Future Market Insights’ research indicates that during the projected period, the market for Alcohol Ingredients Market is expected to grow at a compound annual growth rate (CAGR) of 5.8%. The industry is expected to increase in value from US$ 1,421.0 million in 2022 to US$ 2,497.2 million in 2032. The market for alcohol ingredients was estimated to be worth US$ 1,345.7 million at the end of 2021.
In recent years, consumers are making thoughtful decisions Alcohol Ingredients Market about their alcohol choices. The health and wellness trend has inundated the market with non-alcoholic drink options, from non-alcoholic malt beverages to low calorie RTD beverages.
However, alcohol remains a permissible indulgence and features in many social occasions which continues to influence the demand for alcohol ingredients. Although health consciousness is on the rise, consumers taste never settle and gradually change in subtle shifts and evolutions. Manufacturers are thus hard pressed to keep with newer trends in order to stay ahead of the pack.
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Growth of the alcohol ingredients market can be attributed to increased number of microbreweries and rise in experiential drinking, especially among young demographic. Today, consumers are looking to do more than just consumption, which in turn drives alcohol brands to offer more co-creation and customization experiences.
Subsequently, manufactures of alcohol ingredients will need to be ahead of the curve to set their ingredients apart from the competition. Migration of consumers from beer to high-priced spirits and growing array of healthier alcohol are further compelling manufactures of alcohol ingredients to explore their untapped potential, particularly in the area of premiumization and convenience.
Alcohol Ingredients Market Players – Key Insights
A number of key players active in the alcohol ingredients market include Archer Daniels Midland, Treatt PLC, Döhler Group, Ashland Inc., Koninklijke DSM N.V., Cargill, Inc., Kerry Group PLC, D.D.Williamson & Co., Inc., Sensient Technologies, and Chr. Hansen Holding A/S.
- In October 2019, Ashland Inc. launches ‘knock-out’ ingredients for the self-directed, sports-minded consumers at Supply Side West Trade Show. According to the company, the versatile ingredients can be used in a range of applications such as keto diets and for weight management, a healthy gut, joint comfort, and muscle recovery.
- In April 2019, Döhler Group, a key player in the alcohol ingredients market, announced the acquisition of majority of the shares of Zumos Catalano Aragoneses S.A. (Zucasa), a producer of cremogenates, juices and concentrates of sweet fruit and vegetables, equipped with modern production facilities. The acquisition aims at expanding the former company’s offer of fruit concentrates, purees, and juices.
- In March 2019, Archer Daniels Midland announced that it has reached an agreement for the acquisition of the Ziegler Group, a Europe-based natural citrus flavor ingredients provider. The agreement came shortly after ADM added industry-leading citrus capabilities to flavor portfolio with acquisition of Florida Chemical Company.
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Gradual Shift in Consumer Preferences
As healthier and high-quality products continue to gain popularity, consumers are showing shift in their preferences, resulting into decline in sales of alcohol. Apart from seeking healthier options, a growing number of consumers are looking for brands that help meet their needs by offering sustainable sourcing and socially responsibility. These factors are not only boosting the demand for functinal and fusion beverages but also bringing dynamic revolution in the alcoholic beverage sector. A number of companies are targeted towards increasing the production of no- or low alcohol drinks, prompting a need for strong focus in ingredient innovations. Manufacturers are coming up high quality ingredients with low impurities and clean flavor which will remain key to gaining distinct competitive edge in the market.
Premiumization Remains a Key Growth Driver
As the economy remains strong in various countries, consumer interest in high-end spirits and more expensive drinks has been gaining momentum, fueled in part by easy access to information and willingness to spend on sought after products. The result has been leading to surge in demand for alcohol ingredients. Over the years, whiskey continues to be a drink of choice for many fans of alcoholic beverages, securing a strong position in premium mixers. This, in turn, is further projected to contribute to the growth of the alcohol ingredients market. The demand for alcohol ingredients is also gaining a boost from robust sales of high-end premium and super premium products.
Rise in Demand for Alcoholic Soft Drinks and Malt Beverages
With brands such as Coca Cola moving into alcohol space with the launch of flavored alco-pop and premium mixers, market players are focusing on leveraging fruits and vegetable ingredients. A shift away from more conventional drinks to alcoholic soft drinks and malt beverages among consumers looking for beverages with that are lower in alcohol, sugar, and calories is promising new growth opportunities for the key players in the alcohol ingredients market. In addition, the market is expected to benefit from expansion of alcohol companies’ portfolio from beer to hard seltzers, responding to changing dynamics.
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The Quest for Convenience
With greater demand for grab-and-go convenience that fit into busy yet healthy lifestyles of today’s consumers, pre-mixed or RTD alcoholic drinks are growing in popularity, thereby potentially raising the demand for alcohol ingredients. In addition to beer and soda, canned wine, cocktails, and hard seltzers are going mainstream, directly aligning with the on-the-go culture. Moreover, alcohol providers are focusing on direct to consumers offerings through online retailing to push their sales. These factors will continue to complement future prospects of alcohol ingredients.
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