Citrus Alcohol Market 2022 | Present Scenario and Growth Prospects 2028
Global demand for citrus alcohol market is set to hover at nearly 5% growth rate, as growing preference for craft beer, and rising alcohol consumption create fertile ground. The study by Future Market Insights analyzes citrus alcohol growth in over 20 countries, building a holistic and comprehensive analysis of the market. Increasing inclination among consumers towards craft spirits, owing to their unique and subjective taste is another key factor driving sales. The FMI study also opines that proliferating number of breweries across the world will drive demand in the long run. The COVID-19 impact on the market will create short-term challenges through 2021-end, with steady recovery expected from 2022. Request a Sample of this Report @ https://www.futuremarketinsights.com/reports/sample/rep-gb-12742 Soaring Demand for Craft Spirits Over the years, craft spirits have carved a niche for their taste owing to their unique taste and flavor. Small-scale, independent, and traditional brewing firms are brewing their own category of craft spirits in diverse and innovative fruit flavors. Similarly, brands such as Corona, Bud, and Miller Lite., among others, which already have prominent product lines in the market, are also jumping onto the bandwagon to brew and distill novel craft spirits. Although the concept of brewing innovative flavors using traditional methods is relatively new, the trend is gaining momentum and is expected to become a standard process across breweries. Along similar lines, setting up the right pricing range has been identified as a key growth strategy among manufacturers by influencing the consumers’ purchase patterns. For instance, the weighted average price of beer is approximately US $ 4.7 per liter in Middle East & Africa whereas the spirit around US$ 19.5 per liter, however, the price of wine is approximately US$ 9.7/liter and near US$ 6.6 per liter for other product types of citrus alcohol. The evident difference between prices of beer, spirits, wine, and other product types of citrus alcohol is asserting market players to identify the right price range to widen their profit margins. Expansion of Microbreweries To cater to the growing demand for alcoholic beverages, the number of brewing facilities are proliferating. For instance, North America currently leads the global crafts beer market, accounting for more than 36% of the overall market share. The region's lucrativeness is attributed to a strong presence of microbreweries, coupled with the availability of a wide variety of craft beer flavors.