For the past few years, people are making informed decisions and choices about their alcohol consumption, such that it would be beneficial for health as well as could be consumed for recreational purposes. Also, alcohol has been a part of several social events and formal gatherings that has accelerated the demand in the global alcohol ingredients market. However, with the rising number of health-conscious people, the manufacturers are bound to come up with several ranges in the market to sustain their position with different strategies and evolutions.
With the rising globalization and westernization, youngsters emerge to be the major consumers of alcohol. In addition, a surging number of pubs, breweries, and clubs are also likely to boost the global alcohol ingredients market in the coming years.
The production and consumption of craft beer have been on rise for a few years, especially in developed and developing countries. Several governments like Australia, Mexico, China, the UK, and New Zealand are promoting the craft beer sector for their economic growth.
However, there are certain factors causing hindrance to the market, such as several anti-alcohol campaigns in the nations and more number of health-conscious people who tend to either quit or reduce the intake of alcohol to the minimum. Additionally, increased taxes and strict government regulations on alcohol trade are likely to hold back the overall market growth during the forecast period.
The global alcohol ingredients market is majorly classified into the application, product type, and region. Based on product type, the market is segmented into enzymes, flavors & salts, yeast, colorants, and others. In terms of application, the market is divided into wine, spirits, beer, and others.
Geographically, Europe is foreseen to lead the global alcohol ingredients market with the highest percentage of market share, attributed to increasing expansion in the alcohol industry. The region produces over half of the wines produced across the world. Europe is also the biggest exporter of wines and other alcohols in the world driving the growth in the regional alcohol ingredients market, with the UK, Germany, and France being the important regional markets. Worldwide, Germany, Poland, the UK, Portugal, Italy, France, Romania, Ireland, and Spain are the key consumers of alcohol. Besides, the increasing demand for craft beer is also fueling the growth of the global alcohol ingredients market.
Some of the leading players in the global alcohol ingredients market are Biospringer, Treatt Plc, AngelYeast Co., Ltd., DDW, Chr. Hansen A/S, Sensient Technologies, The Color House, Döhler, The Archer Daniels Midland Company, Ashland Global Specialty Chemicals, Inc., and Kerry, Inc. The players are investing majorly in product innovation and expanding the portfolios. Two years back, a world-known brand, the Coca-Cola Company had introduced a new range of flavored alcohol-based beverages in Japan, named Alcopop that contained 3% to 8% alcohol.