05 November 2020
Visiongain has published a new report on Alcohol Ingredients Market Report: Forecasts by Product Type (Yeast, Starch, Enzymes, Colorants, Flavours, Salts and Others), by Alcohol Type (Beer, Whiskey, Wine, Gin, Vodka, Rum and Others), PLUS Profiles of Leading Alcohol Ingredients Manufacturing Companies and Regional and Leading National Market Analysis, PLUS COVID-19 Recovery Scenarios.
The Global Alcohol Ingredients market was valued at US$ xx billion in 2020 and is projected to reach a market value of US$ xx billion by 2031. Rising demand for premium alcohol beverage products is a major factor driving the demand for alcohol ingredients. Further, the rise in the use of alcohol ingredients across several applications due to versatility functionality is also a major factor triggering the market growth. However, the high cost of raw materials and stringent government regulations is restraining the overall market growth.
COVID-19 Impact on Alcohol Ingredients Market
COVID-19 impact negatively impacted the overall demand for alcohol ingredients. Stringent lockdown across all the parts of the globe and shut down of several restaurants and bars resulted in a fall in the demand for alcoholic beverages. Further rising awareness among the consumers regarding the negative impact of alcohol during the pandemic is also a major that resulted in a fall in the demand for alcohol ingredients. For instance, alcohol consumption destroys the overall immunity.
Rising demand for Premium Alcohol Products
Rising demand for premium alcohol products is a major factor driving the demand for alcohol ingredients. Consumers prefer premium products that are produced with natural ingredients and undergo detailed aging and distillation process. Further, rising awareness of the consumers towards the side effects of low-quality alcohol is contributing to the rise in the demand for premium alcoholic beverages. Low-quality alcohol damages the liver and heart and also leads to cancer thereby resulting in the consumer inclination towards products that are made up of natural ingredients.
A rising number of pubs and breweries
The rising number of pubs, breweries across different countries of the globe is also a major factor in driving the market growth. For instance, in European countries such as the U.K witnessed a rise in the number of pubs and bars in 2019. There was a net increase of 315 pubs during the year of 2019 which rose the number to 39,130 up 0.8 percent compared to the year of 2018. This is also boosting the demand for alcohol ingredients.
New Product Launches
New product launches are generating new opportunities for the market during the forecast period. For instance, Australian craft distilling company Natural Distilling Company chose hemp as the main ingredient for the new product launches as it helps to intensify the efforts using natural and local ingredients.
Some of the major companies operating in the global alcohol ingredients market are Archer Daniels Midland Company, MGP ingredients, Doehler, Cargill, Incorporated, Sensient Technologies Corporation, Ashland, Kerry Group PLC, Synergy Flavours, Chr. Hansen Holding A/S among others. Companies are focussing upon new product development, product launches to grab more number of customer attention. For instance, Kerry introduced botanical ingredients that are targeted to no alcohol or low alcohol products. In 2019, Kerry Group officially inaugurated the production facility in India marking its fourth investment in the country.
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