Alcohol Ingredients Market Growth & Trends
The global alcohol ingredients market size is expected to reach USD 2.71 billion by 2025 registering a CAGR of 8.3%, according to a new report by Grand View Research, Inc. Increasing alcohol consumption across the globe has been fueling the product demand. In addition, rapid urbanization along with the increased adoption of western culture in the developing countries including China, India, Indonesia, and Taiwan is expected to boost the demand for alcoholic beverages, which, in turn, will prompt the utility of ingredients including yeast and enzymes.
Prominent economies of this region include, Germany, U.K., Italy, Spain, Romania, and Belgium. High alcohol consumption levels along with the presence of a large number of alcohol producers has increased the product demand in this region. Asia Pacific is anticipated to be the fastest-growing region at a CAGR of 9.6% from 2019 to 2025. China, India, South Korea, Taiwan, Myanmar, and Thailand are the prominent markets in this region. Rising per capita income and growing number of pubs, bars, and clubs have been driving the product demand in these developing countries.
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Alcohol Ingredients Market Report
Alcohol Ingredients Market Report Highlights
- Europe held the largest market share in 2018 accounting for more than 35% of the total revenue
- Spirits application segment is expected to register the fastest growth rate of 9.0% over the forecast period
- Flavors & salts product segment held the largest share of the global alcohol ingredients market in the past and is projected to expand at the highest CAGR from 2019 to 2025
- Spirits segment held the largest share in the Asia Pacific market and also accounted for more than 45% of global revenue in 2018
- Key companies in this market include Treatt PLC; DDW; The Color House; AngelYeast Co., Ltd.; Biospringer; Sensient Technologies; Chr. Hansen A/S; The Archer Daniels Midland Company; Kerry, Inc.; Ashland Global Specialty Chemicals, Inc.; and Döhler
