Liqueur Market By Type (Neutrals/Bitters, Creams, Fruit Flavored, And Others) And By Distribution Channel (Convenience Stores, On Premises, Retailers, And Supermarkets), And By Packaging (Glass, PET Bottle, Metal Can, And Others) - Global Opportunity Analysis And Industry Forecast, 2017-2023
The global liqueurs market was valued at $111 billion in 2016, and is expected to reach $131 billion by 2023, registering a CAGR of 2.5% from 2017 to 2023. Liqueur is consumed in all demographics of the world, and is based on the substrates, which are locally available.
Liqueurs can be marketed with many different flavors under one brand name (range liqueurs) or with individual brand identities, such as Malibu, Alize, and Galliano.
The expansion of global young adult population, high disposable income, and demand for premium products drive the growth of the liqueur market.
However, lack of penetration in emerging countries, and growth in demand for fitness beverages owing to health issues has the potential to restrict the market growth in the future.
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The global liqueur market is segmented based on type, distribution channel, packaging, and geography. By type, the market is classified into neutrals/bitters, creams, fruit flavored, and others.
Based on distribution channel, the market is divided into convenience stores, on premises, retailers, and supermarkets. On the basis of packaging the liqueurs market is divided into glass, PET bottle, metal can, and others.
By geography, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
In 2015, Asia-Pacific occupied the largest market share, followed by Europe, due to major growth in the disposable income and large alcohol-consuming demographic. Asia-Pacific is expected to dominate the global market by 2022, witnessing substantial growth in widely populated countries such as, China, India, and Japan.
The prominent players in the global liqueur market have strategically focused on product launches as their key strategy to gain significant market share.
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