Flavored Alcohol Market to Reach $1.8 Trillion Globally by 2032 at 4.6% CAGR: Allied Market Research

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Nov 22, 2023, 10:30 ET

Changing consumer preferences, particularly among younger generations, and the rising demand for convenient ready-to-drink options are anticipated to drive the growth of the global flavored alcohol market during the forecast period. The Europe region held the majority of the market share in 2022.

PORTLAND, Ore., Nov. 22, 2023 /PRNewswire/ -- Allied Market Research has recently published a report, titled, "Flavored Alcohol Market by Type (Vodka, Rum, Whiskey, Wine, Beer, Others), by Flavor (Pineapple, Passion Fruit, Black Currant, Lime, Apple, Cherry, Others), by Distribution channel (Supermarket/Hypermarket, Specialty Retailers, Convenience Stores, E-Commerce, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global flavored alcohol market generated $1.2 trillion in 2022, and is anticipated to generate $1.8 trillion by 2032, witnessing a CAGR of 4.6% from 2023 to 2032.

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Prime Determinants of Growth
The flavored alcohol market is thriving due to shifting consumer preferences, notably among millennials and Generation Z, who seek unique beverage experiences with flavors providing novelty and excitement. This demand for diverse options, including fruity, spicy, herbal, and unconventional blends, fuels market expansion as producers continuously introduce new flavor profiles. However, restrictions on specific additives due to health concerns and the need to comply with stringent labeling standards and age verification processes impact product availability and marketing efforts, which may hamper the flavored alcohol market growth in the coming future. On the contrary, the convenience of RTD cocktails and pre-mixed beverages appeals to modern consumers valuing convenience. This trend presents a substantial opportunity for growth and market expansion.

Report Coverage & Details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$1.2 trillion
Market Size in 2032	$1.8 trillion
CAGR	4.6 %
No. of Pages in Report	280
Segments covered	Type, Flavor, Distribution Channel, and Region
Drivers	Changing consumer preferences, particularly among millennials and Generation Z Growing demand for RTD beverages
Opportunities	Expanding market for ready-to-drink (RTD) beverages Increasing interest in diverse flavor profiles, offering an opportunity for producers to introduce novel and unique alcoholic beverage options.
Restraints	Stringent regulations on specific additives, labeling standards, and age verification

COVID-19 Scenario

The outbreak of the COVID-19 pandemic had a significant impact on the growth of the global flavored alcohol market. The pandemic significantly altered consumer behavior, with lockdowns and social distancing measures leading to a surge in at-home alcohol consumption.
Flavored alcohol, especially in the form of Ready-to-Drink (RTD) beverages like canned cocktails and hard seltzers, gained popularity as a convenient, pre-mixed option for home consumption. Moreover, the pandemic accelerated the growth of e-commerce in the alcohol sector, with consumers shifting to online platforms, resulting in increased retail sales.
This shift is also driving active players in the food and beverage industry to develop new products, providing customers with diverse options in the alcoholic beverage market.

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Type: Whiskey Sub-Segment to Grab Highest Share in the Forecast Period

The whiskey sub-segment of the global flavored alcohol market accounted for the largest share of 26.4% in 2022 and is projected to continue its dominance by 2032. This dominance is attributed to several key drivers, including ongoing innovations in whiskey products, featuring diverse flavors and enhanced product quality. Global manufacturers have increased investments in whiskey product research and development, promoting whiskey as a protein source with improved digestibility. Additionally, the affordability of whiskey for the global middle-class population also contributes to the growth of the sub-segment.

Flavor: Pineapple Sub-segment to Grow Significantly in the Forecast Period

The pineapple sub-segment of the global flavored alcohol market accounted for the largest share of 24.9% in 2022 and is projected to witness substantial growth by 2032. The prominent growth of the sub-segment is mainly due to the pineapple's tropical and fruity profile which holds wide consumer appeal, with its sweet and tangy taste making it a favored choice for flavored alcoholic beverages.

Distribution Channel: Specialty Retailers Sub-Segment to Grow with the Highest CAGR in the Forecast Period

The specialty retailers sub-segment of the global flavored alcohol market accounted for the largest share of 35.2% in 2022 and is projected to witness substantial growth with a CAGR of 5.4% during the forecast period. The prominent growth of the sub-segment is due to the rising popularity of specialty retailers as they offer a diverse array of alcoholic beverages, providing customers with a convenient one-stop shopping experience.

Region: Europe Market Grabs Highest Share in 2022

The flavored alcohol market in the Europe region accounted for the highest share of 33.6% in 2022 and is expected to grow significantly during the forecast period. The dominance of the region in the flavored alcohol market can be attributed to the increasing interest of millennials in craft beers, characterized by a desire for fresh and innovative tastes, coupled with the inviting ambiance of microbreweries and brewpubs.

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Leading Players in the Flavored alcohol Market:

Austria Juice
TOSHEV
Symrise AG
Givaudan
ADM
Kerry Group
Cargill Inc.
Dakini Health Foods
MANE
Castel Group

The report provides a detailed analysis of the key players of the global flavored alcohol market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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