According to Future Market Insights, the global alcoholic flavors market is expected to accumulate a market value of USD 7.3 billion in 2023. By 2033, the market is expected to reach USD 11.6 billion, registering a CAGR of 4.7%. The market registered a CAGR of 2.9% in the historical period 2018 to 2022.
Factors such as the increasing demand for flavored alcoholic beverages, as well as the growing popularity of craft breweries, are expected to boost the market growth over the analysis period.
The demand for flavored alcoholic beverages is growing rapidly due to the increasing popularity of new and unique flavors. Alcoholic flavors are used to add taste and aroma to these beverages, thereby boosting the growth of the alcoholic flavors market. Additionally, with the rise in disposable income, consumers are becoming more willing to spend money on premium alcoholic beverages, including flavored ones. This trend is expected to continue in the coming years, leading to an increase in the demand for alcoholic flavors.
Alcoholic flavors are used in the food industry to add flavor to food products, such as desserts, sauces, and marinades. The use of alcoholic flavors in the food industry is expected to propel the growth of the alcoholic flavors market in the forthcoming years. Companies are investing in R&D to develop new and innovative alcoholic flavors that cater to the changing tastes and preferences of consumers. The launch of new products is projected to augment the growth of the alcoholic flavors market in the near future.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value of the Alcoholic Flavors Industry in 2023 | USD 7.3 billion |
| Projected Market Value of the Alcoholic Flavors Industry in 2033 | USD 11.6 billion |
| Growth Rate of the Alcoholic Flavors Market from 2023 to 2033 | 4.7% CAGR |
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Recent developments in the technology, mergers and acquisitions, and partnerships within the companies involved in the designing of Alcoholic Flavors are expected to create lucrative opportunities for the market growth over the analysis period.
The alcoholic flavors market saw soaring growth in 2021 with worldwide revenues. A new forecast estimates that alcoholic flavors revenue will nearly double by 2031. As consumers increasingly seek great taste, healthy options, and convenience and sustainability in their foods to fuel their on-the-go lifestyles, the face of alcoholic flavors is changing.
Moreover, consumers are constantly on the lookout for clean label ingredients that are also fit for consumers with allergies or restricted diets, without compromising out on mouthfeel. Consumer’s inclination concerning plant-based eco-relevant preferences due to no trans-fat and lesser levels of saturated fats is escalating the demand for alcoholic flavors across the globe.
The alcoholic flavors market saw soaring growth in 2021 with worldwide revenues. A new forecast estimates that alcoholic flavors revenue will nearly double by 2031. As consumers increasingly seek great taste, healthy options, and convenience and sustainability in their foods to fuel their on-the-go lifestyles, the face of alcoholic flavors is changing.
Moreover, consumers are constantly on the lookout for clean label ingredients that are also fit for consumers with allergies or restricted diets, without compromising out on mouthfeel. Consumer’s inclination concerning plant-based eco-relevant preferences due to no trans-fat and lesser levels of saturated fats is escalating the demand for alcoholic flavors across the globe.
Moreover, due to growing consumer interest in multi-cuisine culture, there is aggregate demand for alcoholic flavors as it is extensively manufactured by food producers as an element owing to preference from consumers.
Also, new product launches have played a dynamic role in assisting the extensive penetration of alcoholic flavors in the global market.
For example, Farm To Fork in September 2019 launched its clean label, sustainably grown, and simple alcoholic flavor with non-GMO labeled certified and do not contain artificial flavors and sugar.
The rising preference for international cuisines, availability of a wide variety of international brands of alcoholic flavors, and growing demand for no preservatives and natural flavors contribute to the growth of the alcoholic flavors market.
The dynamics assisting the growth of the market are the consumer’s preference towards gluten-free diets and plant-based alternatives. Moreover, health-conscious customers favor goods with high dietary content, which helps consumers to enjoy their food without affecting the diet.
Moreover, restaurants and other eateries are also experimenting with numerous flavors and combinations to offer innovative and unique alcoholic flavors to their customers.
With the rising consumption of natural products, consumers are strongly influenced by the nutritional benefits of alcoholic flavors and the added benefits of proteins, fiber, fats, vitamins, and minerals.
Moreover, consumers strongly agree that alcoholic flavors enrich the taste of other food while being used as an ingredient. Additionally, the importance of flavors that meet the expectations of more demanding and health-conscious consumers is therefore key. Innovation and distinctiveness need to be combined with consumer appeal and labeling considerations.
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In terms of sales, the North American market is projected to take the lead in the global target market. With the increased consumption of healthy foods by USA
consumers, nearly 20% of the consumers are inclined towards on-pack claims like 'made with real ingredients' while buying food or beverage products. The application of alcoholic flavors in snacking has improved vividly over the years is anticipated to fuel the revenue progression of the alcoholic flavors market.
Moreover, alcoholic flavors have increased by 24.3% volume growth in the USA market over the last three years which is outpacing the overall flavor category, hence promoting the alcoholic flavors market to grow at a high pace.
The European alcoholic flavors market is estimated to grow at a moderate pace. Manufacturers are aiming at initiating new and innovative forms hence, alcoholic flavors companies are making swift progress concerning evolving innovative spreads options.
The market for alcoholic flavors is estimated to see swift growth through the projection period driven by huge investments done by market players in social media marketing, and promotional activities towards increasing plant-based trends and consumers' wish to eat more healthy nutritional food products.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
| Expected Base Year Value (2024) | USD 430.38 billion |
|---|---|
| Anticipated Forecast Value (2034) | USD 1,032.38 billion |
| Estimated CAGR (2024 to 2034) | 9.10% |
| Market Size (2023) | USD 7,021 million |
|---|---|
| Market Size (2033) | USD 12,229.3 million |
| Market CAGR (2023 to 2033) | 6% |
| Market Size (2021) | USD 1.29 Billion |
|---|---|
| Market Size (2032) | USD 2.77 Billion |
| Market CAGR (2021 to 2032) | 7.2% |
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