According to Future Market Insights, Inc., the extra neutral alcohol (ENA) market value is projected to expand from USD 10 billion in 2024 to USD 18.1 billion by 2034. Throughout this period, the market is analyzed to record a CAGR of 6.1%.
Growing demand for spirits, like vodkas, rums, gins, and others, is a prominent driver for the expansion of extra neutral alcohol market. Both consumption patterns, including drinking neat and mixing pure ethanol drinks with other beverages to prepare a cocktail, have been instrumental in the demand for ENA for alcoholic beverages. Players are developing new alcohol varieties to harness this lucrative segment.
The use of ENA is increasing in the processing of chocolate, confectionery, and other food products, where it is used as a food-grade solvent. Players of ENA are strategizing to enter potential markets like India and China, which are likely to increase robustly.
Apprehensions regarding the environment are leading the Indian government to dedicate itself to projects supporting a more sustainable energy future. This is anticipated to create growth opportunities for industry players.
More opportunities are expected to emerge for players who are adept at the production of organic and sustainable extra neutral alcohol. Players are riding the wave of sustainability by highlighting ethically sourced grains and eco-friendly production methods.
The surging use of ENA in various personal care products like hairsprays, perfumes, shampoos, lotions, and deodorants is promoting ENA sales. ENA is used in these products due to its antibacterial properties and preservative capabilities. Additionally, the product is also deployed as a vital carrier of flavor and fragrance.
Browse full Report: https://www.futuremarketinsights.com/reports/extra-neutral-alcohol-market
Key Takeaways from the Extra Neutral Alcohol Market Report
- The extra neutral alcohol market is predicted to attain a valuation of USD 10 billion in 2024 and proceed at an estimated 6.1% CAGR through 2034.
- Grain-based segment accounted for a value share of 70% in 2023 and is projected to grow at 5.8% CAGR through 2034.
- Potable alcohol segment is forecast to expand at a CAGR of 5.6% through 2034.
- Sales in the United States are estimated to total USD 3.2 billion by 2034.
- By 2034, the South Korean market is anticipated to acquire USD 1.2 billion.
“Sustainability concerns are expected to guide the efforts of extra neutral alcohol players. Moreover, players are acquiring competent smaller players and investing in the latest technologies to enhance their market share,” says Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.).
Who is Winning?
Industry participants are raising the production of superior quality, distinguished ENA solutions. To achieve this, they are using specific grains in the ENA formulation or deploying certain fermentation processes to develop ENA. The addressable market for distinct alcoholic concoctions is gradually expanding, which is projected to allow players to diversify their focus.
The cosmetics and pharmaceutical sectors are also witnessing heightened demand for ENA, which is increasing the prospects of ENA producers. Firms are incessantly searching for new ways to elevate their production processes to increase their yields and bring down costs.
Players are investing in the latest technologies to improve their share. Additionally, they are also taking the route of strategic acquisitions, giving them access to the latest markets, technologies, and resources.
Recent Developments Shaping the Extra Neutral Alcohol Market
- In October 2023, India’s GST Council exempted extra neutral alcohol from GST. Both grain-based and molasses-based ENA are exempted from these taxes.
- In November 2023, Jagatjit Industries announced that it is going to extend its premium offering by launching Royal Pride Whisky. The product is sold across fine dining establishments and retail outlets in Delhi.
Purchase now and gain full access to the Extra Neutral Alcohol (ENA) Industry report, featuring comprehensive Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives.
Get More Valuable Insights
Future Market Insights (FMI), in its new offering, provides a thorough, detailed, and unbiased analysis of the global extra neutral alcohol (ENA) market, presenting historical demand data for the years 2019 to 2023 and forecast statistics for the years 2024 to 2034.
The study provides compelling industry insights based on the raw material (sugarcane-based, grain-based, and others), type (type I and II), and application (beverages, potable alcohol, flavors and fragrances, pharmaceuticals, cosmetics and personal care, and others) across several regions.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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