Non-alcoholic Spirits Market to Hits $642.4 Million by 2031 | 8.7% CAGR

According to a new report published by Allied Market Research, titled, "Non-alcoholic Spirits Market," The non-alcoholic spirits market size was $281.12 million in 2021, and is estimated to reach $642.4 million by 2031, growing at a CAGR of 8.7% from 2022 to 2031. 

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Key Drivers and Trends

Health Benefits and Disposable Income: Consumers are increasingly opting for non-alcoholic spirits due to health concerns and the desire for healthier lifestyles. This trend is supported by rising disposable incomes, enabling consumers to spend more on premium non-alcoholic beverages.

Innovative Product Launches: The market is seeing a surge in new products featuring unique and innovative ingredients. This diversification is helping to attract a broader consumer base and meet varying taste preferences.

E-commerce Growth: Online shopping trends are significantly impacting the market. Manufacturers are collaborating with major e-commerce platforms like Amazon, Walmart, and Tesco to expand their reach. The convenience of online shopping, combined with detailed product information, discounts, and free delivery, is making e-commerce a popular distribution channel.

Market Segmentation

The market is segmented based on product type, category, distribution channel, and region:

Product Type: Whiskey, rum, vodka, tequila, and others. Whiskey non-alcoholic spirits are the most popular and hold the largest market share.

Category: Conventional and organic. The organic segment is experiencing major growth due to increasing demand for organic food and beverage products.

Distribution Channel: Food service and food retail, with food retail further divided into store-based and non-store-based. Non-store-based channels, particularly online stores, are witnessing the highest growth rate.

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Regional Insights

North America and Europe: These regions dominate the market, driven by higher disposable incomes, well-established e-commerce infrastructure, and a strong preference for premium products.

Asia-Pacific: Expected to register the highest growth rate (CAGR of 9.83%) due to rising awareness and demand for organic products, increasing internet penetration, and growing disposable incomes.

Key Players

Major players in the market include Diageo, Pernod Ricard, Bacardi, Lyre's Spirit Co, and others. These companies are focusing on product launches and quality enhancements to maintain competitiveness.

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Key findings of the study

• The non-alcoholic spirits market was valued at $281.12 million in 2020, and is estimated to reach $642.41 million by 2031, registering a CAGR of 8.73% from 2022 to 2031.

• By product type, the whiskey segment is estimated to witness the significant growth, registering a CAGR of 8.16% during the forecast period.

• By category, the conventional segment is anticipated to grow at a CAGR of 8.7% during the forecast period.

• By distribution channel, the food retail segment is estimated to witness the significant growth, registering a CAGR of 8.84% during the forecast period.

• By region, Europe was the dominant region in 2021, occupying majority of the non-alcoholic spirits market demand.

• By region, Asia-Pacific registered the highest growth rate and is expected to grow at a CAGR of 9.83% during the forecast period.

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𝐂𝐡𝐞𝐜𝐤 𝐨𝐮𝐭 𝐦𝐨𝐫𝐞 𝐫𝐞𝐥𝐚𝐭𝐞𝐝 𝐬𝐭𝐮𝐝𝐢𝐞𝐬 𝐩𝐮𝐛𝐥𝐢𝐬𝐡𝐞𝐝 𝐛𝐲 𝐀𝐌𝐑 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.