Liqueurs Market Size to Reach USD 166.96 Billion by 2031 With Of 3.4%

The liqueurs market is expected to witness significant growth, owing to increased consumption of liqueurs in developing regions such as Asia-Pacific.

PORTLAND, OREGON, UNITED STATES, October 25, 2023 /EINPresswire.com/ — Rise in income levels and urbanization has been the key driver for liqueurs market. Furthermore, raised interest of millennial toward alcohol beverages such as liqueurs has further augmented the growth of the market. Increase in aggressive advertisements and promotions through social media platforms by manufacturers play a crucial role in the growth of the liqueurs market

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Drivers, restraints, and opportunities
Rise in the global young-adult demographic, high disposable income, and rise in consumer demand for premium/super premium products have boosted the growth of the global liqueurs market. However, lack of penetration in developing countries and the growth of sport drinking coupled with rise in health concerns hinder the market growth. On the contrary, rise in mergers of market players would open new opportunities for the market players in the future.

Major market players

Bacardi Limited
Brown-Forman Corporation
Beam Suntory Inc.
Davide Campari-Milano S.p.A.
Diageo Plc
Lucas Bols B.V.
GirolamoLuxardoS.p.A
PernodRicard SA
Mast-Jägermeister SE
Remy Cointreau

Covid-19 scenario:
The Covid-19 pandemic negatively affected the market due to restriction on import-export of non-essential goods. The implementation of curfew and practice of maintaining social distance affected the domestic and international production of liqueurs.
During the pandemic, manufacturers encouraged online sale of liqueurs to reach a larger consumer base.

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The fruit flavored segment to manifest the highest CAGR through 2031
By type, the fruit flavored segment is estimated to register the highest CAGR of 5.2% during the forecast period, due to availability of variety of fruit flavored liqueur such as cherry liqueur, pear liqueur, peach liqueur, apricot liqueur, and plum liqueur. However, the neutrals/bitters segment dominated the market in terms of revenue in 2021, contributing to more than two-fifths of the global liqueurs market, due to rise in consumption of liqueurs and change in lifestyle in developing region such as Asia-Pacific and LAMEA.

The glass segment held the largest share
By packaging, the glass segment held the largest share in 2021, contributing to more than 90% the global liqueurs market, as it keeps liqueurs cool for a longer time and preserves it well. However, the metal can segment is estimated to register the highest CAGR of 7.6% during the forecast period, as it offers high resistance to sunlight and oxygen, and prevents loss of carbon dioxide in better manner as compared to glass bottles.

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Asia-Pacific, followed by Europe and North America, held the lion’s share
By region, the global liqueurs market across Asia-Pacific, followed by Europe and North America, held the largest share in 2021, accounting for nearly two-fifths of the market. In addition, the region is projected to portray the highest CAGR of 4.6% during the forecast period, due to rise in consumption of liqueurs, rise in youth population, and change in lifestyle in developing countries.

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David Correa
Allied Market Research
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