Coconut Alcohol Market 2020: Industry Growth, Competitive Analysis, Future Prospects and Forecast 2026
Coconut has been gaining immense popularity with its umpteen uses right from providing health benefits in form of coconut water and strengthening and rejuvenating the skin texture with coconut oil and cream, to now making its debut in the alcoholic beverages sector. Alcoholic beverages have been in demand since many decades now, and a tinge of innovation in this would for sure lead to boost of the sector in the upcoming years. In fact, according to statistics by OurWorldinData website, the average alcohol consumption globally amongst people above the age of 15 years was over 6.4 litres per person in 2016.
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People across the globe have been showing their keen interest towards consumption of flavored alcohol to suit their taste buds along with bringing some change in the beverages they consume.
Therefore, in this aspect, various alcohol manufacturers have been introducing new developments to include different flavors in their beverages, and a major attention is currently being given to the coconut drinks. Accountability of the above mentioned statement is offered by Bacardi.
America’s largest spirits company, Bacardi, in June last year, launched Bacardi Coconut in the market. The alcoholic drink is a blend of Bacardi’s classic Carta rum and coconut flavors and has been discovered to cater to the increasing demand for flavored rums globally.
In yet another incidence, Coconut Cartel welcomed its first premium rum that combines rum aged in Guatemala with coconut water last year. The rich taste of this new elite rum is claimed to be unlike anything available in the market till date.
Initiatives like these are expected to bolster the coconut alcohol industry dynamics over the foreseeable period.
17.5% pure alcohol consumption in Belarus to transform coconut alcohol market trends across Europe
Europe has emerged as one of the heaviest drinking regions in the world, with over one fifth of the total population above 15 years of age consuming alcohol in neat or diluted conditions. Apparently, this is likely to trigger the adoption of coconut water and other edible coconut products to enhance the taste of these alcohols while offering a striking and refreshing tastes to the consumers.
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However, the outburst of COVID-19 pandemic across the world, which severely affected the global economy of Europe along with majorly impacting the business in the region, has also laid a significant impact on the coconut alcohol market in Europe given the enforcement of lockdown on essential and non-essential businesses.
5.3% deaths due to alcohol consumption every year, might lead to a stagnant growth of coconut alcohol market
Various health authorities and organizations like WHO, NIOSH, and CDC have been laying significant statistics demonstrating the dire consequences of alcohol consumption. A WHO report states that harmful use of alcohol stands as an underlying factor in more than 200 disease and injury conditions. This has been restricting the coconut alcohol market to thrive in various economies of the world.
However, novel innovations in this field are anticipated to provide substantial benefits to the overall industry in the upcoming years.
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