Liqueurs are any distilled beverage with liquor as a base which is sweetened with the addition of flavors derived from chocolate, coffee, fruits, nuts and others. Increasing young adult population followed by their preference towards flavored alcoholic beverage is driving the market growth of liqueur.
Furthermore, expanding urbanization and increasing disposable income is adding fuel to the growth of Liqueur Market. Additionally, liqueur industry is focusing on innovative packaging and advertisements which is contributing to the growth of liqueur market. However, escalating demand for healthy beverages may hamper the market of liqueur in the future. Nevertheless, all these factors are projected to contribute to the estimated CAGR of 2.9% of liqueur market during the forecast period 2017-2023.
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Liqueurs are any alcoholic beverage having liquor as its base followed by sweetener and flavor added to it. The flavors added are derived from chocolate, coffee, fruits, nuts, and many more. Liqueurs are usually lower in alcohol content than liquors due to the watering down effect of adding sweetener and flavor. Generally, liqueurs are consumed after having food as they are good for digestion.
The major players in the liqueur market
- Bacardi Limited (Bermuda)
- Diageo (U.K.)
- (Tia Lusso)- Pernod Ricard (France)
- Beam Suntory, Inc. (U.S.)
- Amarula (SA)
- Remy Cointreau (France)
- De Kuyper Royal Distillers (Netherlands)
Liqueur has substantial growth in the forecast period. Liqueur manufacturers are focusing on innovative packaging and advertisements in order to attract consumers.
Liqueur market is segmented on the basis of flavor, packaging, distribution channel and region.
The Global Liqueur Market is segmented into North America, Europe, Asia Pacific and rest of the world (RoW). North America is observing high growth in the liqueur market followed by Europe. The changing lifestyle and increasing trend of clubs and lounges are driving the market growth of liqueur in these regions.
Asia Pacific is witnessed to be the fastest growing market in the coming years owing to its increasing urbanization and escalating disposable income in developing countries like China, India and Japan. Furthermore, Middle-East is observing a steady growth in liqueur market.