As the drinks industry continues to increase and develop, the surge of craft spirits, among craft beers and ciders, cannot be ignored. Citrus-flavored alcohol drinks are becoming very popular among most people globally due to their multiple health benefits and taste-enhancing ability. The growing demand and popularity of craft spirits and the wide adoption of cost-effective ingredients are major drivers for the market.
According to Data Bridge Market Research, the Global Citrus Based Alcohol Market is expected to reach USD 9,520.32 million by 2029, which was USD 6,903.12 million in 2021, at a CAGR of 4.10% during the forecast period.
" Growing awareness About Health Benefits of Citrus Flavors Among Consumers Surge the Market Growth"
Citrus-flavored alcohol drinks are becoming gradually popular among most people globally due to their multiple health benefits and taste-enhancing ability. Citrus fruits, such as oranges and lemons, are rich in vitamin C, a powerful antioxidant protecting cells from free radical damage. Bone production, connective tissue healing, and gum health all need vitamin C, which one gets from citrus-flavored drinks. Vitamin C in citrus helps prevent wrinkles, dry skin from aging, and sun damage. Furthermore, it also catalyzes the production of collagen, which is necessary for skin health. Thus, this factor boosts market growth.
What restraints the growth of the Global Citrus Based Alcohol Market?
" Availability of Substitutes for Citrus"
There are several substitutes to citrus juice that are, in a way, restricting market growth. Other alternatives, such as malic acid, tartaric acid, and lactic acid, are some of them. In addition, molasses, vinegar, and verjuice can provide varied acidity and sourness compared to citrus and powdered acids. Using a small percentage of acid makes it possible to balance syrups and juices, which have a natural flavor degradation, and enormously extend their shelf life. All these major factors impede the growth of the market.
Segmentation: Global Citrus Based Alcohol Market
The global citrus based alcohol market is segmented on the basis of product type, citrus fruit, packaging, and distribution channel.
- On the basis of product type, the global citrus based alcohol market is classified into beer, wine, spirits.
- On the basis of citrus fruit, the global citrus based alcohol market is classified into lemon, lime, orange, grapefruit, tangerine, and others.
- On the basis of packaging, the global citrus based alcohol market is classified into glass bottles, cans, and plastic bottles.
- On the basis of distribution channel, the global citrus based alcohol market is classified into specialty stores, hotel/restaurants/bars, convenience stores, online retailers, and others.
Regional Insights: North America is expected to dominate the Global Citrus Based Alcohol Market
North America dominates the market due to the increasing consumption of alcohol-based beverages. The increasing disposable income of consumers and growing production due to the demand for orange citrus extracts in varied industries are also boosting market growth.
Asia-Pacific is expected to grow in 2022-2029 due to growing demand for citrus extracts as a natural strong flavoring agent in bakery items while adding nutritional value to the bakery products.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/global-citrus-based-alcohol-market
Recent Developments in the Global Citrus Based Alcohol Market
- In 2021, as per Craft Spirits, SunDaze, the citrus ready-to-drink canned cocktails, was launched nationwide in Southern California at PinkDot and Total Wine locations through direct-to-consumer online shipping. This launch will amplify the company's operations in the global market.
- In 2022, as per the Spirits Business, U.K.-based Shakespeare Distillery launched a Citrus Vodka as an addition to its limited edition Distillery Special range. This vodka has strong flavors of fresh oranges and lemons that are hand-peeled at the Distillery.
The Prominent Key Players Operating in the Global Citrus Based Alcohol Market Include:
- Anheuser-Busch InBev (Belgium)
- Constellation Brands, Inc. (U.S.)
- Heineken N.V. (Netherlands)
- The Coca-Cola Company (U.S.)
- ASAHI GROUP HOLDINGS, LTD. (Japan)
- The BOSTON BEER COMPANY (U.S.).
- The Edrington Group Limited (U.K.)
- Accolade Wines (Australia)
- Carlsberg Breweries A/S (Denmark)
- UNITED BREWERIES LTD (India).
- Brown‑Forman (U.S.)
- KALS Distilleries Private Limited (India)
Above are the key players covered in the report, to know about more and exhaustive list of global citrus based alcohol market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Citrus Based Alcohol Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.