Dublin, Sept. 18, 2024 (GLOBE NEWSWIRE) -- The "Non-Alcoholic Spirits Market: Market Size, Trends, Opportunities and Forecast by Product Type, Sales Channel, Category, Region, and Country: 2020-2030" report has been added to ResearchAndMarkets.com's offering.
This report highlights different factors and opportunities prevailing in the Global Non-Alcoholic Spirits Market. According to the report, the Global Non-Alcoholic Spirits Market valued at USD 302.53 million in 2023.
The market has witnessed substantial growth in recent years, driven by increasing health consciousness, changing consumer preferences, and the expanding availability of innovative non-alcoholic beverages. The market's expansion is primarily fueled by the growing demand for healthier lifestyle choices and the desire for inclusive social drinking options.
One of the primary drivers of the Global Non-Alcoholic Spirits market is the increasing health consciousness among consumers. As people become more aware of the adverse health effects associated with alcohol consumption, there is a growing trend towards reducing or eliminating alcohol intake. Non-alcoholic spirits offer a healthier alternative, allowing consumers to enjoy complex flavors and sophisticated beverages without the negative impacts of alcohol. This shift towards health and wellness is driving the demand for non-alcoholic spirits across various demographics.
Changing consumer preferences and the rise of the mindful drinking movement have significantly impacted the Global Non-Alcoholic Spirits market. Mindful drinking emphasizes moderation, awareness, and the enjoyment of beverages without the need for alcohol. This movement has gained traction, particularly among millennials and Gen Z, who prioritize health and social responsibility. Non-alcoholic spirits cater to this trend by providing a range of flavorful and unique options that can be enjoyed in social settings, enhancing the overall drinking experience without alcohol. The rise of mindful drinking is supporting the growth of the market.
The increased focus on innovation and product development has significantly contributed to the growth of the Global Non-Alcoholic Spirits market. Manufacturers are investing in research and development to create high-quality non-alcoholic spirits that replicate the taste and complexity of traditional spirits. Innovations in flavor extraction, distillation, and blending techniques have resulted in a diverse portfolio of non-alcoholic spirits, including non-alcoholic gin, whiskey, rum, and cocktails. These advancements are attracting a wider consumer base and driving market growth by offering authentic and enjoyable alternatives to alcoholic beverages.
Furthermore, the expanding availability and distribution of non-alcoholic spirits in various retail channels have bolstered the market. Non-alcoholic spirits are increasingly available in supermarkets, specialty stores, online platforms, and bars and restaurants. This widespread availability enhances consumer access and convenience, making it easier for individuals to explore and purchase non-alcoholic spirits. The growing presence of non-alcoholic spirits in the hospitality sector also supports their adoption in social and dining environments, contributing to market expansion.
Market Segmentation
By Product Type:
- Whiskey
- Rum
- Vodka
- Gin
- Other Product Types
The non-alcoholic gin segment holds the largest market share, accounting for approximately 35.1% in 2023. The popularity of non-alcoholic gin is driven by its versatility in cocktails, its sophisticated flavor profile, and its appeal to consumers seeking a premium non-alcoholic beverage option.
By Sales Channel:
- E-Commerce Websites
- Hypermarkets/Supermarkets
- HoReCa
- Other Sales Channels
By Category:
- Organic
- Conventional
By Geography:
- Americas (The United States, Canada, Brazil, Mexico, Rest of Americas)
- Europe (United Kingdom, Germany, France, Italy, Spain, Turkey, Russia, Rest of Europe)
- Asia Pacific (China, Japan, South Korea, India, Singapore, Indonesia, Rest of Asia Pacific)
- Middle East and Africa (GCC, Israel, South Africa, Rest of Middle East and Africa)
Americas represents the largest market for Non-Alcoholic Spirits in value terms, driven by high health awareness, strong consumer demand for innovative beverages, and the presence of key market players. The United States, in particular, has a significant market share due to its large consumer base and the growing popularity of non-alcoholic and low-alcohol beverages.
Europe is expected to witness significant growth due to increasing health consciousness, changing drinking habits, and the popularity of mindful drinking. Countries like the UK, Germany, and France are key players in the Non-Alcoholic Spirits market, benefiting from a strong tradition of beverage innovation and a growing market for health-conscious consumers.
Key Companies
The report assesses the competitive developments, strategies, mergers and acquisitions and new product development and market share portfolio of top 15 companies. Key companies in the Global Non-Alcoholic Spirits Market include:
- Lyre's Spirit Co.
- Bacardi Limited
- Pernod Ricard
- Diageo plc
- Salcombe Distilling Co.
- Spiritless Inc.
- Everleaf Drinks
- ArKay Beverages Ltd.
- Caleno
- Ritual Zero Proof
- Other Leading Companies
Reasons to buy this report:
- In-Depth Comparative Assessment of Top 20 Markets in the Non-Alcoholic Spirits Industry: Comparative assessment of 20 leading countries highlighting the total addressable market, opportunities, lucrative segments and competitive positioning of leading companies.
- Comprehensive Historical, Present, and Future Analytics of the Non-Alcoholic Spirits Market: A deep dive in the historical (2020-2023), current (2024) and forecast (2025-2030) market analytics of Non-Alcoholic Spirits Market.
- Detailed Analysis of Non-Alcoholic Spirits Market By Product Type, Sales Channel, and Category Across 20 Countries.
- Gain insights specific to new entrants or new market areas to tap: The study provides detailed market entry strategies, including analysis of barriers to entry, pricing strategies, opportunities, trends, drivers, and challenges and product positioning using the Opportunity Portfolio Matrix (OPM).
- Strategic Industry Movements: Tracking Competitive Developments and Key Players in the Market: The report covers competitive strategies, mergers & acquisitions, new developments, future plans and market share analysis of ~15 top companies.
For more information about this report visit https://www.researchandmarkets.com/r/xlofgp
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