Market Introduction:
Alcohol-based concentrates are a concentrated formula of a liqueur along with a blend of different ingredients. The concentrates are a blend of different concentrates mixed with a highly concentrated alcohol base. Alcohol-based concentrates are used in confectionery and ice-creams, owing to their enhanced flavor and alcohol strength. The alcohol component present in alcohol-based concentrates act as a carrier of concentrates blended in it. These concentrates are predominantly used in flavoring chocolates, cakes, etc. It is also used in form of gel to flavor sauces and salads. Individuals across the globe are developing the taste buds for alcohol-based concentrates in their foods, owing to which alcohol based concentrates market is expected to increase with significant CAGR.
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Alcohol Based Concentrates Market: Segmentation
Alcohol-based concentrates product market is segmented on the basis of flavor, end use, and region.
On the basis of flavor, the market is segmented into amaretto, blueberry, butterscotch, cherry brandy, creme de cacao, peach, triple sec, speculoos and others. Among all these segment triple sec concentrates is expected to grow enormously in the coming future, followed by the crème de cacao concentrate segment.
On the basis of end use, the alcohol-based concentrates market is segmented into the chocolate industry, bakery industry, food and beverage industry and others.
Alcohol Based Concentrates market: Drivers, Restraints, and Trends
According to the recent past activities in various regions in the world, it can be concluded that consumption of alcohol or alcohol-based products has become an accompaniment for a number of reasons such as celebrations, commiserations, the end of the working day, and others. In many developed regions such as Europe, Canada, the U.S., alcohol is a socially accepted part of their daily life. Younger population of the world is influenced by their peer group or peer thinking, which is a factor driving the growth of the alcohol-based market. Changing lifestyles, an influence of social media and Internet, increasing social parties, adolescents with high social network influence, greater family incomes, and others have easier access to alcoholic drinks and alcoholic products, which is also driving demand for alcohol. Moreover, globally, the gender gap in terms of alcohol consumption is closing as there is increasing acceptance of female drinking in the societal norms. Because of all these factors, people are attracted towards alcohol and alcohol-based products, which is driving the growth of the alcohol-based flavor market and this is expected to continue over the forecast period. According to WHO, in 2005, the worldwide consumption of alcoholic beverages was around 6.13 liters of pure alcohol per person, who were above 15 years of age. The highest consumption level was mostly found in the Northern Hemisphere and also in the areas of Argentina, Australia, and New Zealand. There are various disadvantages and risks which can be caused by advertisements of alcohol-based products, publicly. There are foods, which contain the high volume of alcohol and if are exhibited publicly may cause harm to the image of the product. Consumers are looking towards clean-label products since the recent past and thus, if the alcohol-based products are advertised, consumers would not prefer it because of the adverse health effects of alcohol. Moreover, attracted to the advertisements, children may consume alcohol unintentionally while consuming the products. Due to this, the taste of alcohol can get familiarized among children. By consuming alcohol flavored products, children have the chance to get used to the taste of alcohol before they reach the legal drinking age. However, the alcohol in food is also hidden for recovering addicts.
Owing to the factors and incidence of advertisements of alcohol-based products, it has become a threat for manufacturers to market their products. Due to which, the alcohol-based products are not reaching the adult consumer base, which is resulting in inhibiting the growth of the alcohol-based ingredient market.
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Alcohol Based Concentrates Market: Regional Outlook
A regional segment for the market of alcohol-based concentrates is divided into five different regions: North America, Latin America, Europe, Europe, Asia Pacific and MEA. Among these segment, Europe is expected to have the major market share globally, as it is the largest producer and consumer of alcohol-based concentrates products. The Latin America market is expected to grow significantly over the forecast period, but are anticipated to account for a lower growth rate than the APEJ region, owing to a greater number of emerging economies in APEJ. In Asia Pacific region the countries like China and Australia are generating the major revenue. While APEJ region is estimated to account the highest CAGR, owing to a larger consumer base, combined with a higher number of retail outlets than any other region.
Alcohol Based Concentrates Market: Key Players
Some of the key players in alcohol based flavors Market are Givaudan SA, Döhler GmbH, Kerry Group plc, Firmenich International SA, Symrise AG, Sensient Flavors International, Inc., and Frutarom Industries Ltd. among others.