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Liqueur Market Phenomenal Growth 2020 | Size, Value Share, Latest Trend, Global Analysis and Key Players by Forecast to 2024
Liqueur Market
The global Liqueur Market is expected to register a CAGR of 3.19% from 2019 to 2024 and reach USD 114.29 billion by the end of 2024. Liqueurs are any alcoholic beverage having liquor as its base followed by sweetener and flavor added to it. The flavors added are derived from chocolate, coffee, fruits, nuts, and many more. Liqueurs are usually lower in alcohol content than liquors due to the watering down effect of adding sweetener and flavor. Generally, liqueurs are consumed after having food as they are good for digestion.
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Furthermore, expanding urbanization and increasing disposable income is adding fuel to the growth of liqueur market. Additionally, liqueur industry is focusing on innovative packaging and advertisements which is contributing to the growth of liqueur market. However, escalating demand for healthy beverages may hamper the market of liqueur in the future. Nevertheless, all these factors are projected to contribute to the estimated CAGR of 2.9% of liqueur market during the forecast period 2017-2023.
Downstream analysis
Liqueur market is segmented on the basis of flavor such as chocolate, coffee, cream, fruit, nuts and others. Among all, fruit liqueur is dominating the market compared to other flavors due to variety of fruit flavors in this segment attracting the consumers.
Based on the packaging, liqueur is segmented as glass bottles, plastic bottles, metal cans and others. However, among all, glass bottle is witnessing high growth in the market due to its premium image among the consumers.
On the basis of distribution channel, liqueur market is segmented as on-trade and off-trade distribution channel. Among these, on-trade distribution channel is observing growth against off-trade distribution channel in liqueur market due to increasing innovations with liqueurs at on-trade distribution channel.
Competitive Analysis
The major players in the liqueur market
Bacardi Limited (Bermuda)
Diageo (U.K.)
Beam Suntory, Inc. (U.S.)
Amarula (SA)
Remy Cointreau (France)
Liqueur has substantial growth in the forecast period. Liqueur manufacturers are focusing on innovative packaging and advertisements in order to attract consumers.
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Regional Analysis
The global Liqueur market is segmented into North America, Europe, Asia Pacific and rest of the world (RoW). North America is observing high growth in the liqueur market followed by Europe. The changing lifestyle and increasing trend of clubs and lounges are driving the market growth of liqueur in these regions.
Asia Pacific is witnessed to be the fastest growing market in the coming years owing to its increasing urbanization and escalating disposable income in developing countries like China, India and Japan. Furthermore, Middle-East is observing a steady growth in liqueur market.
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