Market Overview and Key Restraints:
Liqueurs contain distilled alcohol with added sweeteners, which makes them tastier and lighter than alcohol owing to which it has gained popularity among the youth. The increasing population of youth is likely to favor the proliferation of liqueur market. The innovations in flavors guide the growth trajectory of the market. The key players are focusing on bringing new flavors for capitalizing on the growing demand for liqueur. Furthermore, the rising demand for cocktails is another major factor that is contributing towards the growth of the liqueur market.
As per Market Research Future’s latest analysis, the global liqueur market is set to witness moderate growth during the forecast period 2017 to 2023. The increase in the worldwide consumption of alcoholic beverages has fueled the demand for liqueur, and it is expected to rise further over 2023.
Endeavors are directed towards creative packaging of the product for attracting a larger customer base. This, in turn, is poised to open new avenues of growth for the liqueur market participants. Nevertheless, growing health concerns remain an impediment to the expansion of the market over the assessment period.
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Leading Key Players:
Some of the key players profiled in the report are Bacardi Limited (Bermuda), Pernod Ricard (France), Beam Suntory, Inc. (U.S.), Diageo (U.K.), Amarula (South Africa), De Kuyper Royal Distillers (the Netherlands), and Remy Cointreau (France).
Latest Industry News:
In October 2018, Hotel Chocolat, a British chocolatier and cocoa grower, has launched chocolate cream liqueur for Christmas.
In October 2018, Germany based Lidl has introduced spiced plum and cinnamon gin liqueur.
In October 2018, London fine wine merchant Berry Bros. & Rudd (BBR) has announced the expansion of its own-label spirits range with the addition of a coffee liqueur.
In October 2018, Germany based Aldi has announced the launch of a special Gingerbread Gin Liqueur available in stores across the nation.
Market Segmentation:
By Flavor, The Global Liqueur Market has been segmented into chocolate, coffee, cream, fruit, nuts, and others. Among these, the fruit liqueur is currently dominating the market. The segment is likely to retain its prominence owing to flavor innovations being introduced by the producers for capitalizing on the changing consumer preferences. The cream liqueur segment is also expected to register a moderate growth rate during the forecast period.
By packaging, the liqueur market is segmented into glass bottles, plastic bottles, metal cans, and others. The glass bottle segment is presently witnessing tremendous growth in the market and is prognosticated to remain highly lucrative segment across the review period.
By distribution channel, the global liqueur market has been segmented into on-trade and off-trade distribution channel. Among these, the on-trade segment is likely to exhibit a higher growth rate.
Regional Analysis:
Europe is a lucrative market for liqueur and is projected to witness an upsurge in demand over the forecast period. The factors that are likely to drive the growth of the regional market include flavor innovations, rising disposable income, elevating standards of living, etc.
Asia Pacific is expected to exhibit swift growth owing to rapid urbanization, increasing per capita income, the presence of fast-developing economies, etc. The country-level liqueur markets that resonate promising opportunities are China, India, Japan, etc. Meanwhile, the Rest of the World is likely to witness steady growth over the projection period.
The global liqueur market, by region, has been segmented into North America, Europe, Asia Pacific and the Rest of the World. North America is presently dominating the global market and is expected to retain a significant share of the market towards the end of the assessment period. The factors favoring the growth of the regional liqueur market are an ongoing trend of clubbing, changing lifestyle, and rising number of lounges among others.
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