The global Alcohol ingredients market is projected to grow at a CAGR of 9.8 %. Alcohol is formed when yeast ferments or breaks down the sugar without oxygen in different food. Alcohol is a toxic & psychoactive substance with dependence producing properties. In many of today’s societies, alcoholic beverages are a routine part of the social landscape for many in the population. As change in life style, earnings, habits play a vital role in the consumption of alcohol. The consumption habits tend to be harmful if practices on a daily basis.
Increasing Awareness to Limit Alcohol Consumption
Alcohol consumption contributes to 3 million deaths each year globally as well as to the disabilities and poor health of millions of people. Overall, harmful use of alcohol is responsible for 5.1% of the global burden of disease. Harmful use of alcohol is accountable for 7.1% and 2.2% of the global burden of disease for males & females respectively. Alcohol is the leading risk factor for premature mortality and disability among those aged 15 to 49 years, accounting for 10 percent of all deaths in this age group. There is a causal relationship between harmful use of alcohol & mental disorders, behavioral disorders, other non-communicable conditions as well as injuries. Beyond health consequences, the harmful use of alcohol brings significant social and economic losses to individuals and society at large. WHO has identified that the most cost-effective actions to reduce the harmful use of alcohol include increasing taxes on alcoholic beverages, enforcing restrictions on exposure to alcohol advertising, and restrictions on the physical availability of retailed alcohol. All these factors together have cause high level of awareness about risks associated due to alcohol consumption among the consumers. This is expected to have significant impact on the alcohol ingredients market.
Alcohol market generates huge revenue
Few Alcohol consumers tend to be strongly addictive in result suffer from burden of loans, and losses. Approximately market size of alcohol market in 2020 reached about $1,580 billion and it is expected to grow at $ 1,630 billion in 2021. Consumers tend to incline towards crafted beers in the European countries this has resulted in numerous brewery houses. Additionally the point of sales of alcohol such as pubs, bars with variety of fancy themes are known to be best environment for socializing, this in turn drive sales of alcohol. The alcohol consumption is more in the age group of 18-40 as they tend to change lifestyle and are financially independent. Although alcohol market has taxes employed by the government there is growth in sales of alcohol globally.
Craft beer seems to be a trend
Around 8,884 breweries are registered in the U.S. accounting to revenue of about $ 22 billion in 2020. Craft breweries have tend to grow as they are continuously innovating in terms of providing quality and also offer wide range of taste. Also, the environment provided by these breweries attracts the consumers for socializing. Breweries in Europe & Asia Pacific have increased significantly as the increasing consumers’ interest is driving the market. The strategy in breweries has always focused on offering wide range of taste and flavors, marketing strategies and updating themes.
Covid-19 Limits the Access to Alcohol
The Covid-19 situation has brought a revolutionary change in the liquor industry and has affected the spontaneous growth of this industry. The sales have been declined by 20% - 30% during the pandemic. Various other strategies are being adopted to generate sales such as online platforms, generating supply chain techniques. Though the government levies high taxes on the alcohol industry the alcohol is termed as essentials in various regions. This industry will require more time to function normally due to the restrictions and dangers this industry is subject to in these pandemic times. Especially the recovering covid 19 patients are constantly discouraged to consume alcohol.
Key Players
The key players in this industry include Kerry Group plc, Cargill, Archer Daniels Midland Company, Dohler Group SE, KoninklijkeDsmN.V, TreattPlc; Biospringer, AngelYeast Co., Ltd., Chr Hansen A/S, DDW, The Color House; Sensient Technologies & Ashland Global Specialty Chemicals, Inc. The key focus of market players is to include improvement in terms of sustainability benefits & innovation in enzymes & ingredients to help brewery save thousands of tonnes of CO2 equivalent per annum.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Alcohol Ingredients market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Product
| |
Application
| |
|
Region Segment (2022-2032; US$ Million)
|
Key questions answered in this report
