Press release
Non-alcoholic Spirits Market to Hit $642.4 Million by 2031 with 8.7% CAGR
Non-alcoholic Spirits Market
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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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๐๐ก๐๐๐ค ๐จ๐ฎ๐ญ ๐ฆ๐จ๐ซ๐ ๐ซ๐๐ฅ๐๐ญ๐๐ ๐ฌ๐ญ๐ฎ๐๐ข๐๐ฌ ๐ฉ๐ฎ๐๐ฅ๐ข๐ฌ๐ก๐๐ ๐๐ฒ ๐๐๐ ๐๐๐ฌ๐๐๐ซ๐๐ก:
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Butter Blocks Market- https://www.alliedmarketresearch.com/butter-blocks-market-A323164
Extra Virgin Coconut Oil Market- https://www.alliedmarketresearch.com/extra-virgin-coconut-oil-market
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