Flavored Alcohol Market to Hit $1.8 Tn by 2032 Driven by Millennial & Gen Z —Whiskey Dominates, Vodka Set to Surge!

WILMINGTON, NEW CASTLE, DELAWARE 19801 USA, UNITED STATES, August 30, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Flavored Alcohol Market," The flavored alcohol market size was valued at $1.2 trillion in 2022, and is estimated to reach $1.8 trillion by 2032, growing at a CAGR of 4.6% from 2023 to 2032.

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Key Factors Driving Market Growth

Consumer Demand for Variety

There is a growing demand among consumers, particularly Millennials and Generation Z, for diverse and unique taste experiences. This demographic is more inclined to experiment with different flavors, driving the popularity of flavored alcohol.

Health-Conscious Choices

Some flavored alcohol products are marketed as low-calorie or low-sugar options, appealing to health-conscious consumers who want to enjoy alcoholic beverages without compromising their dietary goals.

Innovative Flavors and Craftsmanship

The rise of flavored spirits with unusual and bold flavors, such as bacon, sriracha, and lavender-infused vodka, caters to consumers seeking unique taste profiles. Additionally, the popularity of craft and artisanal flavored spirits is increasing due to their high quality, small-batch production, and innovative flavor combinations.

Challenges and Restraints

Health Concerns

Flavored alcohol products often contain high levels of sugar and calories, which can contribute to health issues like obesity and diabetes when consumed in excess. The appealing taste of these beverages can also lead to overconsumption and alcohol-related health problems.

Underage Drinking

The sweet and fruity flavors of some flavored alcohols can make them more appealing to underage drinkers, potentially exacerbating underage drinking issues.

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Market Segmentation

By Type

Vodka

Rum

Whiskey

Wine

Beer

Others

Whiskey led the market in 2022, while vodka is expected to grow the fastest during the forecast period.

By Flavor

Pineapple

Passion Fruit

Black Currant

Lime

Apple

Cherry

Others

Pineapple was the leading flavor in 2022, with apple projected to show the fastest growth.

By Distribution Channel

Supermarket/Hypermarket

Specialty Retailers

Convenience Stores

E-Commerce

Others

Specialty retailers dominated the market in 2022 and are anticipated to grow the fastest.

By Region

North America

Europe

Asia-Pacific

LAMEA

Europe held the largest market share in 2022 and is expected to maintain its dominance.

Key Players

The market features prominent players like Kerry Group, Cargill Inc., ADM, Givaudan, Symrise AG, TOSHEV, Austria Juice, MANE, Dakini Health Foods, and Castel Group. These companies are actively involved in research and development to introduce new and innovative flavored alcoholic products to cater to evolving consumer preferences.

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Impact of COVID-19 on the Global Flavored Alcohol Industry

Due to the COVID-19 pandemic, governments were compelled to close countless pubs, restaurants, and taprooms to maintain social distance norms. This had a negative influence on the global flavored alcohol market growth.

Total brewery sales in the U.S. fell 30.5% in May 2022 compared to the previous year, according to a Brewers Association report. As year-on-year sales declined in April 2022 nearly 89% of breweries either stopped or delayed production.

However, as the COVID-19 situation steadily improved, with fewer limitations imposed on foodservice channels, the flavored spirits industry returned to historically high levels.

Key Findings of the Study

Based on type, the whiskey sub-segment emerged as the global leader in 2022 and the vodka sub-segment is anticipated to be the fastest growing during the flavored alcohol market forecast period.

Based on flavor, the pineapple sub-segment emerged as the global leader in 2022 and the apple sub-segment is predicted to show the fastest growth in the upcoming years.

Based on distribution channel, the specialty retailers sub-segment emerged as the global leader in 2022 and is predicted to show the fastest growth in the upcoming years.

Based on region, the Europe market registered the highest flavored alcohol market share in 2022 and is projected to maintain its position during the forecast period.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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