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Grain Alcohol Global Market Projected to Experience a Growth Rate of 6.1% CAGR, Reaching over $18.47 Billion By 2028 | Cargill Inc., MGP Ingredients Inc., Cristalco SAS, Manildra USA, Glacial Grain Spirits LLC
Grain Alcohol Global Market
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According to The Business Research Company's, The grain alcohol market size has grown strongly in recent years. It will grow from $13.88 billion in 2023 to $14.58 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The growth in the historic period can be attributed to traditional use of grain alcohol in beverage and spirits production, global demand for alcoholic beverages and spirits, cultural significance and consumption of spirits in various regions, expansion of the craft distillery and artisanal spirits industry, regulatory policies and licensing for alcohol production and distribution.
The grain alcohol market size is expected to see strong growth in the next few years. It will grow to $18.47 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to consumer interest in premium and high-quality alcoholic beverages, innovation in flavored and infused grain alcohol products, demand for ethanol in industrial and pharmaceutical applications, sustainable and organic grain sourcing for alcohol production, emerging markets and increasing affluence of middle-class consumers. Major trends in the forecast period include flavored and infused grain spirits, barrel-aged and specialty releases, cocktail culture and mixology, ready-to-drink (rtd) cocktails, local and terroir-driven spirits.
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Market Drivers and Trends:
The increasing consumption of alcoholic drinks is driving the growth of the grain alcohol market. An increase in consumption of these beverages can be attributed to multiple factors, such as rising levels of disposable income and an increasingly urban population. For instance, in December 2022, according to NHS Digital, a UK-based government agency, in 2021, 79% of participants admitted to drinking alcohol in the previous 12 months, and 49% said they did so at least once per week and these numbers expected increase in future. Therefore, the increasing consumption rate of alcoholic beverages drives the grain alcohol market.
Major companies operating in the emission control catalysts market are focusing on business expansion to meet the increased demand for high-purity alcohol. For instance, in February 2021, Grain Processing Corporation (GPC), a US-based manufacturer and marketer of corn-based products, opened a large, high-quality, efficient distillery in Muscatine, Iowa, for the production of alcohol. This distillery is capable of producing up to 1 million gallons of high-purity alcohol per year, and it is one of the largest and most efficient distilleries in the US. In order to enhance the quantity of value-added components manufactured from maize kernels, this expansion required thousands of engineering hours and made use of GPC's workforce's experience.
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Major Key Players of the Market:
Archer-Daniels-Midland Company, Cargill Inc., Kweichow Moutai Co. Ltd., Roquette Frères SA, MGP Ingredients Inc., Cristalco SAS, Wilmar International Limited, Manildra USA, Glacial Grain Spirits LLC, Wuliangye Yibin Co., Diageo plc, Altria Group Inc., Pernod Ricard SA, ChemCeed LLC, Ethanol US, NuGenTec LLC, Pinal Energy LLC, Pacific Distillery LLC, Teichene SA, Duplais Verte, La Fée Absinthe, Kübler Absinthe Superieure, Hill's Liquere North America, La Clandestine, Doubs Mystique, Butterfly Absinthe, Lucid Inc., Metelka AS, C.F. Berger Ltd., Jade Nouvelle Orleans
Grain Alcohol Market 2024 Key Insights:
• The grain alcohol market size is expected to see strong growth in the next few years. It will grow to $18.47 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%.
• Elevated Alcoholic Drink Consumption Boosting Grain Alcohol Market Growth
• Expansion Initiatives In Emission Control Catalysts Market To Meet Growing Demand For High-Purity Alcohol
• Europe was the largest region in the grain alcohol market in 2023
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