FOOD, NUTRITION AND ANIMAL FEED
Increasing demand for poultry in countries like the U.S. and China will drive the global refined functional carbohydrates market size in the upcoming years. Lately, people are becoming aware about animal health and the impact of consuming the meat from infected animals, and are subsequently feeding animals with highly nutritious food. A great number of animals are commonly afflicted UTI, which can also be cured with RFCs. Rising need to consume healthy animal products and enhance overall feed efficiency will augment refined functional carbohydrates market to witness growth.
U.S. MOS Refined Functional Carbohydrates Market Size, By Application, 2018 & 2025, (Tons)
Rising need for processed food is likely to drive the industry trends. As a rule, grains, vegetables, meats and fish are unpalatable in their raw state, and some foods, such as cassava, are dangerous if eaten without processing. Processing can also help to decrease food waste by extending shelf life of the food. Without processing, as much as 50 to 60 percent of fresh food can be lost between harvest and consumption.
India’s export of processed food was INR 31,111.90 Crores in FY 2018-19, including the share of products like mango pulp, processed vegetables, cereals, and many more. The preference for processed food is likely to grow in the years ahead and increasing production will provide a push to refined functional carbohydrates market share.
Owing to the beneficial use of RFC for improving egg production efficiency, the demand for refined functional carbohydrates is likely to increase across layer industry. Substantial benefits of RFCs for animals will prove to be a major growth driver of refined functional carbohydrates industry landscape.
RFCs act as a prebiotic and boost the growth of healthy bacteria in the gut. Lack of enough prebiotics can result in health issues such as devitalized immune system, lower pH and a poor digestive system. Rising demand to maintain good gut health in animals will drive RFC industry share.
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D-mannose is one of the most vita RFC products. Being an essential glyconutrient, D-mannose is widely used to cure UTI in animals. Apparently, almost 14 percent of dogs experience a UTI during their lifetime, with an increased risk observed in spayed females.
The most common cause of UTI is a rising infection affecting normal bacteria present in the distal urogenital tract. Around 42% of dogs with hyperadrenocorticism, diabetes mellitus, or both diseases have been observed with concurrent UTI. Increasing demand of D-mannose across animal feed industry will drive refined functional carbohydrates industry over the years ahead. As per estimates, D-mannose refined functional carbohydrates market size is likely to witness a consumption of more than 3 kilo tons by 2025.
Regionally speaking, China D-mannose refined functional carbohydrates market demand is expected to grow at a CAGR of more than 4% over 2019-2025, owing to the momentous progress in the consumption of poultry and pork meat in the country. In 2019, chicken meat production in China is predicted to reach 12.65 million metric tons, representing 8 percent year-on-year growth.
China is currently the world’s second largest poultry consumer after the United States. Despite the highly pathogenic avian influenza (HPAI) ban on key suppliers of animal products, owing to the unmet domestic demands in 2019, Chinese imports are anticipated to grow by 32 percent to 450,000 MT. Rising demand for meat has led to the increased requirement of proper diets for animals which will accelerate the growth graph of refined functional carbohydrates industry.
The U.S. is another region that is expected to contribute considerably to refined functional carbohydrates market. As per estimates, U.S. beta glucan refined functional carbohydrates market size may register a CAGR of 6% over 2019-2025, owing to the fact that the incorporation of beta glucan in animal feed helps to cure various problems such as high cholesterol and skin irritation. The country has also been reported as the world’s largest poultry consumer, which will further augment regional industry growth.
The rapidly increasing demand for poultry food worldwide will significantly push the growth graph of refined functional carbohydrates industry. Growing requirement of processed food will also have a major impact on the expansion of refined functional carbohydrates market. According to a research report by the Global Market Insights Inc., refined functional carbohydrates market size may exceed $300 million by the year 2025.
Author Name : Anchal Solanki
One of the most diverse and significant components applicable in several end-use industries, fruit snacks market has witnessed unprecedented growth over the past several years. The importance of healthy snacks made with real fruit and vegetable juice, distinct flavors, and fruit concentrates are becoming an acceptable addition to children’s lunchboxes and favorable choice among many working mothers. Increased preference for products with add-on flavors has helped expand food production and will offer a tremendous boost to the thriving fruit snacks industry.
North America Fruit Snacks Market, By type, 2018 & 2025, (USD million)
A large number of consumers today are no longer prioritizing traditional mealtimes and have developed interest in snacking at unplanned intervals throughout the day. According to a 2018 survey, 92% of Americans say that they look for a snack in place of opting for a breakfast of meal. With rising inclination towards trusted brands, healthy snacks are complementing the consumer’s health-conscious mindset and will certainly stimulate manufacturers to boost product output, inadvertently benefiting fruit snacks industry outlook.
Innovative approach towards product development has emerged as one of the prominent driving factors for the advancements in food industry. For instance, in 2018 companies had invested $1.8 billion in new product launches in snack foods and sweets. Products which are newly launched and are in demand include gluten-free cookies, high energy granola snacks, savory extruded snacks, and a new twist on old favorites. Subsequently, consumption of organic products and shifting of consumer preferences towards nutritious and premium snacks will immensely transform fruit snacks market dynamics in the near future.
Many regional contenders and start-ups are adopting ways to focus on implementing new strategies, discover appealing flavors, and exploring innovative fruit blends to gain traction in the market. Welch had rolled out its new Superfruit Mix fruit snacks recently which contained blends of starfruit-kiwi, pomegranate-passionfruit, dragonfruit-blackberry, and goji–apricot. The company is consistently looking to offer more innovative fruit snacks choices for its consumers..
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As producers seek new launches to boost product portfolio, fruits snack industry could register a remarkable growth rate as compared to several other packaged food segments. The rising expansion of fruit concentrate puree market will also help augment the industry growth.
With increasing prevalence of obesity worldwide, finding and adapting to healthy diets have become a major factor influencing the buying behavior of consumers nowadays. Organic fruit snacks in the form of dairy products like Greek yogurt rich in high-protein, fruit and blended cottage cheese snack, along with no-bake yogurt fruit snack are frequently becoming popular among people. Owing to its nutrient-rich features and easy availability in supermarkets and online stores, there is a surge in purchase of these snacks. Reportedly, online retailers distribution channel segment in fruit snacks market is anticipated to register a CAGR of more than 9% over 2019-2025 with regard to annual revenues.
Several food manufacturers are enhancing and expanding their business landscape, engaging in partnerships and developing innovative flavors to gather audience and boost their online presence. An ideal example involves a recent acquisition of Kellogg Company’s cookies and fruit snacks business. In April 2019, the Ferrero Group had unveiled a definitive agreement in which it would formally buy the fruit-flavored snack, cookie, pie crust, and ice cream cone businesses from Kellogg Company for a total of US$1.3 billion. Similar acquisitions worldwide to meet the evolving product demand across several geographies will contribute substantially towards the expansion of fruit snacks industry.
Augmented consumption of flavor rich and functional snacks will have a notable impact on the overall growth of the packaged food sector. Numerous advantages as well as rising participation of regional contenders in promoting natural ingredient-based, healthy, and appetizing product range for customers with specific diet demands will fuel the development of fruit snacks industry.
Key players constituting the industry’s competitive hierarchy including Welch, Kellogg, Sunkist Growers, Bare Foods, SunOpta, Crunchies Natural Food, General Mills and Flapper. Global Market Insights, Inc. has estimated that fruit snacks market size will exceed US$8 billion in valuation by 2025.
Author Name : Deeksha Pant
With growing interest in nutritional products coupled with evolving food consumption patterns globally, beverage flavoring systems market has been witnessing exponential growth over the past few years. Consumers are gradually accepting new products and the beverage industry is consistently working to adopt innovative approaches by adding naturally-sourced fruit juice and ingredients in numerous non-alcoholic offerings and sports drinks.
North America Beverage Flavoring Systems Market, By Ingredient, 2018 & 2025, (Kilo Tons)
Several beverage flavoring companies have begun to step out from their comfort zones with the motive to explore realistic and unconventional taste experiences to attract customers. Nowadays, people are seeking out functional but flavorful beverages, with a large number preferring drinks that contain natural flavors, thereby augmenting product demand.
From blueberry-flavored protein drinks to chocolate-flavored teas, the demand for flavor-rich products is rapidly growing as more and more customers are inclining towards beverages with product formulations that offer health benefits. These trends have encouraged the production of organic products and will positively transform beverage flavoring systems market dynamics in the imminent future.
Floral flavors like hibiscus have gained immense popularity in recent years, widely used in tea, yogurt, chocolates, and beer, being considered as one of the healthiest and low sugar-sweetened alternatives that also provide novel and flavorful taste experience to people. Lately, these ingredients are being included in new natural products so that consumers can experience new flavors while simultaneously leveraging certain health benefits.
Natural beverage flavoring systems market is expected to witness the fastest growth over the 2019-2025 forecast timeframe. Expansion of Canadian beverage outlets and stores has boosted the country’s economic growth and offered new investment avenues. Amongst several popular product choices, the tea segment in Canada seems to have doubled in the past few decades.
Canadians are experimenting with new and strong flavors such as Oolong, which has a flavor that lies between green and black tea, in addition to other small sub-segments like rooibos and white tea. At present, companies are trying out tons of new flavors for white tea like blueberry and pomegranate which are alluring consumers and subsequently, businesses are rushing to try new and innovative tea blends.
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Mergers and acquisitions are being undertaken on a consistent basis to expand the natural and nutritional portfolio of companies and enhance value of appetizing beverages. This will help meet the demand of natural flavors from consumers, ensuring that beverage flavoring systems market will gain significant traction in the forthcoming years.
Archer Daniels Midland Company (ADM), the US based global food processing and commodities trading firm, had reportedly taken over the Ziegler Group in 2019, which is a prominent supplier of natural citrus flavor ingredients in Europe. The deal was announced soon after ADM had completed the addition of U.S.-based citrus flavor provider Florida Chemical. The combination of Florida Chemical and Ziegler had immediately positioned ADM for growth as a worldwide leader in natural citrus ingredients with wide-ranging systems for beverage and food customers.
Döhler is a global producer and provider of technology-based natural ingredients and solutions for the food and beverage industries. Recently in 2018, It introduced customized soft drinks for adults, beer-mixes with new flavors, and other exciting premium concepts which would increase the adoption rates of organic products and propel the interest in eco-friendly food products. The Double Brew beer-mixes become popular among consumers due to authentic taste profiles, which combines two components, brewed lemonade and beer.
Beverage flavoring systems industry holds vast potential across both alcoholic and non-alcoholic applications. Most beverage flavoring companies perceive a rapid trend among consumers as they are shifting focus on health-related food products. Some of the most popular observations of 2018 which could outline preferences over the coming years include the use of ingredients like mushroom, collagen, and functional botanicals.
Consumer interest is increasingly drawn towards functional beverages as these drinks deliver healthy ingredients like aloe vera, matcha, activated charcoal, and melatonin. Beverage industry is able to bring vital supplements and vitamins through natural ingredients which benefit users in the long run.
Owing to augmented demand for flavor-rich products and functional beverages, beverage flavoring systems market is anticipated to surpass USD $5.7 billion in annual revenues by 2025. Continuous infusion of different types of unique flavors into products that are filled with natural ingredients and offer considerable health benefits will create immense growth opportunities for the overall beverage industry.
Author Name : Deeksha Pant
Increasing interest in reviving the consumption of millets across various geographies is favoring the growth prospects of millets market in recent years. Millets have the ability to survive in harsh climatic conditions and are known to provide high nutrition value and better health. A number of initiatives are also being undertaken by the countries toward enhancing millet cultivation and consumption to reduce health risks caused due to diabetes, obesity, cardiovascular diseases. Unified approaches among millet suppliers and food and beverage manufacturing companies to fulfil the demand of millets has been crucial to proliferate the millets industry size.
U.S. millets market size, by application, 2014 – 2025 (USD Million)
Growing inclination towards urban lifestyle has led to unhealthy diet habits and sedentary lifestyle, which is increasing the number of diabetic patients. The occurrence of diabetes is gradually rising, for instance, around 12.2% of the U.S. population aged 18 years or older was affected with the ailment in 2015. Diabetes is considered as the seventh leading cause of death across the world, with doctors striving to find its permanent cure.
Doctors are increasingly urging diabetic patients to consume millets to control blood sugar levels. Millets possess many properties making them a good dietary option for diabetics. In light of their benefits, millets hold a key to the well-being for those who suffer from diabetes and those that are at risk of developing the ailment. The demand of millets is likely to increase among diabetic patients which will be beneficial for augmenting millets market share.
From curing diabetes to fulfilling nutritional requirements in infants, millets have numerous nutritional properties. Due to its smooth texture, babies can easily digest it which makes millets a reliable option for infants. Millets also have calcium, iron and fibers which helps to fortify essential nutrients for healthy growth of a child.
Usage of millets in infant food and nutrition products is increasing and many millet manufacturers are expanding their business operations by acquiring smaller firms. For an instance, in the year 2017, Reckitt Benckiser (RB) acquired Mead Johnson Nutrition Company to expand its nutrition business. The transaction catapulted RB to a global market leadership position in consumer health and hygiene. Such acquisitions show the growing millet usage in baby food, which is likely to foster millets industry share.
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Besides the use of millets in food products, it has also found usage in beverages like beer. Gluten-free beers are specially produced for individuals focused on reducing their gluten intake or diagnosed with celiac disease or a gluten intolerance so that they can enjoy beer without severely affecting their health. Breweries have started to add gluten-free beer option to increase their consumer base.
For instance, a Pune-based microbrewery Great State Ale Works has begun brewing beer with pearl millet, sorghum and finger millet to offer new tastes and popularize millets. The company has tied-up with an NGO named Happy Roots which works with farmers in Maharashtra. The tie up was anticipated to not only provide it with millets but also help with the malting process. Essentially, this new concept of gluten-free beer is becoming popular among breweries, which has led to increased production of gluten-free grains and has favored the expansion of millets industry size.
Numerous developing nations and federal governments are framing long-term policies to roll out nutrition programs aimed at tackling the menace of malnutrition. For instance, the Governor of Maharashtra recently convened a meeting to formulate a policy for cultivation and promotion of nutri-cereals. He explained the need to have a policy in place for addressing the issue of malnutrition and other lifestyle diseases, especially in the scheduled areas of the state.
In this context, consumption of millets by children in the scheduled areas of Maharashtra would be crucial in reducing the prevalence of malnutrition in the state, as they are good source of beta-carotene and B vitamins especially riboflavin, niacin, and folic acid. It has to be noted that Maharashtra is a surplus state in terms of production of nutri-cereals, apart from Madhya Pradesh and Andhra Pradesh in India.
According to the Agriculture Commissioner of India, the government would invest in promotional activities to increase the production and consumption of millets in the nation. India is the largest producer of pearl millets followed by China and Nigeria and was the foremost country to account for more than 45% of the overall demand of millets in APAC region in the year 2018. Needless to mention, the efforts being made by governments of a fast-growing nation like India would help the regional millets market trends to flourish in the times to come.
Taking into account yet another regional initiative, the Government of Niger announced that it is promoting the production and consumption of millets in the country during the inaugural ceremony of national millet festival (FESTIMIL). The government has particularly recommended millet for children, the elderly and also for convalescents as millets are energy-dense and nutritious. It is equipped with the property to adapt to poor and arid soil which makes it a staple food crop. Around 80 percent of Nigerien population consumes millets and the communities in the Sahel region also include millets in their diet.
In a nutshell, the support of government initiatives and inclusion of millets in various food & beverage products are likely to enhance millets industry size. According to Global Market Insights, Inc., by the end of 2025, worldwide millets market is estimated to generate a revenue of more than USD 12 billion.
Author Name : Anchal Solanki
The rapid transformation in biology engineering worldwide and rising demand for advanced biotechnology tools will drive synthetic biology market size. Companies involved in the biotechnology evolution have lately come up with a wide range of techniques and synthetic biology tools which can be effectively used across the agriculture, pharma, and energy sectors. Investments in genome engineering and gene synthesis by major countries to evolve as bio-based economies will also fuel synthetic biology industry size.
North America Synthetic Biology Market, By Product, 2018 & 2025 (USD Million)
Most of the nations worldwide are trying to commercialize a wide range of synthetic biology products owing to the economic benefits associated with the adoption of synthetic biology techniques. Increasing outbreaks of epidemics such as Zika, Monkey Pox, Ebola and growing need to control their spread across the globe is promoting organizations like the World Health Organization to eradicate biological epidemics. The rising efforts by such organizations will impel synthetic biology industry size.
India is a major regional ground for synthetic biology market. The Indian central government has recently come up with a national biotechnology development strategy in order to achieve the targets enlisted for the Biotech Vision 2020. In India, the Department of Biotechnology under the Ministry of Science and Technology is responsible for the commercialization of modern biology and biotechnology.
The Indian government, through the various demonstrations, infrastructural developments, and research & development projects, has been working to oversee visible impact of applications of biotechnology across agriculture, animal science, healthcare, and environment. The active participation of government in technology transfer and patenting of innovation will drive India synthetic biology market size.
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The expansion of biotechnology research in India will augment the regional industry. As per a report by the Association of Biotechnology Led Enterprises (ABLE), Indian biotech sector witnessed a six-fold growth by 2014, hitting the USD 6 billion mark, and is estimated to reach USD 100 billion by the end of 2025.
The changing healthcare landscape in India due to regulatory policies will reflect on the regional synthetic biology market share. For instance, in 2017, the Union Government launched the ‘Innovate in India’ program to provide affordable healthcare facilities and develop competitive biopharmaceutical industry. This flagship program in collaboration with World Bank has brought industry contenders and academia together to enhance entrepreneurship and indigenous manufacturing of biopharmaceutical products. The prevalence of such programs will impact the future of synthetic biology in India.
Regulatory bodies like the Food and Drug Administration (FDA), Environmental Protection Agency (EPA), Animal and Plant Health Inspection Service (APHIS) across U.S. consistently hold funding rounds and have strengthened foreign investment in synthetic biology applications in the nation. The expansion of next-generation sequencing market in the country and the rising adoption of genetic engineering with synthetic biology techniques to develop a wide variety of products will drive U.S. synthetic biology market size.
In the U.S., increasing practice of development of genetically engineered organisms to be used in an open environment has changed trends in synthetic biology. In recent times, genetically engineered soybeans and corn are being grown widely throughout the country. In addition, rapid production of vaccines to curb the outbreak of diseases due to the emergence of human and animal microbial pathogen will also drive the U.S. synthetic biology industry trends.
The shifting trends toward the use of renewable chemicals, biofuels, enzymes, and agricultural products will further strengthen the future of synthetic biology. Rising investments in the biotech sector and increasing number of R&D programs concerning biotechnology and gene editing will drive synthetic biology market size.
Global Market Insights, Inc., claims that synthetic biology market size will cross more than USD 55 billion by the end of 2025.
Author Name : Sunil Hebbalkar
The global frozen bakery additives market is poised to attain substantial growth in the upcoming years, owing to the shifting patterns in food consumption and demand. Although additives aren’t the most significant ingredient in baked goods, any baked item is almost impossible to make without additives. Moreover, additives offer bakers with endless opportunities to customize and develop new recipes, paving way for new food trends. In consequence, this would positively impact frozen bakery additives market share.
U.S. Frozen Bakery Additives Market Size, By Application, 2018 & 2025, (Kilo Tons)
Enlisted below are some significant food trends most likely to influence frozen bakery additives industry share in the coming years:
The desire to consume a traditionally baked loaf of bread packed with rich flavors, soft textures, and a distinct character has observed a spike among the global population. Artisan or Artesano style bread is considered more art than food among bread lovers and is gaining popularity across the globe.
The retail giant Kroger is reportedly bringing its range of artisan bread Moulin Francais to over 100 stores in the Mid-Atlantic. Increasing demand for this style, be it from restaurants or residential establishments, will increase the frozen food additives market share from frozen breads application segment.
Use of Natural Colors
With increasing health awareness, consumers are actively looking for natural ingredients. As per credible baking predictions for 2019, the baking industry will lean towards natural color, produced from vegetables, fruits, and other plant extracts.
Natural coloring not only enhances the appearance and taste of the baked good, but it also offers an array of health benefits. This trend could surge the adoption of natural colorants over the following years, thereby boosting the frozen bakery additives market share.
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After its legalization in certain countries, the use of CBD in foods has observed a dramatic rise over the past year and is said to experience an exponential increase in the coming years as well. Despite the buzz surrounding CBD-infused food items, the ones that have actually made it to the market are CBD-infused Pizzas and cookies. Customers are seen flocking outside South Florida eateries to grab a slice of pizza spritzed with cannabis oil.
Oreo producer Mondelez is reportedly planning on making CBD infused cookies and snacks as well, claim reports. Considering the high anticipation amongst consumers, it is safe to assume that the success of these products will positively impact enzymes market – given that food enzymes are commonly used in doughs. In consequence, this trend is likely to impel frozen bakery additives industry share.
Irrefutably, the demand for healthy and more nutritious food is rising at a consistent pace. The frozen foods industry is pitching on this trend and offering plenty of options for health-conscious consumers. For instance, whole grain breads and biscuits are quite popular among fitness enthusiasts. The increasing demand for healthy frozen baked goods will trigger the demand for additives, thereby supporting the frozen bakery additives market growth.
The ideology behind food pairings is quite simple – the more aromatic compounds two foods have in common, the more delightful they are together. Food pairing, although not a new concept, has started making strides in the frozen bakery industry. In a recent instance, Veroni, the Italian food firm, paired the excellence of craft food with the convenience of microwave-ready food.
The company has introduced a range of flavorful panini using pizza base, instead of the traditional Italian bread. Additives such as baking powder and ascorbic acid are some of the significant ingredients in pizza doughs, which makes this infrequent pairing rather popular, boosting frozen bakery additives market size.
The rising need to enhance production capacity and the burgeoning demand for baked goods are poised to augment the remuneration potential of frozen bakery market. Powered by a slew of advantages the frozen bakery additives are known to enhance, taste, texture, and shelf life of the product, along with maximizing production and accomplishing greater volume within a shorter span of time.
According to a research report by Global Market Insights, Inc. the overall frozen bakery additives market share is projected to exceed $2.30 billion by 2025.
Author Name : Krithika Krishnan
The future of whiskey market: rising number of distilleries and changing perceptions toward alcohol consumption to impact the industry size
Strong demand for premium alcoholic beverage triggered by growing disposable incomes will foster the global whiskey market growth over the ensuing years. The drink presently offers consumers a substantial spectrum of price range and taste profiles, with local producers and renowned brands equally contributing to the trend. The availability of a plethora of options and the whole brigade of engaging flavors to choose from offers a significant push to the global whiskey industry size.
North America Whiskey Market, By Product, 2018 & 2025, (Million Liters)
Moreover, the transformations that this market has undergone with respect to pricing, flavors, packaging, distribution, customization, and marketing has helped it in beating all the odds. Without doubt, whiskey market size has continued to show an increase with the changing perceptions and attitudes surrounding dark spirits.
How have various geographical territories contributed to the upward trend in the whiskey industry?
The North American sub-continent, Canada produces more than 21 million cases of whiskey, known for its light and smooth style and is home to nearly 30 distilleries. India is emerging as the fastest growing global center for whiskey production, with sales of over 120 million cases and the production of 3468.4 million liters of whiskey in 2018.
Meanwhile, Japan produces nearly 94.5 million liters every year and is the fourth largest whiskey producer in the world. The United States is also one of the largest producers of whiskey – the country as a matter of fact, gave the world popular brands like Jack Daniels and Jim Beam. In addition, the growing travel & tourism industry along with the emergence of the middle-class population in Asia, Africa, and South America have stimulated the consumption rate.
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Given the above backdrop, it is safe to assume that the constant increase in production and consumption rates across the world will provide substantial momentum to the whiskey market over the coming years.
In terms of geographical growth, Asia Pacific is anticipated to emerge as a strong contender in the global market. According to a research report by Global Market Insights, Inc., the Asia Pacific whiskey market size is estimated to surpass $37 billion by 2025. Some important factors stimulating regional growth include rising production from nations like India, Japan, Taiwan and more, rapid urbanization, rising population of consumers within legal drinking age and heavy spending on high-quality alcohol.
Is age-mix impacting the growth trajectory of the whiskey industry?
Today, it would be wrong to believe that whiskey as a category doesn’t resonate with the youth. The drink is starting to shed its conservative image and has gained significant popularity. Lately, the youth population across the globe are increasingly leaning to scotch whiskeys, bourbons, and Irish whiskeys as opposed to staple beers, vodkas, rum, and others.
The key factor propelling whiskey consumption across individuals of all age groups is the rising cocktail and mixology culture, which is strongly influenced by social media networks like Instagram. Speaking of the cocktail culture, countries like the U.S. have observed rising appreciation for bourbon whiskey among millennials, which has considerably magnified the nation’s sales and the regional whiskey market size.
Moreover, owing to millennials’ rising preference for premium-quality alcohol, the country’s sale of Irish whiskey has also jumped 9.4% in the past year. Thanks to the beverage’s growing millennial appeal and heavy inclusion in cocktails, whiskey market will continue to thrive in the global alcoholic beverage industry.
What does the rising number of distilleries mean for the whiskey industry?
The rise in the count of distilleries offering consumers a wide range of whiskeys also serves as a major factor accelerating market growth. According to credible reports, over 200 new distilleries have opened in the UK over the last five years, whereas, there has been an addition of 18 new distilleries in Scotland, owing to the rising demand for Scotch whiskey.
Additionally, the growing interest in craft whiskeys and regional variations have triggered development among independent and artisan distillers. The United States is home to more than 1,500 active craft distillers, with whiskey being their chief offering. Increasing distillery numbers would be a key driver for enhancing whiskey industry size over the foreseeable years.
Of late, it has been observed that consumer perceptions regarding alcohol are changing and they are becoming more aware of the kind of beverages they consume. Having said that, the grain-based whiskey segment has amassed a significant share of the whiskey industry, owing to its health benefits and superior quality.
Regardless of the cold attitude towards alcoholic beverages, whiskey industry size is slated to touch newer heights in the ensuing years owing to the growing number of distilleries, amplified regional contribution, rising product popularity amid youth consumers, and burgeoning product innovations. With regards to the growth projection, it has been speculated that global whiskey market size is estimated to cross $84 billion by the end of 2025.
Author Name : Krithika Krishnan