The global alcohol ingredients market size is expected to reach $2.71 billion by 2025, registering a CAGR of 8.3%, according to a new report by Grand View Research, Inc. Increasing alcohol consumption across the globe was credited for the surge.
While the spirits application segment is expected to register the fastest growth rate, 9%, the flavors & salts product segment held the largest market share in 2018 on account of increased demand for flavored drinks.
Major alcoholic beverage companies have expanded their product portfolio in this particular segment. Beer held the largest market share of over 40% in 2018. Health benefits offered by beer along with its low alcohol content have made it a popular drink. Craft beers are expected to witness significant growth in the near future due to growing popularity across the globe. Europe was the dominant regional market in 2018.