According to Market Research Future (MRFR), the global liqueur market is expected to reach USD 114.29 billion, with a CAGR of 3.19% from 2019 to 2024 (forecast period). The report assesses key players, including a five-year global market evaluation that illustrates market growth. The analysis provides a forecast of market opportunities for each region over the next five years. The report also provides a detailed overview of the Covid-19 impact analysis by type, distribution channels, and region.
Liqueur is alcoholic beverage containing distilled spirits with added flavors. Liqueur is commonly flavored or sweetened to give the drink a new texture. These beverages are divided into three general grade neutrals/bitters, creams, and flavored fruit. Liqueur is made of neutral spirits and flavored with fruit, herbs, and other ingredients. The alcohol content of the liqueur ranges from 34 to 60 proof and can reach 100 proof. The demand for these drinks has improved over the last few years, taking into account the changes in on/off premises consumption.
Bacardi Limited (Bermuda), The Brown–Forman Corporation (US), Diageo plc (UK), Beam Suntory, Inc. (US), Davide Campari-Milano S.p.A. (Italy), Empee Distilleries (India), Lucas Bols B.V. (Netherlands), Girolamo Luxardo S.p.A (Italy), Mast-Jägermeister SE (Germany), Amarula Cream (South Africa), Remy Cointreau (France), DeKuyper Royal Distillers (France), Pernod Ricard SA (France), Globus Spirits Ltd. (India), and United Breweries Holdings Limited (India) are some of the significant participants in the global liqueur market.
A rapidly growing youth population, combined with an increasing disposable income, is anticipated to propel the growth of the global liqueur beverage market. Liqueurs have distinctive tastes and flavors that drive the market for liqueurs among consumers. Due to the increasing need for recreational activities, the rapid growth of the hospitality industry is expected to augment the growth of the liqueur market. In addition, changing lifestyles and increasing acceptance of alcoholic beverages in developing countries are expected to boost the global liqueur market.
However, hefty tax on liqueurs in many countries around the world is likely to hinder the growth of the global liqueur market.
The global market for liqueur has been segmented based on type, distribution channels, and region.
On the basis of type, the global market for liqueur has been classified as fruit, coffee, chocolate, herbs & spices, creme & cream, and others.
On the basis of the distribution channel, the global market for liqueur has been segmented into foodservice and retail. The retail segment has been further categorized as supermarket and hypermarket, specialty stores, and others.
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Region-wise, the global liqueur market segment into North America, Europe, Asia Pacific, and the rest of the world.
The market in North America is estimated to dominate the global liqueur market due to high disposable income in the region. In addition, the increasing demand for liqueur from the hospitality industry is expected to boost the liqueur industry in the region.
The market in the Asia Pacific is anticipated to have the highest CAGR in the global liqueur market by application owing to the growing youth population in the region. The rising disposable income results in increased spending potential for recreation purposes; this, in effect, is anticipated to propel the growth of the region's liqueur market.
The rest of the world's market is anticipated to grow at an average rate due to increasing disposable income and expanding hospitality in several countries in South America, such as Argentina and Brazil.
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