Seattle, WA -- (SBWIRE) -- 11/11/2019 -- Alcohol ingredients are specialty ingredients, which include yeast, flavors & salts, enzymes, and colors that are majorly used in the fermentation of plant-derived carbohydrate materials such as fruits, vegetables, berries, and grains, in order to produce alcoholic beverages as well as a variety of food applications.
Market Dynamics-Drivers
Growing consumption of alcoholic beverages is driving the demand for alcohol ingredients. According to Coherent Market Insights' analysis, in 2014, France recorded the highest per capita consumption of whiskey, accounting for 2.36 liters. According to the same source, Uruguay was placed second, with a per capita consumption of 1.85 liters, while the U.S. ranked third with 1.32 liters. Furthermore, the South Asian Nations consumed over 1.8 billion liters of whiskey in 2015. Therefore, these countries mark as the major consumer of alcohol around the globe. Moreover, growing young adult consumers coupled with increasing purchasing power of consumers are expected boost the demand for alcoholic beverages, eventually driving growth of the global alcoholic ingredients market.
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Market Dynamics- Restraints
Despite its high demand, factors such as adverse effect of alcohol on human health due to excess consumption, which leads to liver cell inflammation, neck cancer, irregular heartbeat, and increased risk of stokes are expected to hinder the global alcohol ingredients market growth during the forecast period. According to the World Health Organization (WHO), over 3.6 million deaths occurred each year across the globe, due to excess consumption of alcohol.
Global Alcohol Ingredients Market Taxonomy
On the basis of ingredient type, the global alcohol ingredients market is segmented into:
- Yeasts
- Enzymes
- Colorants
- Salts & flavors
- Others
On the basis of beverage type, the global alcohol ingredients market is segmented into:
- Whiskey
- Brandy
- Beer
- Distilled Spirits
- Rum
- Vodka
- Scotch
- Tequila
- Gin
- Others
- Wine
- Others
Among ingredients type, in 2016, the salts & flavors segment held a dominant position in the global alcohol ingredients market. This is owing to extensive use of natural or artificial flavors in alcoholic beverages, including spirits, beers, and wines.
Among beverage type, the distilled spirits segment is expected to witness the fastest growth during the forecast period, owing to growing consumption of distilled spirits worldwide. According to Coherent Market Insights' analysis, the global distilled spirits market is expected to cross over US$ 37 billion by 2025.
Global Alcohol Ingredients Market Outlook
1. Among Regions, Europe held the dominant position in the global alcohol ingredients market in 2016. This is owing to high consumption of alcoholic beverages in the region. According to the Organization for Economic Co-operation and Development (OECD), in 2012, Lithuania recorded the highest alcohol consumption in European Union and in 2014, the consumption of alcohol among adults was recorded at 15.2 liters per capita. Furthermore, according to the World Bank, in 2015, the per capita consumption of alcohol in Belarus was recorded at 17.1 liters, compared to the global average of 6.3 liters.
2. Asia Pacific is expected to record the fastest growth in the global alcohol ingredients market during the forecast period. This growth is attributed to the steadily growing food and beverage industry coupled with increasing expenditure on alcoholic beverages in the region. According to Food Industry Asia (FIA), in 2014, the food industry contributed US$ 10.91 billion to the economy of Singapore, while according to the European Union, the total consumer spending on food and beverages in Singapore is expected to grow by 5 percent annually, from 2016 to 2018. This in turn, is expected to accelerate growth of the retail food sector in the country. South Korea is the fourth-largest economy in Asia Pacific and according to the Agriculture and Agri-Food Canada, the off-trade volume of total alcoholic beverage consumption in South Korea increased from 2085.0 million liters in 2015 to 2136.3 million liters in 2016.
Global Alcohol Ingredients Market- Competitive Landscape
Key players in the market are focused on various growth strategies such as product launches, in order to expand their product portfolio and gain competitive edge in the global market. For instance, in 2014, Chr. Hansen Holdings A/S launched a new range of viniflora products such as viniflora NoVA. It is a new generation lactobacillus plantarum, best suited for the production of red wine in warm climate conditions.
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Key players operating in the global alcohol ingredients market include Chr. Hansen Holdings A/S, Ashland Inc., Sensient Technologies Corporation, Cargill, Inc., Archer Daniels Midland Company, Dohler GmbH, Angel Yeast Co. Ltd., Lesaffre et Compagnie S.A., D.D. Williamson and Co. Inc., Kerry Group Plc, Koninklijke DSM N.V., and Synergy Flavors Inc.
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