The research study covers the present scenario and growth prospects of the global liqueurs market for 2017-2021. Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
Liqueurs are blends and are obtained by distilling a base spirit and adding flavors and sweeteners. Spirits such as whiskey, cognac, or rum are the base of many liqueurs, and the flavors include coffee, chocolate, berry, cream, fruit, nut, and herbal. For example, herbal liqueurs may contain many flavors to get the desired flavor profile. Diageo, Beam Suntory, Pernod Ricard, Rémy Cointreau, and Lucas Bols are some of the highest-selling liqueur manufacturers globally.
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Technavio food and beverage analysts highlight the following three factors that are contributing to the growth of the global liqueurs market:
Growing popularity of luxury liqueurs
There is a rise in demand for luxury liqueurs in the market. One of the reasons is the increasing disposable income. Baileys launched Baileys XC, which combines cream, cognac, and fine spirit. It is a high-quality liqueur with quality packaging and premium ingredients. It is a premium liqueur and is available through the duty-free channel.
Manjunath Reddy, a lead food research analyst at Technavio, says, “Bacardi Brown-Forman launched an upsell campaign in 2016 called Just Add Chambord. Chambord is a premium French black raspberry liqueur from the brand. The campaign aimed at capitalizing on the growing trend of premiumization of wines in the on-trade by pushing Chambord cocktail.”
Increasing demand for cocktails
A resurgent cocktail culture has increased the demand for liqueurs as they are used to make cocktails. The market share for beer is decreasing due to the cocktail culture. But, the market share of cocktail-friendly spirits such as whiskey, liqueurs, and tequila is increasing. It is observed that there is a rise in demand for cocktails, especially from traditional brands, in bars and pubs.
“The cocktails market is growing, and the consumer demand is more for healthy cocktail options. Mixers and bartenders are creating more experiences around cocktails such as new varieties of cocktails, on-premise programs like cocktail-making sessions for consumers to create interest and thereby to tap the demand,” adds Manjunath.
New product launches
Due to the increased demand for premium and quality liqueurs, manufacturers are coming up with new products. Cointreau Blood Orange from Rémy Cointreau is prepared with Corsican blood orange peel and was launched in travel retail in 2015. FAIR unveiled organic and fair trade-certified new liqueur Açai in 2017.
- Beam Suntory
- Lucas Bols
- Pernod Ricard
- Rémy Cointreau
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