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Food Grade Alcohol Market Outlook Report 2024-2033: Trends, Analysis, Insights, Overview
Food Grade Alcohol Market Outlook
According to The Business Research Company's, The food grade alcohol market size has grown strongly in recent years. It will grow from $6.07 billion in 2023 to $6.38 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to beverage industry growth, food and flavor industry demand, pharmaceutical and healthcare uses, consumer preferences for natural ingredients, stringent quality standards, alcohol-based extracts in cosmetics..
The food grade alcohol market size is expected to see strong growth in the next few years. It will grow to $7.83 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to sustainable and eco-friendly practices, increased use in culinary arts, focus on traceability and transparency, functional and infused beverages, rising interest in local and artisanal products.. Major trends in the forecast period include innovations in fermentation technologies, rise in clean label products, flavor infusions and extracts, research and development for new applications, technology advancements in production..
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Market Drivers and Trends:
The rising consumption of alcoholic beverages is expected to propel the growth of the food-grade alcohol market going forward. An alcoholic beverage contains more than a specific amount of alcohol by volume. Several alcoholic beverages are made out of food-grade alcohol, or neutral alcohol, which is derived from cereals, grapes, molasses, potatoes, and other agricultural or horticultural goods. Gin, for example, can be prepared from neutral-grain alcohol that has been infused with spices and herbs. For instance, in February 2022, according to a report published by the Distilled Spirit Council, a US-based national trade association representing producers and marketers of distilled spirits, the revenue from alcoholic beverages in the US between 2020 and 2021 increased to $35.8 billion at a Y-o-Y growth rate of 12.0%, while the volume of alcoholic beverages increased to 291.1 million cases (9-liter cases) at a Y-o-Y growth rate of 9.3%. Therefore, the rising consumption of alcoholic beverages is driving the growth of the food-grade alcohol market.
Innovations in craft breweries have emerged as a key trend gaining popularity in the food-grade alcohol market. Major companies operating in the food-grade alcohol market are focused on developing innovative craft breweries to sustain their market position.For instance, in August 2021, Hopsteiner, a US-based hops supplier for breweries, launched ALTUS, an alcohol-flavored hop used in breweries to craft beers. It has notes of spicy tangerine and alpha-acid percentages nearing 20% and a yield of nearly 3,500 PPA. ALTUS is well-known among brewers looking for new aromas and improved brewing efficiencies. It has Super AA varieties that have been the base of brewing, and it was bred to be that versatile hop that works in malt-heavy recipes.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
MGP Ingredients inc.; Cargill Incorporated; Archer Daniels Midland Co.; Cristalco SAS; Grain Processing Corporation; Wilmar International Ltd.; Malindra Group.; MOLINDO Group; Extractohol; Pure Alcohol Solutions; Ethimex Ltd.; Roquette Freres SA; Glacial Grain Spirits LLC; INGREDION Inc.; Fonterra Co-Operative Group Ltd.; Ethanolsa Pty Ltd.; Bartow Ethanol of Florida L.C.; Greenfield Global Inc.; Bartlett Grain Company; United Ethanol LLC; Pacific Ethanol Inc.; Valero Energy Corporation; Flint Hills Resources; Green Plains Inc.; The Andersons Inc.; White Energy; Big River Resources LLC; Southwest Iowa Renewable Energy LLC; Marquis Energy LLC; ICM Inc.
Food Grade Alcohol Market 2024 Key Insights:
• The food grade alcohol market will grow to $7.83 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%.
• Spike In Alcoholic Beverage Consumption Fuels Growth In The Food-Grade Alcohol Market
• Innovative Craft Breweries Drive Trends In The Food-Grade Alcohol Market
• Asia-Pacific was the largest region in the food grade alcohol market share in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide."
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