Liquor Confectionery Market Growth & Trends
The global liquor confectionery market size is expected to reach USD 784.4 million by 2025, expanding at a CAGR of 5.1% from 2019 to 2025, according to a new report by Grand View Research Inc. High demand for liquor confectionery among people due to increasing awareness about innovative liquor filled confectionery with traditional techniques is expected to drive the market from 2019 to 2025. Europe majorly follows these traditional techniques to enjoy the taste of confectioneries as well as forms of alcohol beverage content.
Chocolates generated a revenue of USD 382.4 million in 2018. Many people still follow the tradition of handmade confectioneries of liquors. Whereas, consumption of liquor confectionery in candies and gums such as jelly belly champagne jelly beans, prosecco gummy bears, wine gums, and salt water taffy rum gums is expected to expand at a CAGR of 4.6% over the forecast period. This growth is attributed to high demand for the infusion of alcohol flavor in it and increasing consumption among people who prefer candies and gums over chocolates. This is expected to remain a key driver for the segment growth over the forecast period. For instance, Kahlua Chocolates manufactures candy beans and gums with different flavors and colors and a feature to freeze these in order to make them last longer.
Supermarkets/hypermarkets held the largest share and generated a revenue of USD 282.6 million in 2018. Ample opportunities to select, presence of guidance, and discounts are the main reasons that have been driving companies to offer their products through this channel. The online mode of distribution channel is anticipated to expand at a CAGR of 5.7% over the forecast period. The Verment country store, Amazon, Alibaba, Indiamart, Candywarehouse, and Wishacupcake are gaining popularity due to availability of choices for the convenience of customers.
Demand for liquor confectioneries has increased due to innovations. Major market players have been significantly contributing into research and development to make these products available according to the taste and preference of the consumers. For instance, Neuhaus manufactures liquor chocolates with five types of liquors included in it such as Glenfiddich whisky, Cointreau, Smirnoff vodka, Pampero rum, and Remy martin cognac.
Europe was the largest regional market in 2018 with a revenue of USD 272.8 million. The region is expected to maintain its lead over the forecast period. Key players in the global market include Abtey Chocolate Factory, Neuhaus, Mars, Brookside, Hershey’s, Ferrero, Mondelez, Toms Gruppen, Liqueur Fills, and Booz Drops.
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Liquor Confectionery Market Report Highlights
- By product, candies and gums are expected to register a CAGR of 4.6% from 2019 to 2025
- By distribution channel, supermarkets/hypermarkets dominated the global market with a share of 52.9% in 2018
- Europe dominated the market in 2018 with a revenue of USD 272.8 million in 2018. This trend is projected to continue over the next few years
- Asia Pacific is likely to witness significant demand due to increase in awareness and adaptability to innovative products in chocolates and candies consisting liquor for the little intake of alcohol
- The liquor confectionery market is highly competitive in nature with the main players including Ferrero,Toms Gruppen, and Neuhaus
- Various manufacturers are concentrating on new product launches, capacity expansion, to estimate existing and future demand patterns from upcoming product segments.
Liquor Confectionery Market Segmentation
Grand View Research has segmented the global liquor confectionery market on the basis of product, distribution channel, and region:
Liquor Confectionery Product Outlook (Revenue, USD Million, 2015 - 2025)
- Candies & Gums
Liquor Confectionery Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
- Specialty Stores
Liquor Confectionery Regional Outlook (Revenue, USD Million, 2015 - 2025)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.