Liqueurs Market Propelled by the Consumer Preference Trend for Bitter Spirit Drinks
Posted on Sep 17 2019 6:12 AM
"The global Liqueurs Market value stood at $86 billion in 2018, and it is set to grow with a CAGR of 1.80% throughout the forecast period 2019-2025."
A liqueur is a sweetened base liquor, which consists of a minimum of 2.5% sugar content. It is popularly known as “distilled spirit.” Globally, spirits hold a larger share of 45% in total alcohol consumption. Additionally, downhill beer consumption is diverting the consumers towards high-flavored spirit variants. Acceptance of hybrid, flavored, and mixed spirits is anticipated to increase in the immediate future. The continuous demand for alcoholic beverages all over the world is driving the growth of the global Liqueurs Market. Furthermore, IndustryARC estimates that the global liqueurs market value stood at $86 billion in 2018, and it is set to grow with a CAGR of 1.80% throughout the forecast period 2019-2025. Liqueur manufacturers have increased focus to build a liqueur brand and are encouraging bartenders to experiment with the most unusual ingredients existing all over the globe. This interest has resulted in a wide variety of liqueurs, a combination of new formulations and natural ingredients. For instance, Muyu is one of such developments. Increased number of intense experimentations to fulfill favorable consumer trends is also influencing the growth of the liqueurs market. The report covers Liqueurs Market size by type and By Pack Size, Liqueurs Market share by top 5 companies and also the market share by start-ups during the forecast period.
At present, liqueurs are available in a wide range of flavors such as coffee, chocolate, cream, fruit, herbal, whiskey, schnapps, and bitters. Among all of them, bitter flavor liqueurs have been recognized as the fastest-growing liqueurs. It is set to grow at a CAGR of 1.90% during the forecast period. Bitter-tasting spirit drinks possess a predominantly bitter taste. It is obtained by flavoring natural flavoring substances with the ethyl alcohol of agricultural origin. It comprises of a minimum alcoholic strength of 15%. Thus, liqueurs have become the best choice to produce lower-alcohol cocktails for consumers who desire for a lighter drink. It is experiencing a noticeable growth in the U.S. and some of the European countries Liqueur fond youth of Europe has boosted up the sales of Campari’s butter-flavored spirit drinks. This company is one of the recognized manufacturers of bitter-flavored spirit drinks and well-known alcoholic liqueurs. Increased preference for young consumers for low-alcohol drinks has amplified the demand for cocktails in Italy. Furthermore, increased focus of spirit brands coupled with consumer’s attention regarding the quality and purity of their core ingredients is attracting modern populace which is more concerned about the quality rather than quantity. Additionally, the consumers are now more aware of ingredients, show a preference for liqueurs without artificial preservation, and consume cream liqueurs.
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Europe Liqueurs Market
Nearly 27% of 15-19 years age people are representing the status of current drinkers all over the world. Worldwide, 15–19-year-old Europeans occupied the highest share of 44% in alcohol consumption. World Health Organization states that a count of 2.3 billion people are considered as drinkers. Approximately more than 50% of people in America, Europe, and the Western Pacific region are consuming alcohol. Even then, Europe has experienced the highest per capita consumption, due to the maximum levels of per capita alcohol consumption registered in the European countries. Strong demand for Campari’s Aperol liqueur in Italy has boosted the sales of liqueurs in the Europe region. 25% rise in sales of ‘Aperitif’ has increased the profitability of Italian drinks group's through its first-half results. Italy and Germany act as traditional markets for liqueurs in the Europe region which have driven the sales of liqueurs in the same. Hence, Europe has held a leading share of 35% among other regions in the global Liqueurs market as of 2018. According to the International Trade Center (ITC), Germany, Italy, Ireland, France, U.K., Spain, and the Netherlands are the major liqueurs and cordials exporting countries in the world. Among all those countries, Germany occupied a larger share in the liqueur export. These countries held a share of 70.9% in the exports of liqueurs, worldwide. In 2018, $3.3 million worth liqueur was traded worldwide, and the annual growth in export value is noted as 7% during 2017-2018. This growth in the trade value of liqueur evinces the growth of liqueur market in the Europe region.
Trends - Liqueurs Marketplace:
- Shift towards Natural Ingredients: Shift to natural ingredients is identified as one of the biggest developments in the liqueurs market. This is due to the rise in demand for color and sweetness from Bartenders and consumers. On the other hand, the prevalent consumer revolution against sugar content. As per the EU law, most of the liqueurs should contain at least 100 grams of sugar per liter. Therefore, natural ingredients used in the same enables a healthier image of brands.
- Consumer Preference – Innovative Liqueurs: Innovation plays a vital role in the growth strategy of the liqueur manufacturer. Product reinvention along with the inclusion of new concepts will boost up the product portfolio expansion and product evolution. Presently, the revolution of mixology is gaining traction of liqueur maker in order to inspire the bartenders to evolve in the cocktail world. For example, French group Marie Brizard Wine & Spirits aims to develop its liqueurs category in such a manner so that it matches with consumers’ preference. Marie Brizard is a French liqueur brand. Yuzu, Bergamot, and Kaffir are the new lime flavors of this brand. In addition to this, the launch of the “low-sweetness” essence with rosemary, jasmine, dill, and Sichuan pepper flavors, especially for bartenders. Chief marketing officer states that the next trend in the liqueurs will be a combination of unusual flavors which include spice with coffee and citrus with herbs.
- Light and Low Alcohol: At present, low alcohol offerings is a trendy thing in bars and restaurants. Increasing awareness among people regarding the adverse effects of over-consumption of alcohol has been lifting the sales of liqueurs. Liqueurs comprise of more flavor and less alcohol compared to white spirits. Growth in the number of millennial, of the much proliferated weekend culture, and an increase in disposable income of the working population are factors increasing the sales of liqueurs across the world, thereby increasing the liqueurs market revenues.
Major Players in Liqueurs Market Include:
Bacardi Limited, Girolamo Luxardo S.p.A, Lucas Bols B.V., Mast-J germeister SE, Beam Suntory Inc., Diageo plc, Brown-Forman Corporation, Davide Campari-Milano S.p.A., Lucas Bols B.V., and Pernod Ricard SA. are the top 10 liqueur companies operating in the liqueurs industry. These players are implementing business strategies in order to mark their position in the liqueurs market. For instance, a recent development in the liqueurs marketplace is evident as follows:
Product launch of Muyu, which is a modern liqueur introduced by Alex Kratena, Monica Berg & simone Caporale is a major development in terms of product offering. Three modern liqueur manufacturers prepared this product by using natural ingredients such as jasmine, chinotto, and vetiver. It is a well-suited liqueur, especially in terms of taste and current culture because it is a combination of boutique perfume and cocktail philosophy. This product launch is intended to introduce the extraordinary ingredients to modern bartenders.
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