LONDON--(BUSINESS WIRE)--The global liquor confectionery market is expected to grow at a CAGR of close to 5% during the period 2018-2022, according to a new market research study by Technavio.
The report presents a comprehensive research of the global liquor confectionery market by product that includes liquor chocolate and liquor candy and gums. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: inclination of consumers toward innovative liquor-filled confectionery
Some of the liquor confectioneries available in the market perfectly mimic the taste of the first sip of alcohol infused in them. Consumers who drink alcohol and know how it tastes like at the first sip usually like and appreciate liquor-filled confectioneries. Curiosity among consumers (especially the youth) to try different varieties of liquor confectioneries is also one of the key driving factors for the market. Therefore, to attract these consumers, players are trying to infuse different varieties of alcohol in chocolates.
According to a senior analyst at Technavio for food research, “It is anticipated that players will come up with confectioneries, which are infused or filled with different varieties of alcohol during the forecast period. This could further enhance the enthusiasm among consumers for liquor confectioneries.”
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Market trend: growing demand for handcrafted liquor confectionery
The demand for handcrafted confectioneries has been increasing among consumers. This is because consumers are increasingly looking for products, which are handcrafted or are made using traditional methods and are usually made in small batches. Handcrafted confectionery products are increasingly becoming more appealing to consumers and are often considered to be authentic and high-quality products. The players in the market even highlighting this aspect on either packaging or their websites. It is anticipated that the demand for handcrafted liquor confectionery will increase.
Market challenge: high price of liquor confectionery
The prices of liquor confectioneries are higher compared with non-liquor confectioneries available in the market. This is because the price of liquor confectioneries not only depends on the overall prices of raw materials such cocoa and various types of nuts but also on the overall prices of alcoholic beverages.
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