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Global Absinthe Market 2024 : SWOT Analysis Of Key Driving Factors For Growing CAGR Value
Absinthe Global Market Report 2024
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According to The Business Research Company's, The absinthe market size has grown steadily in recent years. It will grow from $34.71 billion in 2023 to $35.75 billion in 2024 at a compound annual growth rate (CAGR) of 3.0%. The growth in the historic period can be attributed to cultural heritage, artistic influence, legal regulations, craftsmanship revival, cocktail culture.
The absinthe market size is expected to see steady growth in the next few years. It will grow to $40.2 billion in 2028 at a compound annual growth rate (CAGR) of 3.0%. The growth in the forecast period can be attributed to craft distilleries, cultural tourism, craft cocktail movement, global expansion, revised regulations. Major trends in the forecast period include absinthe lounges and bars, innovative cocktails, heritage brands, absinthe tourism, green hour tradition.
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Market Drivers and Trends:
The increasing alcohol and other beverage consumption is expected to propel the growth of the absinthe market. Consumers globally are increasingly consuming alcohol products and beverages. For instance, in January 2022, according to an article published by The Harvard Gazette, an official news website of Harvard university, researchers recreated the drinking trajectories and liver disease trends in all U.S. people using data from a national survey of U.S. adults on their drinking habits, which indicated that excessive drinking (such as binge drinking) increased by 21% during the COVID-19 pandemic. Therefore, the increasing alcohol and other beverage consumption is driving the growth of the absinthe market.
Major companies operating in the absinthe market are focusing on innovating products, such as the Australian Absinthe, to provide reliable services to customers. Australian Absinthe is designed with a complex flavor profile that is both bitter and sweet, with notes of anise, fennel, and other herbs. For instance, in May 2022, Never Never Distilling Co., an Australia-based alcohol company, launched Australian Absinthe. Australian absinthe is a type of absinthe made using a unique blend of traditional botanicals. This is made by steeping the botanicals in high-proof alcohol, such as vodka or grain alcohol, for several days or weeks. It has a smooth, velvety texture and a long, lingering finish.
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Major Key Players of the Market:
Pacific Distillery LLC, Teichene SA, Metelka AS, Mansinthe, Philadelphia Distilling Company, Pernod Ricard SA, St. George Spirits, Leopold Bros., Green Moon Ltd., La Muse Verte, Philippe II Duke of Orléans, La Grenouille Bleue Ltd., Absinthe La Fee, Lucid Absinthe, Kübler Absinthe Superieure, St. George Absinthe Verte, La Clandestine Absinthe, Jade Liqueurs LLC, Butterfly Absinthe, Vieux Carré Absinthe, Ridge Distillery Absinthe, La Maison Fontaine, Hills Absinth, François Guy Absinthe, Mata Hari Absinthe, Absinthe Duplais Verte, Corsair Distillery, Dan Murphy's, Copper & Kings American Brandy Company
Absinthe Market 2024 Key Insights:
• The absinthe market size is expected to see steady growth in the next few years. It will grow to $40.2 billion in 2028 at a compound annual growth rate (CAGR) of 3.0%.
• Rising Alcohol Consumption Trends Fuel Growth In The Absinthe Market
• Launch Of Australian Absinthe By Never Never Distilling Co.
• Europe was the largest region in the absinthe market in 2023
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