Alcopop Market is growing steadily, mainly due to the increasing popularity of the product. Alcopop is a mildly alcoholic drink, which is fortified with various additional flavors, and resultantly, it is gaining worldwide acceptance. The growing popularity of this flavored liquor is increasing the share of alcopop in the global liquor market. With improving economic conditions and rising per capita disposable income, it is only going to get better.
According to Market Research Future (MRFR), the global Alcopop market is poised to reach a valuation of USD 4.6 Bn by 2024. In its recently published research report, MRFR also asserts that the market would register a CAGR over 5.6% throughout the forecast period (2019 to 2024). The market has been increasing due to changing consumption patterns and the growing demand for new flavored alcoholic drinks.
Besides, strategies of major players that are inclined towards increasing product launch are also encouraging the growth of the alcopop market. High focus on research & development has led to innovating of various spirits, which have supported the growth of the alcopop market. Despite all, the alcopop as a category faces a lot of challenges, such as stringent government regulations associated with its production & distribution. Nevertheless, emphasis on traditions and innovation can be the key to make the category relevant. Also, the rise in demand for traditional and herbal-based flavored alcohol drinks has stimulated the growth of the alcopop market.
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Players leading the Alcopop Market, include
Highly competitive, the alcopop market appears to be fragmented mainly due to the presence of several notable players. Constantly changing consumer demands and preferences further encourage these players to compete based on product differentiation, price, quality, reputation, and distribution channel. Several brands have outlined plans to intensify the penetration by including various types of products to their portfolio.
Industry/ Innovation/Related News
July 23, 2019 --- The Coca-Cola Company (the US), a carbonated soft drink manufacturer launched “alcopop” beverage, called Lemon-Do in Japan. The company plans to sell the alcoholic beverage throughout Japan this October. At the launching event, the company also raised its 2019 revenue growth projection from 4% to 5% following a strong second quarter. The test marketing of this alcopop beverage had begun last year, and now the company is ready to expand the drink nationwide.
The report is segmented into four key market dynamics to widen the scope of understanding,
By Base Type: Beer, Whiskey, Rum, and Vodka, among others.
By Packaging Type: Bottles and Cans, among others.
By Distribution Channel : Store-based (Hypermarkets & Supermarkets, Specialty Stores, and others) and Non-store-based.
By Regions: Europe, North America, Asia Pacific, and the Rest-of-the-World.
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North America would retain its dominating position over the global alcopop market throughout the forecast period. The presence of major manufacturers and a large consumer base in this region alongside, the introduction of more youth-oriented product variations act as key tailwinds for the growth of the market. The US, among other North American countries, account for the major contributor to the growth of the alcopop market in this region.
The alcopop market in the European region takes the second lead in the global market. The growing popularity of alcopop among youths is driving the growth of the market. Changing consumption pattern and the rising trend of consumption are increasing the size of the alcopop market in Europe. Besides, factors, such as the high disposable income and influence of media provide impetus to the regional market growth.
The Asia Pacific alcopop market is emerging as a promising market globally. Introduction of alcopop in the untapped markets is driving the regional market growth. Moreover, the development of distribution channels and the eCommerce industry in the region foster the growth of the APAC alcopop market. China, being the prized consumer, accounts for a substantial revenue pocket.
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