According to current market research by FMI, the citrus alcohol market is anticipated to grow at a CAGR of 7.9%. The market is anticipated to reach US$ 1,272 million in 2023. The figures are projected to reach US$ 2,276.9 million by 2033.
Rapid urbanization has led to increase in disposable income. This has resulted in changing consumption patterns as well. Thus, a lot of people have started consuming more of citrus alcohol owing to their unique flavor.
One of the key drivers of the market is the fact that these are good for health. In fact, doctors recommend the consumption of citrus alcohol in moderation as these help maintaining healthy condition of heart. The consumption of citrus alcohol also drastically reduces the risk of developing cancer. All these factors are expected to surge the sales of citrus alcohol during the forecast period.
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Thus, the FMI researchers are of the view that ‘changing consumption patterns, increase in the disposable income, health benefits offered, and lots of other factors are expected to surge the citrus alcohol market share during the forecast period.’
Key Takeaways:
- The market is expected to advance at a CAGR of 7.9% from 2023 to 2033.
- In 2023, the valuation is expected to be at US$ 1,272 million.
- By 2033, the market size is expected to breach the mark of US$ 2,276.9 million.
- On the basis of regional analysis, North America is expected to be the largest market.
- The United States market is expected to post a CAGR of 4.4%.
- The United Kingdom market is projected to record a CAGR of 6.4%.
- Spain market is anticipated to register a CAGR of 5.4%.
- Germany market is expected to surge at a CAGR of 7%.
- China market is projected to advance at a CAGR of 4.7%.
- On the basis of product type, the spirit segment is expected to hold the leading market share, and is projected to record a CAGR of 6%.
- On the basis of end user, the specialty stores segment is expected to hold the dominant position, and is anticipated to record a CAGR of 7.1%.
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Competitive Landscape
The key players operating in the market are investing millions of dollars in mergers and acquisitions. The focus is to increase the market share and serve maximum regions. The manufacturers are also investing on sustainable development programs. Thus, there are a lot of initiatives pertaining to water conservation in particular. The manufacturers are also adopting eco-friendly packaging, which would ensure that no pollution is caused due to land filling. There is also a lot of activity around implementing the latest technology. This would increase the efficiency of the machines, as a result of which the output might increase by more than five times.
Significant developments in the citrus alcohol market:
- In December 2022, Carlsberg announced that it would acquire Waterloo brewing and strengthen its position in Canada market.
- In December 2022, Encirc and Diageo announced hydrogen powered furnace to change the face of the United Kingdom glass manufacturing industry.
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Citrus Alcohol Market Segmentation
By Product Type:
- Beer
- Spirits
- Wine
By Packaging Type:
- Glass Bottles
- Tins
- Plastic Bottles
By End-User:
- Modern Trade
- Specialty Stores
- Convenience Stores
- Commercial
- Hotels/Restaurants/Bars
- Online Retailers
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- The Middle East and Africa
About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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