In recent times, every industrial sector is marketing innovations and manufacturing newer products to sustain in competitive market scenarios. The alcohol ingredients market is constantly delivering novel ideas and launches, and thus, expediting the growth prospects of manufacturing companies. Combining spirits trends are accelerating the demand for the mixing ingredients thereby elevating the alcohol ingredients market growth. The availability of a wide range of alcoholic beverages makes scope for the innovation of several hybrid spirits drink such as cocktails, mocktails, and many others. These beverage drinks products are highly dependent on various categories of alcohol. The emergence of exotic alcoholic drinks is also boosting the alcohol ingredients market. This market is simultaneously influenced by the availability of ready-made bottled exotic alcoholic products such as Captain Morgan Loconut, Aluna Coconut Rum, Mahiki Coconut Rum, and Courvoisier Rose. Being infused with newer ingredients, these products are gaining a prominent place in bars, restaurants, clubs, festivities, and many other occasions.
The alcohol ingredients market leveraged a revenue of $1.6 billion in 2018 induced by the large-scale production and distribution of raw materials. This market is estimated to grow at a CAGR of 8% during the forecast period of 2019-2025. These raw materials include various types of grains, fruits, and vegetables which are readily available. The global winegrowing area accounted for nearly 7.4 kha with a production estimate of 292 mhl in 2018. This is reflective of the huge dependency on grapes and other raw ingredient plantations which facilitates the ongoing business of the alcohol industry worldwide.
The total wine production in the U.S. reached 888,582,343 gallons and California produced nearly 81% of this total wine which equals 716,309,505 gallons in the year 2017.
In 2018, the global grape production reached 78 mt. Furthermore, the annual cultivation of apples account for 240 million bushels of apple which are grown on an area of 322 thousand acres of land in the U.S. The huge productivity and availability of raw materials for alcohol production facilitates the growth of the global alcohol ingredients market.
The trend of Improved Alcohol with Organic Flavor:
With growing awareness about health risks resulting from overconsumption of alcoholic beverages, a larger section of the population is leaning towards an improvised approach to drinking alcohol. With an eye on this new health-conscious trend, several alcohol-producing companies and foodservice industries are adopting healthier ingredients in the manufacturing process. Consequently, dry wine, sparkling wine, light beers, and others are gaining huge demand from the population, and thereby, positively impacting the alcohol ingredients market. Additionally, previously region-specific processed ethanol alcohol and butyl alcohol such as the Irish drink Guinness, flavored gins, Bloody Mary cocktails are gaining huge popularity in bars and restaurants worldwide.
Major Market Players:
The key players in this market include Bio Springer, AngelYeast Co., Ltd., Chr. Hansen A/S, DDW The Color House, Sensient Technologies Corporation, The Archer Daniels Midland Company, Döhler, Kerry, Inc., and Ashland Global Specialty Chemicals, Inc., and others.
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