Non-Alcoholic Spirits Market Trends Towards $642.4 Million by 2031 | Global Opportunities and Size & Share

According to a new report published by Allied Market Research, titled, "Non-alcoholic Spirits Market," The non-alcoholic spirits market size was $281.12 million in 2021, and is estimated to reach $642.4 million by 2031, growing at a CAGR of 8.7% from 2022 to 2031. 

𝑹𝒆𝒒𝒖𝒆𝒔𝒕 𝑺𝒂𝒎𝒑𝒍𝒆 𝑪𝒐𝒑𝒚 @ https://www.alliedmarketresearch.com/request-sample/31766

Non-alcoholic spirits can be produced with ingredients such as fruits, herbs, seeds, juices, extracts, herbs, barks, among others. They are blended together to produce aromas, color, taste notes, and warmth that the producer is trying to achieve. The essence of these ingredients is extracted, transformed and refined in a variety of ways before blending and bottling.

The global non-alcoholic spirits market is anticipated to witness significant growth during the forecast period owing to health benefits associated with the consumption of non-alcoholic spirits and increase in disposable income. The increasing product launches with innovative ingredients, creating new growth opportunities for the market. On the other hand, Asia-Pacific is expected to show growth in the demand for organic non-alcoholic spirits during the forecast period.

The increase in demand for non-alcoholic alternatives among e-commerce channels and high inclination towards online shopping are major non-alcoholic spirits market trends. Manufacturers are collaborating with e-commerce channels such as Amazon, Walmart, Tesco, among others to be able to reach more consumers.

𝑮𝒆𝒕 𝑹𝒆𝒑𝒐𝒓𝒕 𝑪𝒖𝒔𝒕𝒐𝒎𝒊𝒛𝒂𝒕𝒊𝒐𝒏 @ https://www.alliedmarketresearch.com/request-for-customization/31766

According to the non-alcoholic spirits market analysis, the market is segmented on the basis of product type, category, distribution channel, and region. By product type, the market is segmented into whisky, rum, vodka, tequila, and others. On the basis of category, the market is classified into conventional and organic. According to distribution channel, the market is classified into food service and food retail. Food retail sub-segment is divided into store-based and non-store-based. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The whisky non-alcoholic spirits accounted for the largest non-alcoholic spirits market share, in terms of revenue, in 2021 as it is the most popular type of alcoholic alternative preferred among consumers. This segment is projected to dominate during the forecast period, and the market is anticipated to show significant growth in Asia-Pacific, whereas growth will remain steady in Europe.

Organic category segment witnesses a major growth in the market owing to the increasing demand for organic food & beverage products among consumers. Organic products are free from chemical fertilizers and any residues of it. During the entire process of farming from sowing to harvesting biofertilizers such as manure and compost are used to produce the food having highest nutritional content.

𝑻𝒂𝒍𝒌 𝒕𝒐 𝒐𝒖𝒓 𝑨𝒏𝒂𝒍𝒚𝒔𝒕 @ https://www.alliedmarketresearch.com/connect-to-analyst/31766

Food retail segment holds the largest share, in terms of revenue, and is expected to grow at a CAGR of 8.84% during the forecast period. Food retail distribution channel is further bifurcated into store-based and non-store-based, among non-store-based distribution channel witnesses highest growth rate. Online stores are widely accepted by consumers in the developed countries of North America and Europe, due to rise in adoption of mobile phones and increase in penetration of internet. Non-alcoholic spirits can be conveniently sold through online stores. Rigorous online marketing supplemented with huge options, availability of detailed information, discount & free home delivery offered by various e-commerce platforms have increased the popularity of this distribution channel in the recent years. Furthermore, the industry is witnessing a significant growth in developing economies, owing to increase in internet penetration. Therefore, the online stores segment is expected to grow at the highest rate during the forecast period and is projected to boost the growth of the non-alcoholic spirit's market.

The research provides detailed segmentation of the global non-alcoholic spirits market based on Product Type, Category, Distribution Channel, and Region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.

Based on region, Europe held the largest share in 2021, contributing to nearly half of the global non-alcoholic spirits market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the Asia-Pacific region is expected to manifest the fastest CAGR of 9.8% during the forecast period. The research also analyzes regions including North America and LAMEA.

𝗧𝗵𝗲 𝗸𝗲𝘆 𝗰𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀 𝗶𝗻 𝘁𝗵𝗲 𝗶𝗻𝗱𝘂𝘀𝘁𝗿𝘆:

● Diageo
● Pernod Ricard
● Salcombe Distilling Co
● Bacardi
● La Martiniquaise
● Lyre's Spirit Co
● Spiritless Inc.
● Everleaf Drinks
● Caleño
● Spirits of Virtue
● Aplós
● fritz-kulturgüter GmbH
● Escape Mocktails
● Celtic Soul
● Ritual Zero Proof
● ROTEAU
● Strykk
● FLUÈRE

𝑴𝒂𝒌𝒆 𝒂 𝑫𝒊𝒓𝒆𝒄𝒕 𝑷𝒖𝒓𝒄𝒉𝒂𝒔𝒆 @ https://www.alliedmarketresearch.com/checkout-final/c6b5e999454f815bf4320222d2a09cc3

𝗞𝗲𝘆 𝗳𝗶𝗻𝗱𝗶𝗻𝗴𝘀 𝗼𝗳 𝘁𝗵𝗲 𝘀𝘁𝘂𝗱𝘆

● The non-alcoholic spirits market was valued at $281.12 million in 2020, and is estimated to reach $642.41 million by 2031, registering a CAGR of 8.73% from 2022 to 2031.

● By product type, the whiskey segment is estimated to witness the significant growth, registering a CAGR of 8.16% during the forecast period.

● By category, the conventional segment is anticipated to grow at a CAGR of 8.7% during the forecast period.

● By distribution channel, the food retail segment is estimated to witness the significant growth, registering a CAGR of 8.84% during the forecast period.

● By region, Europe was the dominant region in 2021, occupying majority of the non-alcoholic spirits market demand.

● By region, Asia-Pacific registered the highest growth rate and is expected to grow at a CAGR of 9.83% during the forecast period.

𝐂𝐡𝐞𝐜𝐤 𝐨𝐮𝐭 𝐦𝐨𝐫𝐞 𝐫𝐞𝐥𝐚𝐭𝐞𝐝 𝐬𝐭𝐮𝐝𝐢𝐞𝐬 𝐩𝐮𝐛𝐥𝐢𝐬𝐡𝐞𝐝 𝐛𝐲 𝐀𝐌𝐑 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:

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𝗔𝗯𝗼𝘂𝘁 𝗨𝘀

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.