The global liqueurs market was valued at around 922 million liters in 2016 and is expected to surpass 1,037 million liters by 2021, says Technavio.
Technavio has announced its latest market research report on the global liqueurs market, under its food portfolio. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like Bacardi, Beam Suntory, Diageo, Lucas Bols, Pernod Ricard, and Rémy Cointreau.
According to Majunath Reddy, a lead analyst for food research at Technavio, “The market is currently experiencing a rise in demand for cocktails, especially from traditional brands, in bars and pubs. The cocktails market is growing and the consumer demand is inclined more towards healthy cocktail options. Mixers and bartenders are creating more experiences around cocktails such as new varieties of cocktails, on-premise programs like cocktail-making sessions for consumers to create interest and thereby to tap the demand.”
Bartenders are researching on genderless cocktails, fragrance menus, and fluorescent drinks. Increasing use of liqueurs in cocktails is a key driver in the global liqueurs market. In layered drinks, liqueurs with a thick consistency are being used. For example, Baileys B52 in which Baileys orange liqueur, coffee liqueur, and Irish cream liqueur are used as layers.
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Demand for new flavors
The rise in demand for new flavors in liqueurs in one of the key merging trends in the global liqueurs market. There is an increased demand for flavored alcoholic drinks such as flavored liqueurs, flavored vodka, malt beverages, and ready-to-drink (RTD) beverages among the consumers, especially the millennials. Vendors are investing in R&D to develop new flavors to tap into the rising demand and gain market shares. Herbal and bitter liqueurs are enjoying a steady resurgence.
Demand for craft brands
The global market is currently experiencing a rise in demand for craft brands in retails stores, especially for beers. The emergence of breweries and micro-distilleries are indications of this growing demand. The craft spirit segment is a booming segment in the US, fueled primarily by consumers’ willingness to experiment. Global players in the market are looking to gain market share by tapping into this trend. The growing popularity of craft spirits has led to some of the recent acquisitions. For example, Bacardi took over Angel’s Envy Bourbon in 2015. In 2016, Constellation Brand acquired High West Distillery worth USD 160 million and Pernod Ricard acquired Monkey 47 gin and Avion tequila.
This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Liqueurs Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Probiotics Market 2017-2021
- Global Frozen Food Market 2017-2021
- Global Tabletop and Sachet Sweeteners Market 2017-2021
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