Citrus-based Alcohol Market: Overview
- Citrus-based alcohols are produced from citrus fruits such as lemon, lime, grapefruits, and orange
- Citrus-based alcohol products include wine, beer, and gin. Citrus alcohol has strong flavor and acidity. It is primarily used to balance cocktails. Citrus-based alcohols are used as flavor additives as well as bases in various cocktails. They are also used in the manufacture of alcohol.
Rise in Demand for Healthier Alcoholic Drinks to Drive Citrus-based Alcohol Market
- Rise in preference for craft beer and spirits due to their exclusive taste is driving the consumption of citrus-based alcohol products. In turn, this is boosting the global citrus-based alcohol market.
- Increase in alcohol consumption and rise in demand for healthier alcoholic drinks are expected to drive the global citrus-based alcohol market during the forecast period
- Volatility in prices of citrus fruits is anticipated to restrain the market during the forecast period
- The COVID-19 pandemic has adversely impacted the manufacturing operations of companies in the food & beverages sector. This hampered production volumes during the first and second quarter of 2020.
- Supply, distribution, and sale of various non-essentials food & beverage products, including alcoholic beverages, has been adversely affected during the COVID-19 pandemic. Demand for alcoholic beverages has declined during the COVID-19 pandemic. This is expected to restrain the market during the forecast period.
Spirits Product Type Segment to Offer Lucrative Opportunities
- Based on product type, the global citrus-based alcohol market can be segmented into beer, wine, spirits, and others
- The spirits segment holds major share of the global citrus-based alcohol market. This trend is anticipated to continue during the forecast period.
Orange Citrus Fruit Segment to Hold Major Share of Market
- Based on citrus fruit, the global citrus-based alcohol market can be divided into orange, lime, lemon, grapefruit, and others
- The orange segment holds key share of the global citrus-based alcohol market. It is followed by the lemon segment. The lemon segment is estimated to be highly lucrative during the forecast period.
Glass Bottles Packaging Segment to Constitute Prominent Share of Market
- Based on packaging, the global citrus-based alcohol market can be segmented into glass bottles, tins, plastic bottles, and others
- The glass bottles segment accounts for key share of the global citrus-based alcohol market. The segment is projected to offer lucrative opportunities during the forecast period.
Asia Pacific to Account for Prominent Share of Global Citrus-based Alcohol Market
- In terms of region, the global citrus-based alcohol market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific is projected to offer lucrative growth opportunities for the citrus-based alcohol market during the forecast period. This can be ascribed to the growth in younger population and increase in expenditure on alcoholic beverages in the region.
- Europe and North America hold significant share of the global citrus-based alcohol market. Both these regions are key producers as well as consumers of alcoholic beverages.
Key Players in Global Citrus-based Alcohol Market
The global citrus-based alcohol market is fragmented, with the presence of several regional and global manufacturers. Prominent players operating in the market are investing in mergers, acquisitions, expansion, and new product launches in order to maintain their leading position in the market. Major players operating in the market are also investing in advanced manufacturing processes to expand their share.
Key players operating in the global citrus-based alcohol market include:
- Carlsberg A/S
- Diageo PLC
- Asahi Group Holdings Ltd.
- Suntory Holdings Ltd.
- Halewood International Holdings PLC
Global Citrus-based Alcohol Market: Research Scope
Global Citrus-based Alcohol Market, by Product Type
Global Citrus-based Alcohol Market, by Citrus Fruit
Global Citrus-based Alcohol Market, by Packaging
- Glass Bottles
- Plastic Bottles
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