Rising health awareness is driving the growth in Global Non-Alcoholic Spirits Market in the forecast period, 2022-2026.
According to TechSci Research report, “Non-Alcoholic Spirits Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2016-2026, Segmented By Product Type (Whisky, Vodka, Rum, Gin, Others), By Sales Channel (Offline, Online), By Region”, the global non-alcoholic spirits market would potentially project an impressive growth in the forecast period, 2022-2026, with an impressive CAGR on the account of increased demand for the healthier alternative of alcoholic drinks. Consumers often suffer drastic outcomes of excessive alcoholic consumption. To compensate for the issue and enjoy the flavors of the drinks at the same time, the consumers are actively demanding for non-alcoholic spirits and thus driving the growth of the global non-alcoholic spirits market in upcoming five years. Additionally, rising disposable income among the younger population is also supporting the growth of the global non-alcoholic spirits market in the next five years. Also, surging demand for the no or low ABV sector is substantiating the growth of the global non-alcoholic spirits market in the future five years. The products are also available in various flavors like caramel, vanilla, oak, Spice 94, fresh & herbal, citrus, etc. are also influencing female consumer’s purchase decision and also aiding to the growth of the global non-alcoholic spirits market in the forecast years.
Non-alcoholic spirits are the spirit drinks that have zero to 0.5% alcoholic content. These drinks often come in quantity that can easily prepare 12 to 14 cocktail drinks. Major companies are often marketing their products along with specially assorted recipes for cocktails that is influencing the consumer’s consumption and purchase habits. Liquid excellence, education and the drinking experience are some of strategic recommendations that the new and existing market players may follow for their future market performances.
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Based on product type, distribution channel, regional analysis, and competitive landscape, the global non-alcoholic spirits market is segmented and analyzed. The distribution channel analysis of the global non-alcoholic spirits market is further bifurcated into offline and online channels of distribution. Offline distribution of non-alcoholic spirits is anticipated to hold the largest revenue shares of the market and assert its dominance over the market in the upcoming five years on the account of easier availability of the vast range of product line. In the local stores the branded and non-branded products are available, and consumer have opportunity for choosing their preferred products, thus driving the growth of the sub-segment as well as global non-alcoholic spirits market in the next five years. Online channels are expected to register fastest growing CAGR values in the upcoming five years due to changing purchase habits of the consumers. Availability of the non-alcoholic spirits on the online platform is also feasible with governmental norms in various regions and countries and thus substantiating the growth of the global non-alcoholic spirits market in the future five years. Expanding e-commerce sector is also responsible for the robust growth of the global no-alcoholic spirits market in the forecast years.
Diageo plc (Seedlip), Celtic Soul Drinks Limited, Spiritless LLC, Drink Monday Inc., Fluère Drinks B.V, ArKay Beverages Ltd., Ritual Beverage Company, Lyre's Spirit Co, Three Spirit Drinks Ltd, Berkshire Labels Ltd., are some of the market players holding the major shares of the global Non-alcoholic spirits market. Market players are actively involved in the research and technological development in the product developments. The advanced technology has made it possible for the industry to provide excellent services through Non-alcoholic spirits. Further advancement would aid the market value and brand establishment in the future five years. New market players may focus on the research and development to provide options that satisfies the consumer demand as well as benefits the market players in building their brand value. Other competitive strategies include mergers & acquisitions and new product developments.
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“Europe & CIS region is anticipated to hold the largest revenue shares of the market and dominate the regional analysis of the market on the account of Germany being the largest market for the non-alcoholic spirits market in the upcoming five years. Due to reliance of the no-and-low beer segment in the on-trade the market in the country is ever expanding. North America region is anticipated to register significant growth in the future five years. United States cordially accounts as the second largest market for the non-alcoholic spirits. New market players are advised to focus on the advancing technologies and innovative product launches such that their brand establishment can be affirmed,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based Global management consulting firm.
“Global Non-Alcoholic Spirits Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2016-2026, Segmented By Product Type (Whisky, Vodka, Rum, Gin, Others), By Sales Channel (Offline, Online), By Region”, has evaluated the future growth potential of global non-alcoholic spirits and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global non-alcoholic spirits market.
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