Global Arak Market - Middle East to Remain Key Consumer of Arak: Industry Analysis Report 2017

Transparency Market Research (TMR) delivers key insights on the global arak market in its upcoming outlook titled, “Arak Market: Global Industry Analysis and Opportunity Assessment, 2016–2024”. In terms of value, the global arak market is expected to expand at a CAGR of 3.6% during the forecast period due to various factors, which TMR offers vital insights into in detail.

On the basis of source type, the market is segmented into obeidi or merwah grapes and anise seeds. Obeidi or merwah grapes segment is projected to witness robust growth, followed by anise seeds segment. On the basis of distribution channel, the market is segmented into supermarket, travel retail, liquor shops and bar/pub. Supermarket segment is expected to witness highest revenue share, followed by travel and liquor shops segment in the global arak market. As a result of increasing demand for local arak made from natural ingredients in various developing countries, the global arak market is expected to witness highest growth over the forecast period. Manufacturers are offering a variety of flavored arak products in order to preserve tradition in the MEA region.

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Arak manufacturers are focused on new product launches to fulfill the increasing demand of local arak made from natural ingredients in the countries such as Lebanon, Syria, Israel, Palestine and Jordan.

As a result of increasing consumer demand for local arak, the number of younger individuals is growing, especially in Lebanon and Israel, which are shifting their preference towards arak in the recent past in these countries. The companies are focusing on production capacity expansion in MEA and Asia Pacific region. The production capacity will supplement arak production and enable the manufacturers to serve customers in Europe and North America.

Local demand for arak in countries in the Middle East has increased significantly in the recent past due to increasing number of new Lebanese restaurants is a major driving factor of the global arak market. Arak is also traditionally produced in homes, especially in villages in the region. Increasing production of various types of arak is driving demand for arak in top restaurants, bars, pubs, wine stores, and gourmet food chains worldwide. Manufacturers are producing various types of arak such as delicate premium green, premium red classic, and premium black, which is gaining popularity among consumers. As a result of increasing production of arak, many young adults are shifting preference towards arak, which is in turn boosting demand and adoption in Middle Eastern countries, along with creating opportunities for arak to be used as an ingredient in cocktails.

This report discusses trends that drive growth of each segment and offers analysis and insights of the potential of the arak market in specific regions. MEA, North America and Asia Pacific are expected to record high growth rates between 2016 and 2024. Among all the regions globally, MEA is estimated to account for comparatively higher value share in 2016, followed by North America and Asia Pacific. The market in MEA is expected to remain dominant over the forecast period, and is expected to gain 160 BPS to account for 64.5% revenue share of the global market by 2024. North America is another major market for arak. In Asia Pacific, increasing consumer demand for local arak made from natural ingredients are some of the factors that is driving the arak market over the forecast period. India, Brazil, Mexico and other countries are expected to witness significant growth over the forecast period in global Arak market.

This report covers detailed profiles of key players global Arak market, which includes key strategies, key developments, product offerings and others. Key companies profiled in this report are Abi Raad Group Sarl, Kawar Arak, Haddad Distilleries, Eagle Distilleries Co, Lebanese Arak Corporation, Château Ksara, Domaine des Tourelles, and Lebanese Fine Wines Ltd.

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This release was published on openPR.