Liqueurs Market To Hit USD 166,966.8 Million by 2031, Driven by Robust 3.4% CAGR

Market Overview:
The global liqueurs market size was valued at $118,040.5 million in 2021, and is projected to reach $166,966.8 million by 2031, registering a CAGR of 3.4% from 2022 to 2031.

Rise in the global young-adult demographic, high disposable income, and rise in consumer demand for premium/super premium products have boosted the growth of the global liqueurs market. However, lack of penetration in developing countries and the growth of sport drinking coupled with rise in health concerns hinder the market growth. On the contrary, rise in mergers of market players would open new opportunities for the market players in the future.

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The liqueurs market is expected to witness significant growth, owing to increased consumption of liqueurs in developing regions such as Asia-Pacific. Moreover, rise in income levels and urbanization has been the key driver for liqueurs market. Furthermore, raised interest of millennial toward alcohol beverages such as liqueurs has further augmented the growth of the market. Increase in aggressive advertisements and promotions through social media platforms by manufacturers play a crucial role in the growth of the liqueurs market.

Emerging nations are expected to provide major opportunities for the liqueurs market during the forecast period. The rise in acceptance of liqueurs consumption and surge in popularity of liqueurs for special occasions are expected to stimulate the market growth in several nations such as China, Canada, and Germany. Moreover, rise in social media has become the latest liqueurs market trend in developed countries as it is the lifestyle of millennials due to which Gen Z spends more on premium products, which is likely to open new avenues for the market participants to enter emerging markets.

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Major market players

Bacardi Limited
Brown-Forman Corporation
Beam Suntory Inc.
Davide Campari-Milano S.p.A.
Diageo Plc
Lucas Bols B.V.
GirolamoLuxardoS.p.A
PernodRicard SA
Mast-Jägermeister SE
Remy Cointreau

Key Findings Of The Study

By type, the neutrals/bitters segment dominated the global market in 2021, and is expected to retain its dominance throughout the liqueurs market forecast period.
By packaging, the liqueursindustry is divided into glass, PET bottle, metal can, and others.Glass segment lead in terms of market share and is expected to continue to grow with robust CAGR during the forecast period. Consumer's primary choice for reliable, healthy, sustainable, and premium liqueurs beverage is expected to continue to keep glass bottle packing in strong demand.
On the basis of distribution channel, the liqueurs market is categorized into convenience stores, on premises, retailers, and supermarkets. The retailers segment held the major share in the market, and is projected to remain dominant during the forecast period.
By region, Asia-Pacific accounted for highest market share in 2021, and is expected to grow at a significant CAGR during the forecast period. A considerable increase in the consumption of liqueurs has been observed in India due to its growth in youth population with preference for beer. Change in lifestyles and consumer preferences have considerably boosted the adoption of liqueurs in Asia-Pacific.

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Market Segments:

By Type
Neutrals/Bitters
Creams
Fruit Flavored
Others

By Packaging
Glass
PET Bottle
Metal Can
Others

By Distribution Channel
Convenience Stores
On Premises
Retailers
Supermarkets

By region, the global liqueurs market across Asia-Pacific, followed by Europe and North America, held the largest share in 2021, accounting for nearly two-fifths of the market. In addition, the region is projected to portray the highest CAGR of 4.6% during the forecast period, due to rise in consumption of liqueurs, rise in youth population, and change in lifestyle in developing countries.

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