ALCOHOL INGREDIENTS MARKET ANALYSIS

Regional Analysis

• Europe held a dominant position in the alcohol ingredients market in 2016, owing to the high consumption of alcoholic beverages in the region. According to the Organization for Economic Co-operation and Development (OECD), in 2012, Lithuania recorded the highest alcohol consumption in European Union and in 2014, the consumption of alcohol among adults was recorded at 15.2 liters per capita. Furthermore, according to the World Bank, in 2015, the per capita consumption of alcohol in Belarus was recorded at 17.1 liters, compared to the global average of 6.3 liters.
• Asia Pacific is expected to witness fastest growth in the global alcohol ingredients market during the forecast period. This is majorly attributed to the steadily growing food and beverage industry and the increasing expenditure on alcoholic beverages in the region. According to Food Industry Asia (FIA), in 2014, the food industry contributed US$ 10.91 billion to the economy of Singapore, while according to the European Union, the total consumer spending on food and beverages in Singapore is expected to grow by 5 percent annually, from 2016 to 2018. This in turn, is expected to increase growth of the retail food sector in the country. South Korea is the fourth-largest economy in Asia Pacific and according to the Agriculture and Agri-Food Canada, the off-trade volume of total alcoholic beverage consumption in South Korea increased from 2085.0 million liters in 2015 to 2136.3 million liters in 2016.