size to grow USD 15.11 Billion by 2030 | CAGR of 7.2%Category: Food & Beverages
The Global Alcohol Ingredients Market was valued at USD 1.50 Billion in 2021. The market is projected to grow USD 15.11 Billion in 2030, at a CAGR of 7.2%. as per the latest research report by Spherical Insights & Consulting.
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The enormous increase in alcoholic beverage consumption worldwide is one of the key factors driving the market for alcohol components. According to Canadian researchers from the Centre for Addiction and Mental Health, since 1990, the amount of alcohol used worldwide has increased by 70%, from 21 billion liters to 35.7 billion liters. Most of the blame for the rise in alcohol use has been placed on the developing economies of Vietnam, China, and India.
Browse key industry insights spread across 235 pages with 79 market data tables and figures & charts from the report Global Alcohol Ingredients Market Size, Share & Trends, COVID-19 Impact Analysis Report, By Ingredient (Yeast, Enzymes, Colorants, Flavors & salts & Others), By Beverage (Beer, Spirits, Wine, Whisky & Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030 in detail along with the table of contents https://www.sphericalinsights.com/reports/alcohol-ingredients-market
Craft beer has become more and more popular among consumers. The rapid global expansion of craft beer sales has been significantly influenced by the millennial generation. The shift toward craft beer consumption is influenced by a number of variables, including the want for variety, a desire for beer quality and flavor. Craft brewers serve as role models for cooperation, rejuvenation, and innovation. For instance, The Boston Beer Company launched Sam '76, a blend of lager and ale, as part of the development of its Samuel Adams beer brand. a base lager and a base ale, each with a unique yeast strain.
The increased popularity of beer tourism has also contributed to the industry's development. Governments in countries including New Zealand, Australia, China, Mexico, the United Kingdom, and Belgium have sponsored the craft beer industry in an effort to strengthen their economy. Because of the distinctive components that can only be obtained in this region, craft beer, for example, has a substantial market in Wellington, New Zealand.
The need for flavors and salts is rising as the market for flavored beverages, such as beer, wine, and whiskey, expands. Fruit flavoring has been more prevalent during the past several years, broadening the selection of flavored beverages and drawing new consumers. In Europe, especially in France and the United Kingdom, this market is growing considerably. The United States, the Netherlands, Germany, Spain, the United Kingdom, and Jamaica are major exporters of flavored spirits. Common flavors include raspberry, green apple, citrus, watermelon, honey, coffee, and chocolate.
Due to the presence of the fundamental component that powers the whole fermentation process for the production of alcohol, the yeast category accounted for the greatest market share in 2020. Due to the increasing health advantages of beer, which includes ingredients like barley and hops, which are rich in many beneficial elements, beer had the greatest market share in 2020. Due to the movement in consumer preferences from domestic alcohol toward imported alcohol, Asia Pacific is predicted to hold a disproportionately large market share in the world market for alcohol components. Customers in countries like China are drawn to wines made in renowned vineyard regions like Bordeaux due to its well-known heritage and reputation. Whiskies, cognacs, and international wines are becoming increasingly popular in the area as people move there.
The worldwide alcohol ingredients market is divided into yeast, enzymes, colorants, flavors, and salts, among other categories, based on the ingredient segment. Due to the presence of the fundamental component that powers the whole fermentation process for the production of alcohol, the yeast category accounted for the greatest market share in 2020. Because it aids in maintaining a healthy, balanced digestive system, yeast is also commonly used, which has helped the market for this item grow.
The worldwide alcohol components market is divided into beer, spirits, wine, whiskey, and others based on the beverage sector. Due to the increasing health advantages of beer, which includes ingredients like barley and hops, which are rich in many beneficial elements, beer had the greatest market share in 2020. Beer's antioxidant and bone-building properties are also provided by these ingredients, which has greatly increased consumption.
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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. However, Europe is anticipated to emerge as the fastest-growing region over the forecast period. The market is driven due to the rise in alcohol consumption in nations like Russia, Germany, France, and the United Kingdom. Additionally, the area is a major producer of alcoholic beverages. Italy, France, and Spain are the world's top producers of wine.
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