liqueur market 1

Liqueur Market is expected to register a CAGR of 3.19% from 2019
to 2024
Liqueur Market Scenario
The Global Liqueur Market witnesses a thriving growth all over the world. Clearly, there is
huge consumer demand, and for a good reason. Liquor stores have shelves lined with a
seemingly endless range of flavored vodka, rum, bourbon, and tequila. The main processes
of production of Liqueurs are infusions, maceration, and or distillation of herbs, spices, fruits,
etc. or just flavored alcohol with highly concentrated extracts.
According to Market Research Future (MRFR), the global Liqueur Market is expected to reach
USD 114.29 BN by the end of 2024. In its recently published analysis, MRFR also asserts
that the market would register a CAGR of 3.19% over the forecast period (from 2019 to
2024). Changing consumption patterns and augmenting demand for new flavors and
ingredients drive the growth of the market.
Market players strategies to launch a new product is also encouraging the growth of the
Liqueur Industry. Innovations in distillation techniques and increasing consumer
preferences help in market expansion. Besides, substantial initiatives in R&D to develop a
new technology or distinctive tastes and flavors drive the growth of the global liqueur
market. Rapidly growing youth population and the increasing disposable income impacts the
market growth, positively.
Despite the growth opportunities, Liqueur as a category faces a lot of challenges. The primary
issue is the shifting alcohol consumption patterns; for instance; younger generations are
switching to alcoholic beverages of lighter taste, alcohol amount, calories, etc. Low abv
beers, flavored ciders, mixed drinks, brown spirits popularity, gin resurrection are just a few
of the examples of lighter alcoholic beverages.
Industry/ Innovation/ Related News:
August 28, 2019 ----- Pernod Ricard (France), a leading global producer of wines &
spirits announced the acquisition of Castle Brands (the US), a leading global developer and
marketer of premium & super premium alcoholic beverages. Through this acquisition, a great
brand portfolio Jefferson’s bourbon whiskey, is adding to the Pernod Ricard family. Bourbon
is a major category in the US which is the most important market for Pernod.
This deal aligns well with Pernod’s consumer-centric strategy to offer its consumers the
broadest line-up of high-quality premium brands. As with Pernod’s American whiskeys, it
would provide a reliable route to market, while remaining true to its authentic and innovative
character.
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