The Growth of the Flavored Liqueur Market
Liqueurs have earned their place as one of the most popular types of alcoholic beverages on the market due to the delicious flavors that they can produce, making them the perfect accompaniment to any party. The popularity of the drink can be seen in the vast expansion of the liqueur market. Let’s take a closer look at the extraordinary growth that can be expected in this industry.
Expected Future Growth
Let’s start by looking at some of the future projections for this industry. In 2016, the industry was valued at $111 billion. But by 2023, this valuation is expected to balloon to $123 billion, which is an increase of around 3.19 percent. There is also likely to be some differences in the types of flavored liqueur products that people want. In this area, creams will likely be the most popular option, beating out fruit liqueurs. Since we have an understanding of the changes that are expected, let’s look at some of the reasons why this might be occurring.
It’s expected that a growing international audience will fuel the demand increase. For example, in the Asian regions, there is an increase in the amount of disposable income available, which means that people will be looking to purchase more luxurious products. Also, many countries are beginning to change the way that they view alcohol products. For example, India has already started to normalize alcohol consumption. Because of this social change, their alcohol consumption has increased by around 38 percent over seven years. This increased consumption will make people more likely to try things like tropical liqueurs.
Demand for Luxury Products
International growth has helped fuel this increased demand for high-quality products. Liqueurs have carved out a sizable niche in the market because of their attractive packaging and delicious flavors. It is also one of the biggest reasons why cream liqueurs will see an increase in demand, as people perceive them to be a top-end product.
Change in Drinking Habits
Finally, the growth of the flavored liqueur market can also be explained by a change in the drinking culture. For example, many young people are now enjoying liqueurs with their friends. This popularity is because of the bold flavors which these drinks can offer.
As we’ve seen, the future of the industry is bright. However, there are still a few hurdles that will need to be overcome. For example, many young people are becoming more health-focused and may not want a drink that has high sugar content. To compensate, many companies, like Pinaq, are now focused on creating the best possible beverage. This option means using vegan ingredients and creating drinks that are gluten-free, dairy-free, and don’t contain genetically modified ingredients. So, feel free to give Pinaq liqueur a try today and taste the future of the flavored liqueur industry.