Market Research Future Insights
In 2023, Liqueur Market Size was estimated to be worth USD 128.9 billion. With a compound annual growth rate (CAGR) of 3.19% from 2024 to 2032, the liqueur market is expected to increase from USD 133.0 billion in 2024 to USD 170.9 billion by 2032. The main factors propelling the market's expansion are the growing appeal of healthy liqueur drinks and producers' emphasis on ingredient enhancements to adjust to shifting consumer preferences.
The liqueur market refers to the industry that produces and sells alcoholic beverages that are sweetened and flavored with various ingredients such as fruits, herbs, spices, and flowers. Liqueurs are typically lower in alcohol content than spirits and are often consumed as after-dinner drinks, used in cocktails, or as a flavoring agent in cooking and baking.
The liqueur market is a global industry that includes both large-scale manufacturers and smaller craft producers, with many brands and products available to consumers in a wide range of price points. The market is influenced by changing consumer tastes and preferences, as well as regulatory and economic factors that impact the production, distribution, and marketing of these products.
In COVID-19 pandemic, lockdowns, social distancing, and restrictions on social gatherings, there has been a significant shift in consumer behavior. People are drinking more at home rather than at bars and restaurants, leading to an increase in off-premise sales of liqueurs. However, on-premise sales have declined due to the closure of bars and restaurants.
Regional Analysis
The largest region of the liqueur market is Europe. The liqueur market is a global industry, with consumers and producers around the world. The European region has a long history of producing and consuming liqueurs, with many famous liqueur brands originating from European countries like France, Italy, and Germany.
Other regions include North America, Asia Pacific, and Latin America. In North America, the United States is the largest market for liqueurs, with a growing trend towards craft and artisanal liqueurs. In Asia Pacific, countries such as Japan, China, and South Korea are emerging markets for liqueurs, with a growing interest in Western-style cocktails and mixology.
Market Segmentation
The liqueur market has been segmented into type and end–uses.
Based on the type, the market has been segmented into fruit, coffee, chocolate, herbs and spices and creme and cream.
Based on the end-uses, the market has been segmented into food service and retail.
Key Players
Some of the key market players are:
- Bacardi Limited
- Beam Suntory Inc.
- The Brown–Forman Corporation
- Diageo Plc
- Davide Campari-Milano S.P.A.
- Girolamo Luxardo S.P.A
- Lucas Bols B.V.
- Amarula Cream
- Empee Distilleries
- Mast-Jägermeister SE
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