Wilmington, Delaware, April 15, 2024 (GLOBE NEWSWIRE) – Allied Market Research published a report titled “cream liqueur market by Source (Milk, Coconut, Almond, Oat and Others), Flavor (Chocolate, Caramel, Vanilla, Strawberry and Others) and Distribution Channel (On-Trade and Off-Trade): Global Opportunities Analysis and Industry Forecast, 2023-2032 “. According to the report, the global cream liqueurs market was valued at $2.3 billion in 2019 and is projected to reach $4.6 billion by 2029, registering a CAGR of 10.5% between 2023 and 2029.
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Main determinants of growth
Increasing participation in outdoor activities is driving the growth of the cream liqueur market. However, the growth of the cream liqueur market is limited by seasonal fluctuations in demand. On the other hand, expanding markets in emerging economies present remunerative opportunities for cream liquor expansion over the forecast period.
Report coverage and details:
| Report coverage | Details |
| Forecast period | 2023-2029 |
| Base year | 2022 |
| Market size in 2022 | $2.3 billion |
| Market size in 2029 | $4.6 billion |
| CAGR | 10.5% |
| No. of pages in the report | 250 |
| Segments covered | Source, flavor, distribution channel and region |
| Drivers | Greater change in consumer preferences and lifestyle |
| Development of innovative products and marketing strategies | |
| Increased globalization and international expansion | |
| Opportunities | Diversification and premiumization of innovative products |
| Restrictions | Increased regulatory and compliance challenges |
| Growth in health and dietary trends |
Milk segment will maintain its leading status during the forecast period
By source, the milk segment held the largest market share in 2019, accounting for almost two-fifths of the cream liquor market share and is estimated to maintain its leading status over the forecast period. Milk-based cream liqueur has seen significant growth in recent years. Flavor innovation and premiumization efforts are evident, with manufacturers introducing exotic flavor combinations and exclusive offerings to meet consumers' changing tastes. However, the oats segment is expected to achieve the fastest CAGR of 11.4% during the forecast period. The oat cream liqueur market presents opportunities for flavor innovation and the introduction of exotic varieties. Manufacturers can experiment with unique flavor combinations, such as spiced oats, botanicals, or other complementary flavors, to differentiate their products and appeal to adventurous consumers seeking novel taste experiences.
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Chocolate segment will maintain its leading status during the forecast period
By flavour, the chocolate segment held the largest market share in 2019, accounting for two-fifths of the cream liquor market revenue and is estimated to maintain its leading status over the forecast period. The growing desire for rich and luxurious items, with customers seeking rich and delicious flavors, is driving demand for chocolate flavored cream liqueur. However, the candy segment is expected to achieve the fastest CAGR of 11.1% during the forecast period. Caramel is widely used in the production of cream liqueur as it helps provide a creamy texture and sweet flavor to the liqueur. It is primarily paired with darker spirits, such as whiskey and brandy, although it is also paired with neutral grain spirits.
Offline segment will maintain its leading status during the forecast period
By distribution channels, the off trade segment ranked first higher market share In 2019, it accounted for more than two-thirds of the cream liqueur market revenue and is estimated to maintain its leading status over the forecast period. Retail establishments that serve alcohol, such as convenience stores, supermarkets, specialty stores, hypermarkets and others, are included in the off-trade sales channel. Sales of premium cream liqueurs through off-trade channels are being driven by consumer demand for premiumization and indulgent experiences. However, the commerce segment is expected to achieve the fastest CAGR of 11.2% during the forecast period. The on trade channel includes establishments that serve alcohol such as bars, pubs, breweries, restaurants, nightclubs and others. Additionally, strategic alliances between bars and restaurants and cream liqueur companies are increasing accessibility and awareness.
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Europe will maintain its dominance in 2029
Regionally, Europe held the largest market share in terms of revenue in 2019 and is likely to dominate the market during the forecast period. The cream liqueur market in Europe is constantly expanding due to factors such as increasing demand for sophisticated and enjoyable alcoholic beverages. Cream liqueurs are increasingly appreciated among customers seeking unusual drinking experiences due to their rich flavors and silky texture. However, the LAMEA region is expected to witness the fastest CAGR of 13.6% between 2023 and 2032. The regional growth has been attributed to several factors, including rising disposable income, changes in consumer tastes, consumers and a greater appreciation for high-end alcoholic beverages. Additionally, the adaptability of cream liqueurs as stand-alone drinks, cocktail mixers, or dessert garnishes has increased their appeal to a broader range of consumers.
Leading Market Players:-
- Diageo
- Bodega E. Y J. Gallo
- sky hill
- McCormick
- Zamora Group
- DeKuyper Royal Distilleries
- BEHN
- Buzzballz
- Sazerac
- Lucas Bols
- Pernod Ricard
- land
- THISTLE
The report provides a detailed analysis of these key players in the cream liquor market. The report is valuable in highlighting the business performance, operating segments, product portfolio, and strategic moves of the market players to showcase the competitive scenario.
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