The Global Grain Alcohol market is expected to reach USD 17.11 Billion by 2030, at a CAGR of 4% from 2021 to 2030. The rising demand for premium grain alcohol products and a growing preference for convenience-based drinks are driving market growth.
Grain alcohol, also known as ethyl alcohol, is a type of distilled spirit made from grains such as wheat, corn, rye, and barley. It is generally used as a base for alcoholic beverages, such as whiskey and vodka, but can also be consumed neat or on the rocks.
The report finds that the rising disposable income and changing lifestyle preferences are significantly driving the demand for grain alcohol products. In addition, the increasing popularity of flavored and craft spirits is further boosting the growth of the market. Furthermore, the growing popularity of mixology is creating opportunities for new product launches in the market.
Restraints of the Grain Alcohol Market
- Age Restriction: The minimum age to buy, possess, and consume grain alcohol is 21 in all states in the US.
- Taxation: Grain alcohol is subject to excise taxes, which vary by state.
- Availability: Grain alcohol is not available in all states, and some states have restrictions on its sale and availability.
- Health Concerns: Grain alcohol can be dangerous if consumed in large amounts, due to its high alcohol content.
The report also highlights the top vendors in the market and their strategies to gain market share. The top players in the market are Pernod Ricard, Diageo Plc., Brown-Forman Corporation, Bacardi Limited, Asahi Group Holdings, Kirin Holdings, and Suntory Holdings. These companies are focusing on product launches, strategic collaborations, and acquisitions to gain a competitive edge in the market.
The report also assesses the key regional markets, highlighting the significant opportunities present in each region. Asia Pacific is estimated to be the fastest-growing market, owing to the increasing demand for premium products in India and China. The other major regional markets include North America, Europe, the Middle East & Africa, and Latin America.