Alcohol Ingredients Market Size is projected to reach USD

New York, United States, Oct. 18, 2022 (GLOBE NEWSWIRE) — The Global Alcohol Ingredients Market was valued at USD 1.50 Billion in 2021. The market is projected to grow USD 15.11 Billion in 2030, at a CAGR of 7.2%. as per the latest research report by Spherical Insights & Consulting.

The enormous increase in alcoholic beverage consumption worldwide is one of the key factors driving the market for alcohol components. According to Canadian researchers from the Centre for Addiction and Mental Health, since 1990, the amount of alcohol used worldwide has increased by 70%, from 21 billion liters to 35.7 billion liters. Most of the blame for the rise in alcohol use has been placed on the developing economies of Vietnam, China, and India.

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Craft beer has become more and more popular among consumers. The rapid global expansion of craft beer sales has been significantly influenced by the millennial generation. The shift toward craft beer consumption is influenced by a number of variables, including the want for variety, a desire for beer quality and flavor. Craft brewers serve as role models for cooperation, rejuvenation, and innovation. For instance, The Boston Beer Company launched Sam ’76, a blend of lager and ale, as part of the development of its Samuel Adams beer brand. a base lager and a base ale, each with a unique yeast strain. 

Increasing Number of Pubs and Nightclubs Propel Market Growth

The increased popularity of beer tourism has also contributed to the industry’s development. Governments in countries including New Zealand, Australia, China, Mexico, the United Kingdom, and Belgium have sponsored the craft beer industry in an effort to strengthen their economy. Because of the distinctive components that can only be obtained in this region, craft beer, for example, has a substantial market in Wellington, New Zealand.

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